How to make some extra money in retirement

Just because you’ve retired, it doesn’t mean you have to rely on your pension as your sole income. There are many ways to earn a bit of extra money on the side, and they’re not all conventional.

The number of part-time workers aged 65+ has risen by more than 50% in the last seven years. Whilst many people keep working because they enjoy it, some are looking for ways to make some extra money in their retirement, however carefully they might have planned their retirement.

Maintaining an official line of employment isn’t for everyone, and there are other ways of earning money without committing to a working routine.

We’ve selected a few of the more convenient options, from the traditional to the niche.

Become an AirBnb host

AirBnbs are increasingly becoming people’s choice of accommodation when travelling. They provide guests with the comfort of a home, with the freedom of a hotel. If you have a garden shed, a second property or a even a spare room, this option could be great for you.

Hosting with Airbnb allows you to have full flexibility over your bookings. You don’t have to keep it fully booked, you could even just do it on weekends! This allows you to maintain your own space and set boundaries.

Make sure you take lots of pictures for your listing and make the description as accurate as possible. Once you’ve had a couple of guests and they’ve left glowing reviews, you’ll gain more traffic on your booking site!

For more information on how to become an AirBnb host, look here.

Clear out and sell on

This suggestion is a win-win situation. Not only will you be earning some extra cash, but you’ll be doing your bit for the environment, by reusing and encouraging sustainability. There are many reselling sites available, the most famous of which is probably eBay.

Set time aside every month or so to have a clear out of your loft, your wardrobe, your garden or your shed, and sell on all items that are in a good condition.

While eBay is a great all-rounder, there are certain reselling sites that are suited to specific items. For example, Depop and Vinted are great for buying and selling second-hand clothes. All you need to do is upload some images of your times, write a detailed description, set your price and wait for the enquiries to pour in.

Another great place to sell is Facebook Marketplace. This is particularly helpful if selling locally, as you can arrange drop-offs or pick-ups, and you can also choose to receive payment in cash.

Some top tips for reselling include:

1. Be aware of selling fees on some sites – you don’t want to lose out on money by under-pricing your items
2. Prepare for packaging and posting, and reflect this cost in the prices you choose
3. Make sure all items are listed as they are, don’t say something is in perfect condition if it’s not. This will lead to complaints and refunds – it’s an avoidable process!
4. Have fun! You’re giving your items a new lease of life

Share your knowledge with tutoring

Do you have a particularly knack for a certain subject, and feel that you know it well enough to assist students with their learning?

Tutoring is a great way to earn a bit of extra money, while giving pupils invaluable learning time. You could decide to tutor locals from your own home, or tutor online for people all around the country. The average price for an hour of tutoring starts from £10, so a few hours a week could really pay off!

It’s always better to tutor in just one subject, as it allows you to focus solely on a topic.

Choose which level of education you feel most comfortable with – e.g. primary school, GCSE, A-Level, etc – and start advertising yourself on social media.

There are online agencies you can join to help you get started, such as Tutor Direct.

Take your skills and go freelance

You might feel that despite retiring from official employment, you still have a deep enthusiasm for your field of work, and miss doing it. Or maybe you’ve always had other skills that you never turned into a career, and feel that now is the time to live out that role.

Whether you’re a carpenter or a journalist, you can easily go freelance with your experience and earn money from your passions. One of the greatest things about being freelance is the freedom you have with it. You’re essentially your own boss, meaning you determine your hours or ease of work.

You could limit yourself to one day a week sometimes, or you may choose to work a full working week on others.

Find your target clients or customers, create a portfolio of your work, and start advertising yourself. You can get legal financial advice about freelancing here.

However you decide to earn some extra money, make sure you have fun with it. This is, after all, your retirement!