Ways to Earn Extra Retirement Income

5 Ways to Earn Extra Retirement Income

Have you considered how you could boost your retirement income?

Some people consider retirement is when income and career stop…dead!  Many have never considered that they could earn retirement income. Life after retirement is supposed to be stress free but it may turn out to be the most stressful time of life for many because they don’t have enough to live on comfortably, or fear that they are running out of money.

Gain purpose and intellectual stimulation as well as income

Post-retirement life is supposed to be all about enjoying your life, but it is very difficult to enjoy a great lifestyle if you are struggling financially or worried all the time.

People who have chosen a traditional retirement often find it difficult to maintain a sense of purpose and find enough intellectual challenge in their everyday life.

Choosing an income-producing retirement gives you all this in abundance!

Retirement Income Possibilities

Online Business

There are many easy ways to earn an extra income after retirement. The internet is quite an interesting option that has created a stable income for many, so much that there are some who have gone on to even become millionaires. So long as there is internet access and reasonable knowledge to work on the computer, anyone can make money online. Working from home is both convenient and rewarding. It helps to supplement the retirement income. Although there are legitimate business opportunities, you should also be aware of online fraudulent activities and companies that promise the world and deliver very little.

Working online is our favorite method of creating a retirement income.  We will be sharing stories of people who have changed their lives by trying a new venture.  The biggest changes are not just financial though; it’s the revitalization of spirit and the sense of personal fulfillment that we have noticed.

Popular strategies are to market and sell different types of products

  • Your own products eg Amazon, Etsy, Ebay
  • Information based on your own expertise – Ebooks, Membership sites
  • Information based on other people’s expertise – Private label rights and training programs
  • Other people’s products – Affiliate marketing
  • Your own professional services – Consulting, mentoring, coaching, counselling

Jobs after retirement

Perhaps you want to get a new job to earn retirement income. The job you do might help you both  monetarily and emotionally. Consider following your own interests as well as your skills and past experience for your “encore career”.

Working from home as a self-employed contractor may appeal to you. It allows you to use your skills without having to forego the comforts of being at home and can fit in with your other commitments and travel.

There are many interesting contract jobs that may suit your particular skills very well.  Read our post Working Online: Self employed Contractor to find out all about this form of employment.

Using Your Skills

Starting your own business will not just give you retirement income but can also be related to your personal interests. You may want to start a catering business if you have an inclination towards cooking or take up teaching a skill which you enjoy, or become a consultant in your area of expertise.

Be open to learning new skills

Whatever you decide to do you will need to develop some online marketing skills or pay someone else to do your marketing for you.  The old ways of promoting your services rarely have the same level of results.

There are so many options available to earn that extra income after retirement and all it takes is a decision to find out what is most suitable for you, then guidance to make it happen.

You might like to get your entrepreneurial sparks flying by reading our Top 25 Home Business Ideas For Baby Boomers.

Read our Five Tips To Create Your Own Retirement Lifestyle Business

Use our Professional Guide “Create A Future You’ll Love” to consider what you want for your future lifestyle, and then visit BoomersNextStep to request a copy of our free book “Rethinking Your Future”.

Enjoy planning your retirement, grab these books!

Enjoying Retirement: An Australian handbook of ideas, strategies and resources

How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won’t Get from Your Financial Advisor

Purposeful Retirement: How to Bring Happiness and Meaning to Your Retirement

BoomersNextStep Guest Author