3 Practical Strategies to Help Retirees Earn Extra Income During the Pandemic

Most people want to retire early. However, financial necessity requires some to work even after they turn 65. And now that there’s a global crisis, the conventional worker is affected. As thousands of businesses closed, millions lost their jobs, including working seniors. As a result, many had to retire earlier than they expected or wanted to.

According to the Retirement Confidence Survey of the Employee Benefit Research Institute, many workers who want to keep their jobs well into their 60s find themselves out of work earlier than they expected. This forced them to look for other sources of income to live out their retirement days. The survey also revealed that three in ten workers could not save sufficiently for their retirement, citing the current pandemic as one of the reasons.

Seniors across the country are now coming up with ways to add extra income to their households. US Money News has repeatedly reported people who had to be creative just to earn money and make ends meet. One of their main suggestions is to build off the career you’ve had for years. Other recommendations, meanwhile, take some form of ingenuity.

If you’re a senior out of a job but need one, this article can help. If you already have a source of income, but it’s not enough, this article is also for you. Find out what income-earning strategies you can use today, so you can add more to your savings and help pay the bills.

Take Advantage of Your Past Career

Companies require the wisdom and expertise of people who have already been in their shoes. If you’re an expert in a particular field, attributing to your past career, you can work as a freelance consultant for them. If you’re not interested in sharing your knowledge through teaching yet, you can take this route.

Take advantage of the network you’ve built throughout your career. Reach out to them and inquire about consulting needs. Even if any of them are not requiring your services, they may still know someone who does.

You can also post your services on career websites for freelance workers. Today’s best career websites include LinkedIn, FlexJobs, 99designs, People Per Hour, Freelancer, Guru, and Upwork.

Being a freelance consultant is ideal in today’s situation. Being a freelance worker will not require you to travel to offices extensively. Considering seniors are highly vulnerable to the coronavirus, you can still stay at home and do your work.

renting out home space

Rent Out Space in Your Home

The majority of retirees are empty nesters. Are you one?

With your kids off to college or to start families of their own, your house becomes empty. Now, you find yourself with extra space in your home. Take advantage of these spaces to earn extra money. Rent them out.

You can rent out rooms or register them on AirBnB. This can provide you with a predictable monthly income. Or, you can rent out your garage as a storage space. Retrofit it with a few divisions so that you can rent each space instead of the garage as a whole. You’ll earn more this way.

You can also register your garage through online storage marketplaces to reach a broader market. An online marketplace will list your space and handle the communication and payments for you. Plus, they are covered by insurance, which offers protection for your area.

You can also rent out outdoor structures in your home for small parties and events. For example, you can rent out your pool for children’s birthday parties at an hourly rate. If you have a dining patio or deck, you can also rent them out for small gatherings.

You can also rent out equipment, machines, other stuff left out by your kids. For example, you can rent out your indoor golf simulator to seniors who want to get together but can’t go to a regular golf course.

Explore Remote Job Opportunities

You can also consider exploring other job opportunities, such as remote work. It’s a great way to try out something new other than your usual career choice. In fact, there were many opportunities for remote work even before the pandemic hit. This is why many remote work websites have sprouted up on the internet in recent years, such as Just Remote, We Work Remotely, Remote.co, Working Nomads, and Remotive.

Using remote job boards is the best way to look for remote job opportunities. It minimizes your risk of getting scammed.

If you’re interested in this option, all you need to prepare is your workstation—a computer with a good internet connection and communication equipment. You should have a properly working set of webcam and headset or microphone. Depending on your job, a landline phone may be required, too. However, remember that employers shouldn’t ask you for start-up or any upfront fees.

There’s Still a Way

Your plans and savings may have been affected because of the pandemic. Fortunately, there are practical ways to recover financially. Consider the options above to help you extra money today.

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