7 Retirement Side Gigs to Help Make Up the Income Gap
While working in retirement may seemingly defeat the purpose, many retirees are turning to side gigs to earn a little extra income to supplement benefits or other investments.
In today’s gig economy, where people jump from one job to another, it can be easy to dip your toes into a new endeavor or discover a revenue stream from a hobby you already are deeply involved in. And the extra income can help fill the gap left from earning a steady paycheck for years on end.
These gigs can have many benefits outside of just extra income, too. They provide a way to engage your mind and get out of the house. They also can simply just give you something to do.
Here are seven side hustles that could turn into a lucrative gig, or maybe just give you something new to engage in, per InvestmentNews.com:
Sell your photos
With the widespread availability of low-cost, high-grade digital cameras, photography has become a way to earn an income in retirement without spending a bundle or needing a specialized background.
Photographers from around the world simply upload their images to any one of a number of these stock photography databases, allowing magazine editors, designers or practically any organization with a website to buy them.
Rent Your Space on Airbnb
Airbnb allows retirees to monetize a spare room or whole apartment or house, advertising it to travelers from around the world. In addition to a great income boost, it can also be a great way to meet people from all over the world.
Running an Airbnb has low upfront costs, and it is easy to operate and maintain. But it’s important to have a location that offers some direct benefit to visitors.
Blogging is likely the best-fit income opportunity for any retiree who loves to travel. From foodies to culture fans to traveling with children or solo, travel adventure is the perfect fodder for a money-making blog.
It’s easy to get started. A laptop, an internet connection, and something passionate to talk about. But specific topics from a unique perspective are best.
Dropshipping is a method of retail where the seller does not have a physical inventory of the items they sell. Instead, when a customer makes an order, the drop shipper purchases the item from a third party and ships it directly to the customer.
Dropshipping eliminates some of the biggest expenses and hassles of doing business online and it makes getting started in e-commerce possible with a much lower investment. This can work well in conjunction with a personal e-commerce website, as well as online selling platforms like eBay or Amazon.
Life coaching is a thought-provoking and creative process that helps people focus on both personal and professional goals. The life coach draws out answers from the client, rather than telling people what to do. Typically people use life coaching to overcome fears, boost their self-confidence, create goals and instill success-oriented habits.
There are thousands of coaching training programs available online and in person.
Provide Pet-Sitting Services
Pet owners who want to travel are always looking for a safe and caring place to leave their beloved dogs, cats or more exotic animal friends.
Overhead for this type of business is relatively low. But there are some regular costs retirees should be aware of, including pet food, beds, toys and climate control.
Become an Audiobook Narrator
The convenience of smartphones has led to a boom in the audiobook industry, creating a demand for freelance narrators.
Narration is a job that anyone can do, regardless of age or experience.