6 easy ways to make extra money in retirement

25 Jan 2022

You’re deservedly winding down after a lifetime on the job, but a little more spending money never goes astray. We’ve got some practical ideas to help boost your monthly budget without working too hard.

Being retired doesn’t mean you have to abandon your income potential altogether. You might be keen to continue supplementing your savings and enjoying more of the finer things in life, or perhaps you simply seek the social and emotional benefits of keeping busy with odd jobs and maintaining meaningful connections. Whatever your reasons, there’s nothing stopping you! Here are six easy ways to make extra money in retirement…

1. CARE FOR PEOPLE’S PETS

Love animals? What better way to bring in some bonus cash each week than helping people care for their pets? If you feel your strength and fitness is up to the task, you could consider getting involved in dog walking or pet grooming. Alternatively, pet sitting when owners travel for work or holidays is less strenuous but just as rewarding. Caretaking responsibilities might include feeding, watering, bathing or cleaning litter boxes. To get started you can spread the word about your new services, post a few flyers around pet stores, or create a profile on an online pet care marketplace. 

2. RENT YOUR SPACE

If you have a spare room in your house – or you’re not home at all during certain periods – hosting people for short stays through an online platform like Airbnb can be a serious money-spinner. Got an apartment, cottage or beach house sitting idle? Rent it to couples, small groups or families through a vacation rental site such as HomeAway. A furnished space can be rented by the night, week, or even month. One of the best times to promote your listing is when popular events are being held in your city or local area.

3. GET PAID FOR SURVEYS

Did you know some companies will actually pay for your opinions and feedback? It’s as simple as answering questions about your experience with smartphone apps or websites, becoming a ‘mystery shopper’ and secretly visiting stores, joining research studies or focus groups, or signing up with market research sites to complete online surveys that match your demographic. 

4. SELL YOUR WARES ONLINE

The digital microbusiness movement (people with jobs sometimes call it a ‘side hustle’) has exploded in recent years. There are now lots of different ways to casually sell your homemade wares online without needing an actual store or stand at the markets. Whether you create your own clothing, accessories, jewellery, furniture, home decor, novelty gifts or interesting knick-knacks, people all over the world could be your next customers. One option is to set up your own ‘store’ on Etsy, a website designed to connect creative entrepreneurs with eager shoppers.

5. SELL USED ITEMS ONLINE

You don’t need to be an artist, designer or creative genius to sell things online. All you need are used items (preferably in good working condition) that other people might want to take off your hands. Think electronics, home appliances, kitchen equipment, musical instruments, and even second-hand vehicles! Once you’ve cleaned out the garage or realised you own quality products you no longer need, set up an account on eBay,  Gumtree or Facebook Marketplace and start decluttering for cash!

6. SELL YOUR SKILLS & SERVICES ONLINE

Noticing a theme here? That’s right, these days the online marketplace is bigger and better than ever. And it’s not just for selling tangible products. On websites like Airtasker you can promote and get paid for all sorts of skills and services – including resume writing and editing, cleaning, deliveries and more. If you can see yourself applying your talents or handling everyday errands for a little extra income, check out what jobs people need doing and bid for the gigs you fancy.