The Best Ways to Make Money in Retirement (2024)

Ah, retirement!

Those days of enjoying the flexibility of time spent on our schedule are the years many of us look forward to.

When we think of retirement, many of us dream of traveling, additional time with family and friends, and doing all of the things we couldn’t do within the work’s confines.

However, as retirees settle into their new day-to-day routine, many find that their retirement money doesn’t stretch as far as they would hope or, in some cases, boredom sets in.

The Best Ways to Make Money in Retirement (1)

Thankfully, with work from home jobs skyrocketing in both popularity and availability, entering into the retirement phase of life doesn’t mean the end of money, work, or enjoying a routine you love.

What’s better, with work at home jobs, retirees can enjoy the flexibility and additional income in their retirement years.

Below we’ve listed some of the best ways to make money in retirement from home while enjoying all the flexibility and freedom retirement offers!

1. Transcribing and Captioning Jobs

Do you love typing? How about listening to others speak?

Taking on transcription work as a retiree is a perfect way to bring in extra cash while doing something you love.

As a transcriptionist, you’ll take live or pre-recorded audio and convert it into a written document.

You’ll need a computer, an internet connection, and, in some cases, a headset for listening to audio clips. Here are some companies that consistently hire home-based transcriptionists:

Rev: Earn money as a transcriptionist or captioner. Get paid weekly, choose from hundreds of transcription jobs, and work a flexible schedule. Rev is one of the more popular and trusted transcription sites out there.

TranscribeMe: As a transcriber with TranscribeMe, you’ll provide transcription for medical, educational, and entertainment fields while getting paid to transcribe short, 2- to 4-minute audio clips. As with many of these work from home jobs, you’ll have complete flexibility with your schedule.

Related Reading: Closed Captioning Jobs that Allow You to Work-at-Home

2. Complete Short Tasks Online

From taking surveys to watching videos and more, you can easily make money from home, helping brands understand what consumers love. Here are some fantastic opportunities to earn, doing short, simple tasks online:

  • InboxDollars: Complete free offers, search the web, play games, and more to earn money using InboxDollars’ flexible platform.
  • Respondent: Earn an average of $60-$140 for taking surveys, testing websites, and participating in focus groups.
  • Swagbucks: Earn Swagbucks that you can turn into gift cards by watching videos, taking surveys, and more.
  • User Interviews: Take surveys and earn cash! This research platform recruits focus group participants to take surveys and test websites.

Related Reading: 18 Short Task Sites for Making Money from Home

3. Become an English Tutor

Do you love to chat? Get paid for your gift of gab by teaching others how to speak English. From simple, conversational English to teaching younger students all about the English language, becoming an online English tutor is simple and fun. Here are a few reputable English Tutoring platforms you can start with:

Cambly:This is an online tutoring platform that connects you with students who want to learn how to speak English. The best part: no scripted lesson plans. You’ll get paid for simple, conversational English. Students and tutors discuss grammar, punctuation, and slang in a casual environment. Another benefit lies in the platform’s flexibility: login whenever it suits your schedule and speak with students.

VIPKid:VIPKid is an international learning platform that hires individuals from the United States and Canada to teach English to Chinese students ages 4-12. You’ll earn $15-$22 an hour, enjoy the flexibility to tutor from anywhere, and be provided with scripted lesson plans.

Related Reading: Work-From-Home Teaching ESL Classes Online

4. Sell Items

Have designer suits you’re now trading in for yoga pants or sundresses? How about those Jimmy Choos’ you’ll no longer need to wear into the city? You can make great money selling all of those items you no longer need in your retirement years. Perhaps you love to make handmade items? Yep, you can sell those here too!

Whether you’re downsizing your home or cleaning out your closets, there are several buying and selling apps you can use to cash in on items you no longer need. Here are a few platforms to start making money as an online selling maven:

Poshmark:Poshmark is a clothing app that makes selling all of your unused items extremely easy. Grab your smartphone, download the app, create an account, and sell. From clothing and accessories to toys and more, Poshmark is a great place to start your online selling adventures.

Mercari:From new to used clothing and handmade goods, you can sell them all here! This app doesn’t allow meetups for selling your items, but it makes shipping your items super easy. Here’s how it works:

  • Sell it:List your items for free and in minutes with a picture, description, and price.
  • Ship it:A printable shipping label is emailed directly to the seller.
  • Get paid:There is a 10% selling fee charged after the sale is completed.

VarageSale:This app is precisely what it sounds like: a virtual garage sale. You can buy and sell items on here safely and securely within your local community. Here’s how it all works:

  • Download the app.
  • Connect your Facebook account to verify your identity.
  • Post your items locally for sale and check out other items posted as well.

Tradesy:Tradesy is a high-end, online marketplace specializing in designer items for women. Here’s a little more info on using this platform for selling:

  • Sell straight from your closet and post unlimited listings.
  • Set your price and choose your preferred shipping method.
  • Must be located in the United States
  • Verify that your items are authentic (no fakes!).
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5. Start a Blog

Love to write? Why not continue to help others in your field through a blog? Whether you were in the personal finance niche, education, business, or a stay at home parent, you have the knowledge to share!

What’s even better is that starting a blog in your retirement years is more than just a hobby. You can create a blog and monetize it while writing on topics you love.

Related Reading: How to Start a Blog and Make Money From It

6. Sell Printables Online

Love to create? Take your love of creating and turn it into a profitable online business in your retirement years! Selling printables such as worksheets or graphics is a flexible (you can do it from anywhere) and easy way to continue your love for creating, all while making money.

Other benefits to selling printables online include:

  • Zero shipping involved:They’re all downloadable!
  • Design with ease:There are many design tools and software programs out there that make creating printables and graphics a snap!
  • Sell on a variety of platforms:From Etsy to Shopify, Facebook, and more, there are various ways to get eyes on your beautiful creations to make those sales.

Sound intriguing? Learn more about designing and selling printables online with the E Printables Side Hustle Course!

Final Words About Making Money in Retirement

As a retiree, you may have your days, weeks, and years fully planned out, but there might be those occasions when making money from home (or while you travel the world) may be a necessity or just something you want to do.

Whether completing short tasks or tutoring online, retirees have endless possibilities to make money from home and have fun while doing so!

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The Best Ways to Make Money in Retirement (2024)

FAQs

What is the best source of income in retirement? ›

Sources of Retirement Income
  • Social Security. For many, Social Security will be a vital—and significant—source of retirement income. ...
  • Defined Benefit Plans. ...
  • Defined Contribution Plans. ...
  • Home Equity. ...
  • Reverse Mortgages.

How to make $1,000 a month in retirement? ›

As a general rule of thumb, you will withdraw approximately 5% of your retirement income every year for expenses. The Balance breaks down the numbers below: Start with $240,000 and multiply it by 5%, which equals $12,000. Next, divide $12,000 by 12 months, which totals $1,000 per month.

How much income will $100 000 pay you in retirement? ›

This means that if you make $100,000 shortly before retirement, you can start to plan using the ballpark expectation that you'll need about $75,000 a year to live on in retirement. You'll likely need less income in retirement than during your working years because: Most people spend less in retirement.

How can I make more money when I retire? ›

7 ways to make extra income during retirement
  1. Social Security. ...
  2. Rental income. ...
  3. CDs. ...
  4. Annuities. ...
  5. Bond funds. ...
  6. Dividend stocks. ...
  7. A new part-time job or side business.
Nov 16, 2023

How much does a $50000 annuity pay per month? ›

A $50,000 lifetime annuity could pay as much as $302 a month for a 65-year-old woman purchasing an immediate annuity. The monthly payout of a $50,000 annuity depends on multiple factors. These include the start and duration of payments, the annuitant's age, gender and the type of annuity being purchased.

Can I retire at 62 with $400,000 in 401k? ›

If you have $400,000 in the bank you can retire early at age 62, but it will be tight. The good news is that if you can keep working for just five more years, you are on track for a potentially quite comfortable retirement by full retirement age.

How much do I need in 401k to get $2000 a month? ›

With the $1,000 per month rule, if you plan to withdraw 5% of your savings each year, you'll need at least $240,000 in savings. If you aim to take out $2,000 every month at a withdrawal rate of 5%, you'll need to set aside $480,000. For $3,000, you would aim to save $720,000.

What is a good monthly income in retirement? ›

As a result, an oft-stated rule of thumb suggests workers can base their retirement on a percentage of their current income. “Seventy to 80% of pre-retirement income is good to shoot for,” said Ben Bakkum, senior investment strategist with New York City financial firm Betterment, in an email.

Can you live off $3000 a month in retirement? ›

Top the amount with 401(k) savings, living on $3,000 a month after taxes is possible for a retiree. For those who only have social security benefits to rely on, there are many places where they can retire on their checks both in the USA and around the world.

How long will 500k last in retirement? ›

Yes, it is possible to retire comfortably on $500k. This amount allows for an annual withdrawal of $20,000 from the age of 60 to 85, covering 25 years. If $20,000 a year, or $1,667 a month, meets your lifestyle needs, then $500k is enough for your retirement.

What is a realistic retirement income? ›

Financial planners often recommend replacing about 80% of your pre-retirement income to sustain the same lifestyle after you retire. This means that, if you earn $100,000 per year, you'd aim for at least $80,000 of income (in today's dollars) in retirement.

How long will 200k last in retirement? ›

Assuming you'll live to be 85 and won't want to work after retiring, you can anticipate a need for 20 years of income. If you're able to retire with $200,000 at 65, that will equate to $10,000 a year, or approximately $833 a month.

What is the safest investment with the highest return? ›

Here are the best low-risk investments in April 2024:
  • High-yield savings accounts.
  • Money market funds.
  • Short-term certificates of deposit.
  • Series I savings bonds.
  • Treasury bills, notes, bonds and TIPS.
  • Corporate bonds.
  • Dividend-paying stocks.
  • Preferred stocks.
Apr 1, 2024

How to retire at 55 with no money? ›

If you retire with no money, you'll have to consider ways to create income to pay your living expenses. That might include applying for Social Security retirement benefits, getting a reverse mortgage if you own a home, or starting a side hustle or part-time job to generate a steady paycheck.

What is the best job for retired person? ›

Best jobs after retirement
  • Event staff. ...
  • Concierge. ...
  • Driver. ...
  • Tax preparer. ...
  • Babysitter. ...
  • Freelance writer. ...
  • Freelance consultant. ...
  • Real estate. National average salary: $89,552 per year Primary duties: Real estate agents work as the primary point of contact for buyers and sellers during the transaction process.

What is a good monthly retirement income? ›

As a result, an oft-stated rule of thumb suggests workers can base their retirement on a percentage of their current income. “Seventy to 80% of pre-retirement income is good to shoot for,” said Ben Bakkum, senior investment strategist with New York City financial firm Betterment, in an email.

How long will $400,000 last in retirement? ›

Safe Withdrawal Rate

Using our portfolio of $400,000 and the 4% withdrawal rate, you could withdraw $16,000 annually from your retirement accounts and expect your money to last for at least 30 years. If, say, your Social Security checks are $2,000 monthly, you'd have a combined annual income in retirement of $40,000.

Is $1,500 a month enough to retire on? ›

Retirement Under $2,000 Can Be Fulfilling

Living on a monthly budget of around $1,500 might involve relocating to a more affordable city, gardening or growing your own food and embracing a minimalist lifestyle centered around community-driven experiences while cutting back on dining out and personal expenditures.

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