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5 Ways to Earn Money After Retirement

A significant number of retirees need to earn money after retirement, thanks to the economic downturn. Few of them want to work on a full-time basis and yet they want to find ways to capitalize on their skills, supplement their retirement income and pass on the wisdom they have gained over the years. 

Many of them choose to work in a contract setting and in an uncertain economy, employers often hire contract workers because they do not have to pay health insurance or leave pay. Here are some ways retirees can earn money after retirement. 

1. Turn a hobby into a business

Retirement gives some people the time they need to start their own businesses. Those who have a craft or hobby they have done on the side while being part of the workforce may be able to turn it into a successful business. 

Many online marketplaces, like Etsy.com, enable people to sell handmade items and make good money from them. By selling the items, they now have the time to produce, such as handcrafted furniture, pottery or jewelry, retirees can make a decent amount of extra spending money. 

Earning extra money from running their own business can help retirees to pay for their health care costs. Certain plans not only cover Medicare services but offer extra coverage for hearing, vision and dental services. Most of them also offer prescription drug coverage. Visit MedicareAdvantage2021.org to find out more about Medicare Advantage plans 2021.

2. Take up tutoring

Many retired teachers can find part-time work as one-on-one tutors. Tutors who can help prepare students for their SATs are in demand, especially those who can tutor in science or mathematics. Any experienced tutor can earn between $10 and $25 an hour but science and mathematics tutors usually earn more. 

Tutors can either join a professional tutoring company or go out on their own. Those who have taught at a school in a certain area can start by spreading the word to former colleagues and parents that they are available. Another option is to work online as a tutor for companies such as Chegg

3. Become a counselor

Counseling is a way to share wisdom and help others. It gives retirees an opportunity to enjoy their retirement and feel a sense of fulfillment while earning money at the same time. Many counselors provide invaluable emotional support to individuals dealing with personal issues. However, it is also possible to become a financial counselor or a business coach and pass on expertise accumulated over years spent in a business environment. 

4. Work in health care

There are many jobs available for retired nurses, especially in-home health care. Shifts for home health care nurses are usually fairly flexible and they do not need to cope with the long hours they had to deal with when they worked full time. 

For example, they may work anything from four to eight hours at a stretch, and can limit themselves to a few days a week. Qualified and licensed RNs can earn over $60 an hour in markets where there is a high demand, such as areas with many assisted living facilities.

5. Go into consulting

Older people have a lifetime of experience and this makes consulting a perfect job for them. Many people retire from their jobs only to immediately begin consulting part-time with the previous employer or another company in the same industry. 

This can be an ideal bridge from working full time to complete retirement. It offers flexibility and a decent way to earn money. Retirees who have expertise in fields such as accounting or law can often earn very good money when they become consultants.