7 Ways to Make Money Over 55

We work hard all our lives to enjoy a comfortable retirement—but times are changing. With age expectancy and expenses always increasing, you may be looking for money resources, or like many people, find yourself wondering, “can I retire?” The good news is that with a carefully planned budget and some creativity, you can easily stay within a fixed income in your “golden years.”

How to Make Money in Retirement

If the value of your investments sinks after retirement, you may have little choice but to spend less or return to the workforce. Fortunately, there are plenty of ways to make a little of extra money over 55 without having to deal with an alarm clock and a commute. Here are a seven creative ways to boost your retirement income.

  1. Apply for a rewards credit card. Since you’re going to be spending money on things like food, gas and other essentials, you might as well get rewarded for it. Get a no-fee credit card that pays you a benefit like 1 to 2 percent cash back on your everyday purchases. Remember to pay off your balance each month or the extra cash will be lost.
  1. Sell your skills. Whether you know how to sew, do handy work or cook, put your lifetime of accumulated experience to work by offering your skills to other people. You can easily market your services online, in a flier or on a community bulletin board.
  1. Consider tutoring. Your lifetime of knowledge can also be put to work in teaching children math, English or a foreign language. Parents are willing to spend money on tutoring, especially if they know they’re helping someone looking for how to make money in retirement.
  1. Babysit. Working parents are always looking for a reliable babysitter. The kids couldn’t have a better caregiver, and you can even help out around the house to up your fee!
  1. Rent your space. Going on a vacation? Have a finished basement that doesn’t get much use? You can rent out your space on websites like AirBnB for top dollar. Instead of sitting around wondering, “can I retire,” you’ll have an extra source of income to rely on for as long as you like.
  1. Sell your things. For those looking for money resources, the internet is a gold mine. Chances are you have a lifetime’s worth of accumulated furniture, antiques, jewelry and other valuables. If you’re not too sentimental, you can sell a lot of your stuff on Facebook, eBay or Craigslist. Consider taking older, wearable clothes to a consignment shop and your books to a used book store. Downsizing from two cars to one can also give your budget a temporary boost. 
  1. Look for temp work. When it comes to making money over 55, temporary employment can be your best friend. Companies that are reluctant to hire new full-time employees with benefits rely on short-term help. If you’re a retiree who wants to bring in some income while simultaneously enjoying a significant amount of leisure time, contact your local temp agency about seasonal work or short-term projects.

If you’re wondering how to make money in retirement, don’t be afraid to put yourself out there. With a little imagination and interest from others, you can find yourself with a whole new source of enjoyment—and cash—long after you end your career.