According to an Employee Benefit Research Institute survey, more than one in four retirees believe they are spending more than what they can afford. It’s no surprise that savings aren’t as high as they once were, with inflation at 7.1% in November. There are still ways to make extra income, even if you don’t have a full-time job.
Part-time jobs, such as tutoring or pet sitting, allow retired people to make an extra income.
These are just a few ideas.
Dog walking or pet sitting
Offering pet services is a lucrative option if you have a yard that’s fenced and are able to care for other furry friends. Preply data shows that dog walking is the most lucrative side hustle, based on an hourly average wage.
Andrea Woroch, a consumer finance expert says that canine companionship has many health benefits. Pet sitting is a great way for you to have that experience without having to own a dog span>
Online tutoring and teaching have been a boon. Online tutoring sites like Wyzant or Preply are great options. You can also set up a teaching or tutoring business on Udemy. Woroch suggests that tutoring students online takes up a few hours each weeknight.
You might consider teaching a college-level course as an adjunct professor if you have the qualifications.
Paul Dillon, the owner of Dillon Consulting Services which assists veterans in starting a business, says that he created and teaches veterans’ issues at Duke University’s Sanford School of Public Policy. “I spend approximately five to ten hours per week working on the course, depending on when it is offered.”
Freelancing or consulting
Many retirees have many years of valuable experience. You can stay on your own schedule by taking on project work.
“Consulting can be a great way for you to keep relevant in your field, and offer your insights and advice without having back to work full-time,” says Jacques Famy Jr. who is a managing partner at AdvancePoint Capital and chief marketing officer. You can either work for a company or start your own business.
There may be opportunities for side work depending on where you live. Flu season can be frequent or occasional at your local school. For example, substitute teachers.
Janet Heller, president and CEO of the Michigan College English Association says that many K-12 schools could benefit from the talents of retired people. Heller cites the need for cross guards, assistant coaches on athletic teams, and recess supervisors among other roles. To find out if there are any part-time positions available, contact your local school district.
Are you able to afford a large house and live in an area that is attractive to visitors?
Brian DeChesare, the founder of Breaking Into Wall Street (a financial modeling platform), says that renting an apartment on Airbnb is a better option than letting your newly renovated basement or spare bedroom go unused. You can set your ideal availability so guests won’t be left at unfavorable times span>
One tip: Consider hiring a property manager to manage your rentals if you are not able to winter or summer elsewhere.
Bookkeeping or tax preparation
Got tax prep skills? In the first few months, you can work as a tax assistant and then take the remainder of the year off. This is an excellent opportunity for those with tax experience. However, it is also possible to take a course in tax preparation that will prepare you for positions at big-box tax firms.
If you have an accounting or finance background, the same applies to bookkeeping. To be able to project-work, you can use your financial skills on a freelance basis.
Toni Frana is the FlexJobs career services manager. She says that if you are looking for an additional job or to improve your skills, it might be worth getting a certification. You will need some experience in financial fields to be able to do something that requires knowledge .”
This article is by NerdWallet. It was originally published in The Associated Press.