The Best Ways to Make Money in Retirement (2024)

Ah, retirement!

Those days of enjoying the flexibility of time spent on our schedule are the years many of us look forward to.

When we think of retirement, many of us dream of traveling, additional time with family and friends, and doing all of the things we couldn’t do within the work’s confines.

However, as retirees settle into their new day-to-day routine, many find that their retirement money doesn’t stretch as far as they would hope or, in some cases, boredom sets in.

The Best Ways to Make Money in Retirement (1)

Thankfully, with work from home jobs skyrocketing in both popularity and availability, entering into the retirement phase of life doesn’t mean the end of money, work, or enjoying a routine you love.

What’s better, with work at home jobs, retirees can enjoy the flexibility and additional income in their retirement years.

Below we’ve listed some of the best ways to make money in retirement from home while enjoying all the flexibility and freedom retirement offers!

1. Transcribing and Captioning Jobs

Do you love typing? How about listening to others speak?

Taking on transcription work as a retiree is a perfect way to bring in extra cash while doing something you love.

As a transcriptionist, you’ll take live or pre-recorded audio and convert it into a written document.

You’ll need a computer, an internet connection, and, in some cases, a headset for listening to audio clips. Here are some companies that consistently hire home-based transcriptionists:

Rev: Earn money as a transcriptionist or captioner. Get paid weekly, choose from hundreds of transcription jobs, and work a flexible schedule. Rev is one of the more popular and trusted transcription sites out there.

TranscribeMe: As a transcriber with TranscribeMe, you’ll provide transcription for medical, educational, and entertainment fields while getting paid to transcribe short, 2- to 4-minute audio clips. As with many of these work from home jobs, you’ll have complete flexibility with your schedule.

Related Reading: Closed Captioning Jobs that Allow You to Work-at-Home

2. Complete Short Tasks Online

From taking surveys to watching videos and more, you can easily make money from home, helping brands understand what consumers love. Here are some fantastic opportunities to earn, doing short, simple tasks online:

  • InboxDollars: Complete free offers, search the web, play games, and more to earn money using InboxDollars’ flexible platform.
  • Respondent: Earn an average of $60-$140 for taking surveys, testing websites, and participating in focus groups.
  • Swagbucks: Earn Swagbucks that you can turn into gift cards by watching videos, taking surveys, and more.
  • User Interviews: Take surveys and earn cash! This research platform recruits focus group participants to take surveys and test websites.

Related Reading: 18 Short Task Sites for Making Money from Home

3. Become an English Tutor

Do you love to chat? Get paid for your gift of gab by teaching others how to speak English. From simple, conversational English to teaching younger students all about the English language, becoming an online English tutor is simple and fun. Here are a few reputable English Tutoring platforms you can start with:

Cambly:This is an online tutoring platform that connects you with students who want to learn how to speak English. The best part: no scripted lesson plans. You’ll get paid for simple, conversational English. Students and tutors discuss grammar, punctuation, and slang in a casual environment. Another benefit lies in the platform’s flexibility: login whenever it suits your schedule and speak with students.

VIPKid:VIPKid is an international learning platform that hires individuals from the United States and Canada to teach English to Chinese students ages 4-12. You’ll earn $15-$22 an hour, enjoy the flexibility to tutor from anywhere, and be provided with scripted lesson plans.

Related Reading: Work-From-Home Teaching ESL Classes Online

4. Sell Items

Have designer suits you’re now trading in for yoga pants or sundresses? How about those Jimmy Choos’ you’ll no longer need to wear into the city? You can make great money selling all of those items you no longer need in your retirement years. Perhaps you love to make handmade items? Yep, you can sell those here too!

Whether you’re downsizing your home or cleaning out your closets, there are several buying and selling apps you can use to cash in on items you no longer need. Here are a few platforms to start making money as an online selling maven:

Poshmark:Poshmark is a clothing app that makes selling all of your unused items extremely easy. Grab your smartphone, download the app, create an account, and sell. From clothing and accessories to toys and more, Poshmark is a great place to start your online selling adventures.

Mercari:From new to used clothing and handmade goods, you can sell them all here! This app doesn’t allow meetups for selling your items, but it makes shipping your items super easy. Here’s how it works:

  • Sell it:List your items for free and in minutes with a picture, description, and price.
  • Ship it:A printable shipping label is emailed directly to the seller.
  • Get paid:There is a 10% selling fee charged after the sale is completed.

VarageSale:This app is precisely what it sounds like: a virtual garage sale. You can buy and sell items on here safely and securely within your local community. Here’s how it all works:

  • Download the app.
  • Connect your Facebook account to verify your identity.
  • Post your items locally for sale and check out other items posted as well.

Tradesy:Tradesy is a high-end, online marketplace specializing in designer items for women. Here’s a little more info on using this platform for selling:

  • Sell straight from your closet and post unlimited listings.
  • Set your price and choose your preferred shipping method.
  • Must be located in the United States
  • Verify that your items are authentic (no fakes!).
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5. Start a Blog

Love to write? Why not continue to help others in your field through a blog? Whether you were in the personal finance niche, education, business, or a stay at home parent, you have the knowledge to share!

What’s even better is that starting a blog in your retirement years is more than just a hobby. You can create a blog and monetize it while writing on topics you love.

Related Reading: How to Start a Blog and Make Money From It

6. Sell Printables Online

Love to create? Take your love of creating and turn it into a profitable online business in your retirement years! Selling printables such as worksheets or graphics is a flexible (you can do it from anywhere) and easy way to continue your love for creating, all while making money.

Other benefits to selling printables online include:

  • Zero shipping involved:They’re all downloadable!
  • Design with ease:There are many design tools and software programs out there that make creating printables and graphics a snap!
  • Sell on a variety of platforms:From Etsy to Shopify, Facebook, and more, there are various ways to get eyes on your beautiful creations to make those sales.

Sound intriguing? Learn more about designing and selling printables online with the E Printables Side Hustle Course!

Final Words About Making Money in Retirement

As a retiree, you may have your days, weeks, and years fully planned out, but there might be those occasions when making money from home (or while you travel the world) may be a necessity or just something you want to do.

Whether completing short tasks or tutoring online, retirees have endless possibilities to make money from home and have fun while doing so!

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The Best Ways to Make Money in Retirement (2024)

FAQs

How can I make enough money for retirement? ›

Saving Matters!
  1. Start saving, keep saving, and stick to.
  2. Know your retirement needs. ...
  3. Contribute to your employer's retirement.
  4. Learn about your employer's pension plan. ...
  5. Consider basic investment principles. ...
  6. Don't touch your retirement savings. ...
  7. Ask your employer to start a plan. ...
  8. Put money into an Individual Retirement.

What is the best source of income in retirement? ›

Below are the best and most realistic ways to gather passive income in retirement.
  • Social Security.
  • Company or government pension.
  • Annuities.
  • 401(k) or independent retirement accounts.
  • Life insurance.
  • Short-term cash investments.
  • Stocks.
  • Bonds.

How to make $500 000 last in retirement? ›

Apply the 4% Rule to Your $500,000

The “four percent rule”—a widely accepted financial rule of thumb—states that your savings should last through 30 years of retirement if you withdraw 4% of your nest egg during the first year of retirement and then take that amount each year thereafter, adjusted for inflation.

Can I retire at 62 with $400,000 in 401k? ›

If you have $400,000 in the bank you can retire early at age 62, but it will be tight. The good news is that if you can keep working for just five more years, you are on track for a potentially quite comfortable retirement by full retirement age.

How to make $1,000 a month in retirement? ›

As a general rule of thumb, you will withdraw approximately 5% of your retirement income every year for expenses. The Balance breaks down the numbers below: Start with $240,000 and multiply it by 5%, which equals $12,000. Next, divide $12,000 by 12 months, which totals $1,000 per month.

Can I retire at 65 with no savings? ›

You can still live a fulfilling life as a retiree with little to no savings. It just may look different than you originally planned. With a little pre-planning, relying on Social Security income and making lifestyle modifications—you may be able to meet your retirement needs.

What is the top 1 retirement income? ›

Here is a breakdown of the estimated top 1% retirement savings by age group:
  • 30-34 years: $365,000.
  • 35-39 years: $730,000.
  • 40-44 years: $1,234,600.
  • 45-49 years: $1,397,000.
  • 50-54 years: $2,311,000.
  • 55-59 years: $3,105,000.
  • 60-64 years: $3,550,000.
  • 65-69 years: $4,574,000.
Apr 30, 2024

How much does a $50,000 annuity pay per month? ›

Payments You Might Receive From a $50,000 Annuity

A straight fixed annuity is the easiest type of annuity to calculate a payment from. This is because fixed annuities work like bonds. If you use $50,000 to buy a fixed annuity paying 5% per year, for example, you'll earn $2,500 annually or about $208.33 per month.

What is the largest source of retirement income? ›

1. Social Security. Social Security is one of the most common income streams for retired folks. With it, you receive a percentage of pre-retirement earnings.

Can you live off $3000 a month in retirement? ›

That means that even if you're not one of those lucky few who have $1 million or more socked away, you can still retire well, so long as you keep your monthly budget under $3,000 a month.

What is a good monthly retirement income? ›

Let's say you consider yourself the typical retiree. Between you and your spouse, you currently have an annual income of $120,000. Based on the 80% principle, you can expect to need about $96,000 in annual income after you retire, which is $8,000 per month.

What is the average 401k balance for a 65 year old? ›

The data comes from mutual fund giant and retirement plan manager Vanguard. In its 2023 "How America Saves" report, Vanguard says the average balance for its work-based retirement accounts for clients age 65 and up currently stands at $232,710.

Where can I retire on $2000 a month in the United States? ›

5 US Cities Where You Can Retire on $2,000 a Month
  • Chiang Mai, Thailand. Advantages: Very inexpensive. ...
  • San Juan, Puerto Rico. Advantage: In the United States. ...
  • Claremont, New Hampshire. A couple who found a place to retire on $2,000 per month. ...
  • Decatur, Indiana. Advantages: Potentially low rent. ...
  • El Paso, Texas.
Mar 19, 2024

Is $1500 a month enough to retire on? ›

While $1,500 might not be enough for non-housing retirement expenses for many people, it doesn't mean it's impossible to stick to this or other amounts, such as if you're already retired and don't have the ability to increase your budget.

How long will $300,000 last for retirement? ›

If you have $300,000 and withdraw 4% per year, that number could last you roughly 25 years. That's $12,000, which is not enough to live on its own unless you have additional income like Social Security and own your own place. Luckily, that $300,000 can go up if you invest it.

How much money do I need to make to retire comfortably? ›

There is no one-size-fits-all plan when it comes to how much you'll need to retire, but there are a few common benchmarks. Some strategies call for having 10 to 12 times your final working year's salary or specific multiples of your annual income that increase as you age.

How long will $1 million last in retirement? ›

Around the U.S., a $1 million nest egg can cover an average of 18.9 years worth of living expenses, GoBankingRates found. But where you retire can have a profound impact on how far your money goes, ranging from as a little as 10 years in Hawaii to more than than 20 years in more than a dozen states.

How long will $400,000 last in retirement? ›

With $400,000, if you buy an annuity at age 62 and then retire, you might expect monthly payments of around $2,400 for the rest of your life. This comes to about $28,800 per year in guaranteed income according to one estimate.

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