More than 1 in 4 retirees say they are spending more than they can afford, according to an October 2022 survey by the Employee Benefit Research Institute. With inflation at 7.1% in November, it is not surprising that savings are not going as far as they used to. But there are ways to bring in extra income without taking on a full-time job.
Some part-time gigs — like tutoring, pet sitting or helping with tax preparation — allow retirees to work a few hours at a time, and the extra income can make a big difference.
Here are some ideas to consider.
Pet friendly and dog walking
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If you have a fenced yard and the ability to care for someone else’s furry family member, offering pet services can be lucrative and flexible. According to data analyzed by the e-learning platform Preply, dog walking is the highest paid occupation by average hourly wage.
“Not to mention, having a canine company offers many health benefits,” says consumer finance expert Andrea Woroch. “So pet sitting is a great way to get that without the huge expense of owning your own dog.”
One of the few benefits of the pandemic is that online teaching and tutoring has flourished. You can set up shop on an online tutorial site like Preply or Wyzant, or an online teaching site like Udemy. “Carve out a few hours on weeknights to give online instruction to students,” says Woroch.
If you have the credentials, consider creating a college-level course that you could teach as an adjunct professor.
“I create and teach about veterans’ issues at Duke University’s Sanford School of Public Policy,” says Paul Dillon, owner of Dillon Consulting Services, which helps veterans who want to start a business. “Regardless of the course offered, I spend about five to 10 hours a week on work related to the course.”
Retirees often have decades of valuable experience. Taking on project work can help you stay in the game on your own timeline.
“Consulting is a great way to stay relevant in your field and offer your insight and advice without having to be back in the office full-time,” says Jacques Famy Jr., a managing partner and chief marketing officer for merchant finance firm AdvancePoint Capital. . . “You can either offer the services through a company or start your own hustle business.”
Meeting the needs of the community
Depending on where you live, there may be many opportunities to pick up jobs around your area or city. Your local school may need occasional (or frequent – flu season!) substitute teachers, for example.
“Many K-12 schools could use the talents of retirees,” said Janet Heller, president of the Michigan College English Association. Heller pointed to the need for crossing guards, assistant coaches for athletic teams and recreation supervisors, among other things. Contact your local school district to see what part-time positions may be available.
Do you have many additional houses, and do you live in an area that attracts visitors?
“Instead of letting that newly renovated basement or spare room go to waste, rent it out on Airbnb,” says Brian DeChesare, founder of Breaking Into Wall Street, a financial modeling training platform. “You have the right to set your ideal availability, so you will never be stuck with guests at inopportune times.”
A tip: If you winter (or summer) elsewhere, consider hiring a property manager to manage your space rental.
Do you have tax preparation skills? You can find jobs helping you with your tax returns in the first few months of the year – then take the rest of the year off. This is a great opportunity for anyone with tax experience, but it is also possible to take a tax preparation course that will qualify you for spots at the big box tax firms.
The same goes for accounting if you have a finance or accounting background. You can put your previous financial skills to work on a freelance basis or take an accounting skills course to qualify for project work.
“If you’re looking to do another job, develop your skills – which could mean getting a certification or taking another course to help make yourself more competitive for a specific role – we certainly encourage our clients to look into doing that, ” said. Toni Frana, career services manager for FlexJobs. “For something that requires some financial knowledge… you need to have some experience in those areas.”
This article was provided to the Associated Press by the personal finance site NerdWallet. Kate Ashford is a writer at NerdWallet. Email: [email protected] Twitter: @kateashford.