The number of older Americans who call themselves boss is growing steadily. In , the U.S. Bureau of Labor Statistics found the self-employment rate among workers age 65 years and older was higher –% – than any other age group. Retired Americans are still working, and many are working for themselves.

Many who want to earn money in retirement turn to their hobbies as jumping-off points for launching a small business. Here are some ways to make money in retirement by turning your hobby into a successful business.

Mark Holtzman, retired sales manager turned aerial photographer.

Source: Mark Holtzman

Retirees can face obstacles they may not have encountered as younger entrepreneurs, such as a tighter monthly budget, but they have an advantage when it comes to their hobby: They've already invested in equipment and training.

Here are a few other benefits of turning your hobby into a business.

Low upfront investment

If you have little investment capital, savings or a low credit score, securing funds to start a small business can be challenging. Choose a side gig with low upfront costs, and use the resources, materials and knowledge you already have.

Small-scale production

Consider starting a business that doesn't require a substantial investment into purchasing materials, equipment or storage space. If your business will be manufacturing products, you don't want your manufacturing capacity to exceed your ability to store unsold inventory. Start small and grow from there.

Work from home

If you chose early retirement to reduce the risk of becoming ill with the coronavirus, you may want to start a small business from the comfort of your home. An added benefit of starting a home-based company is that you have low overhead costs: no office space leases, extra utilities, parking costs, etc.

Flexibility

Launching an online retail website can be an inexpensive way to market your goods and services. It can also be a good business route to take if you prefer some flexibility with your schedule; for example, you don't have to abide by a rigid schedule (8 a.m. to 6 p.m.) as you would with a brick-and-mortar storefront.

Which hobby should I choose?

What is your most valuable hobby? It may even be something you wouldn't even think of as a hobby – a much broader pursuit than making pottery or writing poetry.

For example, maybe you enjoy researching your family history, looking at photographs and learning about lost relatives. You could turn that into a home-based genealogy business helping others uncover their family trees or writing the life story of an ancestor.

Maybe you love problem-solving and are obsessed with doing crossword puzzles or brainstorming ideas for new products. It may not be a "hobby" in the strictest sense, but problem-solving is a skill many people leverage to start profitable businesses.

Linda Nagamine worked as an airline customer service representative for 28 years; after retirement, she turned her problem-solving skills into a way to help people keep track of their keys. Nagamine developed the Joyful Keyper - a simple device for keeping keys secure but easily accessible inside a bag or purse.

After retiring, Linda Nagamine invented Joyful Keyper to help women find their keys faster in their purse.

Source: Linda Nagamine

"There was nothing in the marketplace that effectively solved my daily problem of searching for my misplaced keys," she explained. "It had to be something anyone could use and be reliable. I didn't want another electronic/tech device to complicate my life."

Now, Nagamine's Joyful Keypers are sold online and in women's boutiques.

Take a careful inventory of your hobbies. Don't overlook some if they don't fit the traditional definition of what a hobby is – think outside the hobby box. A hobby is anything you enjoy doing. Find that skill or talent and match it with something that's marketable, then you've got a great start for a small business.

Will my hobby make a successful business?

You may have to make some adjustments to your business idea to turn your hobby into a marketable product or service that people want. If you have multiple hobbies or interests, think about how you can combine all or some of them into a workable small business.

Teaching

During your life, you've worked hard to become knowledgeable and highly skilled with your hobby. Impart your knowledge to others. For example, if you are an excellent golfer, perhaps you could offer golf lessons to members in your community.

This advice applies to skills and talents other than sports (e.g., musical instruments, foreign language, knitting, cooking, painting, etc.). If you want to teach something that isn't necessarily hands-on, you could offer lessons online.

Woodworking

Many retirees enjoy hands-on activities like woodworking. While this can be a relaxing favorite pastime, it may potentially become a lucrative business. For example, suppose you're into woodworking, and you love to play chess; you could combine these two passions to start a business that produces customized chess boards and sell them online.

Outdoor activities

Many outdoor activities can become potential income streams. For example, maybe you love fly fishing in your spare time, and you also feel a deep need to give back to your community. You could establish a rehabilitation service for wounded veterans, which is what Ed Nicholson did with Project Healing Waters Fly Fishing.

A hobby like fly fishing could be a way to help others.

Source: santypan / Shutterstock

Writing

Another potential option, if you have a passion for writing, is to start a blog. Write entertaining blog posts about your life experience or your travels, provide younger moms with firsthand advice about raising children, share your homemade cooking recipes – whatever you are passionate about. Although starting a website is easier than ever, you want to learn how to monetize your blog.

If a blog doesn't appeal to you, consider writing a book. Recording your life experience and sharing it with the world can be a great way to earn some extra cash while remaining socially distanced.

Photography

Earning a steady income as a photographer can be tough, but if you can put a unique twist on what you are photographing and how you are taking those images, you may be able to turn it into a business.

Mark Holtzman turned his love of aviation and photography into a successful aerial photography business. Holtzman began pursuing photography as a hobby when he was working as a sales manager for an auto dealership, flying on weekends and shooting with his film camera. Eventually, Holtzman's side hustle became his full-time business and led to an award-winning photo he took that was displayed in several publications, including Vanity Fair and The Wall Street Journal.

Mark Holtzman's photo of a flyover at the Rose Bowl appeared in ESPN.

Source: Mark Holtzman

Holtzman also did something every aspiring, retired entrepreneur should consider: He recruited help from his kids. Holtzman's son Steven joined when the side business became a full-time gig, helping his dad with various computer and technical issues. 

"When we talk about if he'll ever retire, he gives me this look that says, 'I'm already pretty much retired,'" Steven Holtzman said. "He loves what he does, since he gets to fly around and take pictures, and doesn't see himself ever really retiring."

Did you know? When looking at the most popular hobbies in Europe, there are a number that could lead to potential side businesses, including photography, podcasting,painting and baking.

Do I want a full-time or part-time gig?

While you want to transform your hobby into a business, that doesn't mean you want to give up the freedom and relaxation that retirement offers. Hobbies are what we do for free, and we do them when we want to. With a hobby-turned-business, you have to contend with deadlines, customers, shipping, emails, payments and the like. No one wants their hobby turned into "the thing I used to love doing."

A business requires considerable mental, emotional and physical effort. To ensure your new venture doesn't turn into an all-consuming business, consider the things that make up your current retirement life. Questions like these will help you decide whether you want to go full or part-time: 

• How much time do I want/have to invest?
• How much extra revenue do I need?
• How will work impact my time with family and friends?
• Do I have enough startup capital to go full time?
• Do I have other commitments (e.g., volunteer work) that will suffer?
• How much stress can I afford to add to my life?

How to finance your post-retirement business

Whether you plan to use your savings or take on debt, you'll probably need some upfront capital to invest – even if it's just to print fliers for your next quilt show. If need funding options for your new retiree business venture, here are a few to consider.

Bootstrapping

If you're advanced in your hobby, you already have plenty of equipment and knowledge. Startup costs may be low enough for you to finance your new business through bootstrapping – using your own capital and any operating revenues to start and grow your business. Bootstrapping keeps you debt-free. However, self-funding also means you may lack the necessary upfront revenue for hiring or advertising, two essential components to business expansion.

Bootstrapping is good for retirees because it helps minimize risk. Older entrepreneurs don't have decades to correct their finances from a business that's gone bust. Start small, and test the market to see if your business is viable before taking on debt or dipping into your nest egg.

Personal loans

If getting your new business off the ground means a small purchase – materials, equipment, ads – then a personal business loan might be right for you. Borrowers with good or excellent credit scores ( or higher) enjoy the widest repayment options and low interest rates. Generally, personal loans have lower APRs than credit cards, especially for high credit score borrowers.

Government funding

The federal government helps seniors start or expand their new businesses by providing loans that are guaranteed by the U.S. Small Business Administration. Because the SBA guarantees loans (much like the Federal Deposit Insurance Corporation) for lenders, they make it easier for seniors to access capital from private lending institutions. The SBA's online referral tool makes it easy for small businesses to connect with participating lenders.

Venture capital

If you'd rather avoid lending institutions and find a venture capitalist, the SBA can help with that too. The agency can connect senior entrepreneurs with Small Business Investment Companies (SBIC) - a privately owned company licensed and regulated by the SBA. SBICs offer loans or purchase equity in companies.

Crowdfunding

Sometimes the best way to start a new business is to turn to the general public for financial support. Crowdfunding sites like Kickstarter, Indiegogo and GoFundMe let you do just that. By creating an online fundraising campaign to start your business, you're able to solicit funds from online donors. Instead of paying them back, you reward them with gifts, like the first version of your product, or a signed copy.

Retirement accounts

While probably a last resort, drawing funds from your retirement account is a workable funding option that offers more investment control compared to lending institutions. If you have a (k), the government allows you to borrow against, invest or withdraw from your retirement account, but there are plenty of hoops to jump through. Consult a retirement account professional before withdrawing funds from your retirement account.

Rollovers as Business Startups (ROBS) let you roll over your retirement savings into a new (k) and invest it into your own company. It's a complex process, and while you avoid taking on debt and penalties, it puts your retirement savings at risk.

Your small business will definitely impact your taxes. Hopefully, you'll see a profit, and you'll need to report it on your yearly income taxes. That's a good problem to have.

However, your tax preparation will become more complicated as well as you save receipts to deduct business expenses and record your overhead costs. Here are some ways starting a business will affect your taxes.

Social Security benefits

After you turn a profit from your new business, you may have to start claiming a percentage of your Social Security benefits as taxable income, especially if Social Security benefits were your only source of income prior. The standard percentage is 85%, but the percentage will depend on the amount of your combined income. You can use the Notice IRS form to calculate how much of your Social Security benefits may be taxable.

Business expense deductions

Like any other for-profit business owner, you can reduce your tax burden by claiming business expenses on your tax returns. The IRS requires a business expense to be "ordinary and necessary" to the operation of your business.

Two of the most common business expenses for small business owners are the business use of your home and business use of your car. You're able to deduct a percentage of your costs for each of these, whether it's deducting the cost of a home office or standard mileage rates for travel. You can even deduct part of you business startup costs.

Business expense deductions definitely complicate your yearly tax filing, but millions of seniors manage it. You'll need to keep receipts for your expenses and track your car mileage, but the tax savings are worth the time.

Your tax rate

Your new business profits will increase your taxable income and thus your tax rate. This may put you in a new tax bracket, depending on your income level. Because your extra income can affect what percentage of your Social Security is taxable, it's smart to calculate your retirement tax rate ;to find out how much your business profit will impact your taxable income. Fine-tune your tax rate estimate by first determining your standard deduction for retirees.

Self-employment taxes

When you worked for an employer, they withheld your FICA, federal, state and other payroll taxes. As a self-employed business owner, it's now your responsibility to track and report incoming funds. Generally, individual business owners must pay self-employment tax (Social Security and Medicare taxes), as well as income tax. You have to file an income tax return if your net earnings from self-employment were $ or more.

Quarterly reporting

Business owners who expect to owe more than $1, in taxes for the current tax year – after subtracting their withholding and refundable credits – have to make quarterly self-employment payments to the IRS. Instead of a Form , you'll use a Form ES ;to estimate and file your quarterly self-employment taxes. You can pay your quarterly self-employment taxes on the IRS' website

Because of limited savings, small businesses can find it difficult to pay their quarterly taxes. Make sure you accurately estimate and withhold them throughout the year, so you're not surprised with a big tax bill.

Resources for starting a small business

Here are some additional resources to help you learn how to make money in retirement.

Entrepreneur training

Networking

Professional advice on how to start your small business helps you avoid common small business mistakes early on. Here are some resources to connect you with the right people.

• SCORE: This is a nonprofit entrepreneur network that connects seniors with expert business mentors.
• Small Business Development Centers (SBDCs): SBDCS provide free, extensive, one-on-one professional business advice. Find an ;SBDC near you.
• Meetup groups: Meetups are a great way to find other small business owners, freelancers or individuals who share the same hobbies as you.
• Global Institute for Experience Entrepreneurship (GIEE): GIEE, a nonprofit, helps adults age 50 and over build their businesses.

Other resources

Skye Schooley contributed to the writing and reporting in this article. Some source interviews were conducted for a previous version of this article.

Who says you have to completely give up work when you retire? Once all your retirement planning comes to fruition, it can be a great time to relax, but it can also be a time to pursue retirement hobbies that make money to help supplement your retirement income.

If you're looking for an activity, you could start with what you're passionate about and already know. Whether you enjoy beekeeping, professional gaming, fitness or photography, there are a lot of possibilities. Working may no longer be necessary, but finding the thing that makes you excited to get up every morning could be the start of a new, lucrative retirement hobby. Here are seven ideas.

1. Professional Gaming

Gaming isn't just for millennials. There's a huge community of professional video gamers who take part in competitions and tournaments. You'll need to pick a genre you enjoy, such as esports or multiplayer games, and then hone your skills through training and practice — just like any other sport. Once you master it, there's also the option to play games and stream them live on online platforms. Similar to YouTube, you can potentially earn money this way if you have a large number of subscribers. This can be a fun way to potentially earn money from the comfort of your own home.

2. Beekeeping

If you're feeling more adventurous in retirement, what about becoming a beekeeper? You may be able to make money from beekeeping by manufacturing local honey from the bees in your hive, bottling it and selling these products at local farmers' markets or grocery stores. To start, you might seek out a local supplier who can provide the bees and help you purchase the materials you'll need, including hives and protective gear. This is a more hands-on retirement hobby, so it might be a better fit for people who love agriculture and the environment. If you're curious about beekeeping, you can check with your local beekeeping association to learn more about how to get started.

3. Translation

If you know a second language, you might consider becoming a translator, though you'll likely need to undergo additional training. You can enroll in a certificate program and then take a certification exam to boost your credentials. After this, you can begin looking for freelance translator work via online job boards, translation agencies or online communities for people in the industry. It might also be helpful to check social media to find these groups.

4. House-sitting & Pet-sitting

If you're an animal lover or have a passion for travel, house-sitting and pet-sitting can be fun yet lucrative retirement hobbies. You could take care of other people's homes while they're away and use this as an opportunity to visit new locations.

The same goes for pet-sitting. Some people travel for work or go on vacation and can't bring their beloved furry family member along with them. Pet-sitting can be a great way to help families while you explore a new location, and there are several websites where you can find these opportunities. So, if you ever dreamed of living an ex-pat life in New Zealand or temporarily living in Palm Springs, house-sitting or pet-sitting may be a great fit.

5. Photography

You might try nurturing your creativity and supplementing your retirement income with photography. You could be a freelance pet, wedding or newborn photographer and only take gigs when you have free time. Likewise, if you intend to spend your retirement on the road, travel photography could be both a personally and financially rewarding retirement side hustle. You might consider investing in a good, quality camera first, and then you can start taking some photography classes or teaching yourself.

6. Arts & Crafts

If you have an artistic flair, you may want to consider selling arts and crafts. Many home-based artisans now sell a variety of goods online, such as handmade desks, wedding veils, handmade Halloween costumes and custom invitations. If you were a painter, carpenter or graphic designer before you retired, or if you just love doing these activities in your spare time, you could try transferring these skills into an income-producing retirement hobby.

7. Fitness

We live in a more health-conscious world, and as result, more people are going to the gym or their local fitness studio. If you have a passion for health and wellness, you might try teaching a local fitness class. There are plenty of options to choose from — such as Zumba, yoga, CrossFit and water aerobics, to name a few.

Note that you'll likely need to get certified first, which may take several months, but that's not necessarily a huge time commitment in retirement — especially when you consider that you'll be able to work on staying fit and earning money at the same time.

Your golden years are a great time to enjoy everything you worked for, but if you're worried about being bored or just want to stay active, consider a hobby that will help you make money in retirement. A retirement hobby can be a great way to stay engaged, help extend the length of your retirement savings or discover something new that reignites your passions.

Even if you are retired, you may not want to stop working completely.  It is a good idea to look for retirement hobbies that make money. They allow you to supplement your retirement income without having to work long hours. No matter what your profession was, your skillset and life experiences can help you to make some extra cash.

If you don’t want to do anything taxing, there are side gigs you can pick up. In fact, there are job sites tailored specifically to older people and you should check them out. Take a look at Seniors4Hire, RetiredBrains, Workforcecom, and RetireeWorkforce.

The Benefits of Working After Retirement

If you’re second-guessing whether you should put effort into making money after retirement, there are several benefits you should know about.

• Working after retirement gives you the extra income you need to be more comfortable.
• You can keep your savings and make more money which can help you to meet your daily expenses.
• This can put you in a better position to manage inflation, rising medical costs and eventually, long-term care.
• Taking advantage of one of the many money-making hobbies for retirees can also allow you to delay your Social Security benefits.
• If you can wait until the age of 70, you are likely to get the maximum monthly pension.
• There are also social and health benefits of working even when it’s part-time.
• It helps you to stay connected to others and remain mentally and physically active.

Here are 19 retirement hobbies that can make money which you can try.

1. Pet Grooming, Sitting or Walking

If you love animals, there are many ways in which you can earn money. You can walk dogs, pet sit or offer grooming services. Many pet owners who have to travel enjoy having someone to take care of their fur babies.

Sometimes clients may want you to feed and bathe the animal, clean their litter box or cage or give them medicine. If you have experience taking care of pets, you’re qualified.

You just need to make sure you have the strength to deal with larger animals and the ability to walk a reasonable distance. The more good reviews you can get, the more work you’re likely to get.

Pro Tip:

Post flyers around the neighborhood and at local pet stores and veterinary offices to market your services. You can also create an online profile on sites like PetSitter and Rover.

2. Showing People Around Your City

If you really know your city and you enjoy showing it off, why not work as a tour guide? You can focus on history, food, art, music, architecture or whatever is your specialty.

Being a part-time tour guide allows you to share your knowledge while interacting with both locals and visitors. You can apply for seasonal jobs at museums or monuments or apply to private tour companies.

Pro Tip:

Looking for jobs on sites like Craigslist, Indeed, and ZipRecruiter can also prove fruitful.

3. Sharing Your Opinion

Do you just love telling others what you think? You can make easy money doing just that. One option is to participate in surveys or online/in-person focus groups.

There are many companies which are willing to pay you for your feedback. You won’t make large sums from doing online surveys, but the work is easy, and you can do it whenever you have a little spare time.

Focus groups can take a few hours but you can make a few hundred dollars. You can also find work as a website or app tester using sites like UserTest and Startuplift.

Pro Tip:

You can make $10 on average for completing a test which takes 10 to 15 minutes. One of our favorite survey sites is SurveyJunkie.

4. Gardening

Gardening is another of those retirement hobbies that make money. If you love working in your garden, you can use your skills to help others with their lawns, trees, and bushes.

This is a physical job so it’s best for retirees who are still very active. Gardening is mainly a seasonal job, but it depends on where you live.

You can work at private homes, in community gardens, or botanical gardens. If you’re known for your green thumb and you want to remain physically active, this is the perfect job for you.

Good to Know:

Care, Hortjobs and SimplyHired are three job sites you can use to find a part-time gardening gig.

5. Taking Care of Children

Many working parents would love to engage someone who has lots of experience with children.

If you have children and grandchildren of your own, you already know the ropes. You can provide temporary relief to parents by picking up their little ones from school, helping them with homework or making dinner.

It is up to you to decide which tasks you want to help families with. However, you can charge more if you tutor or help with homework instead of just babysitting.

Babysitters tend to make around $12 an hour but the rate may be different in your area. If your neighborhood has lots of families, you should be able to easily find work.

Pro Tip:

There are lots of opportunities online but Rent a Grandma is specifically for mature women.

6. Teaching

With all your life experience, you definitely have skills you can teach, even if you didn’t work as a teacher. Teaching is one of the best money-making hobbies for retirees because you can draw on many of your talents.

If you can do your own plumbing, fix electronics or sew, you can teach these practical skills to younger people. In fact, many of the skills you take for granted are now in demand.

Reach out to community colleges and youth groups to see if they would be willing to pay you to teach what you know. Depending on what and where you want to teach, you may need a degree or other credentials, but this isn’t always the case. If you can’t find opportunities near you, you can teach online to make some extra cash.

Pro Tip:

You may have skills in event planning, personal finance management or even art appreciation. These all lend themselves to online courses and platforms like Skillshare and Uscreen are great for this.

7. Cooking and Baking

If you’d rather spend time alone in your kitchen whipping up your favorite recipes, you can still earn money. Instead of just making goodies for yourself or your family, make some extras and sell them.

Try getting a stand at a neighborhood farmers’ market or asking a coffee shop or restaurant to sell your items.

If you’re technologically savvy, you can use apps like eatwith or Feastly, and Cookapp so you can be matched with visitors and locals looking for home-cooked meals.

Pro Tip:

Did you know you can get cashback on your grocery purchases when you use Ibotta? Signing up might be worth a try.

8. Mystery Shopping

If shopping is more your speed, you can make some extra money giving companies feedback on the shopping experience in their stores. What could be better than getting paid to shop? Your role would be to let the stores know what they’re doing right and what they need to improve on.

Mystery shoppers typically make minimum wage when they’re starting out. However, if you stick with it, you’ll be able to make more.

If you enjoy shopping, this can be a fun thing to do while earning some cash after retirement.

Bonus Tip:

Look for jobs on the Mystery Shopper Providers Association website and general job sites like FlexJobs.

9. Personal Shopping

If you absolutely love fashion and you have an eye for creating outfits, why not make some money from it? Personal shopping is a great choice if you planned to spend some of your downtime browsing in stores or shopping.

You can either work for a department store or take on private clients who don’t have the time or skills to shop for flattering outfits. The good thing about retirement hobbies that make money is that you have the freedom to choose when you want to work and exactly what you want to do.

Good to Know:

Personal shoppers start around $15 to $20 per hour but as you gain experience, you may make 10 to 15 percent of the total purchase.

Copyediting

Do you love reading? Can you spot even the smallest error in a text? If you are a pro at the English language and you are detail-oriented, copyediting may be just the thing to do when you retire.

You’ll be responsible for fact-checking and correcting spelling and grammar. You may also have to be familiar with a style guide and check to ensure the material meets the guidelines.

If you already know the AP Stylebook or the Chicago Manual of Style, you’ll find it a lot easier to get a job. Several entities require copyeditors and proofreaders including news agencies, book publishers, online content providers, and non-profit organizations.

Pro Tip:

If you need to brush up on your skills, you can seek training from entities like MediaBistro or the Poynter News University.  There are several sites which you can check to find freelance editing work including Fiverr, FreelanceWritingGigs and FlexJobs.

Writing

If you’ve already been writing as a hobby, you already know one of the easiest ways to earn extra cash. You can write a novel if you want but there’s no pressure to do so.

Instead, you can start a monetized blog, apply for online freelance writing gigs, or take extra copywriting work from a local advertising firm. Another option is to do freelance writing for a magazine or newspaper in your hometown.

Once you have a good command of language, creativity and the ability to follow instructions, you can be successful. There will always be a demand for writers so there will be no shortage of opportunities.

Good to Know:

Did you know that our blogging tips website can provide all the tools you need to start a blogging business?

Taking Photos

If you used photography to unwind while you were still working, you can use this hobby to earn some money in retirement. You can work as a photographer now or sell some of the photos you have taken over the years. Local galleries may be willing to take your work, or you can submit your photos to competitions.

You can also provide images to some of the many stock photo companies. If you don’t want to have to do too much work, selling images you’ve already created is a good idea.

If you ever feel like creating new content, you can get back in the studio or out on the road.

We have more ways for you to get some extra cash. Here are 30+ ideas for passive income generation.

Knitting and Crocheting

Here’s another option for the creative older person looking for retirement hobbies that make money. If you can knit or crochet, you could be sitting on a gold mine. Many people will be interested in your creations.

You can make clothing, accessories or home décor and likely find a ready audience. Feel free to start by marketing your items to relatives and neighbors but don’t limit yourself to people you know.

Pro Tip:

Use eBay, www.oldyorkcellars.com, and Etsy to reach more people who love handcrafted, one-of-a-kind items. There are many craft hobbies that make money, so if you like to create things using a different technique, you can also make money.

Sports Coaching

If you love sports but no longer have the ability to play, why not coach a team of youngsters? You get to be around the game, but you don’t have to compete, and you get paid for your time.

Whether baseball, football or tennis is your sport, you can get a good boost in income. Reach out to schools and community groups to see if they want to make use of your skills.

Coaching is an excellent way to keep your mind and body engaged. It also gives you an opportunity to meet influence young people and share some of the life lessons you’ve learned.

Exercising

Maybe you’re trying to get into the best shape of your life now that you’ve retired. If you’ve been enjoying exercising but you need a little extra motivation to lose a couple pounds, there’s an app for that. This app can also help you to make money.

HealthyWage pushes you to meet your fitness goals through cash-based challenges. You can use the app alone or get a group of friends together for a competition.

Pro Tip:

If you’ve always enjoyed physical activity, adding this extra dimension may be just the thing you need to get you moving even more. If you want to earn even more cash when you meet your savings goals,  you can always sign up for Long Game.

Hosting Guests in Your Home

Seniors who love meeting new people and who have a spare room or apartment should consider listing on Airbnb. This is a great way to earn extra income and make a good impression on a visitor to your area.

It’s also an opportunity to swap stories if you’re also a travel lover. If you have a luxury home, you can charge more but guests will also enjoy an authentic experience in a simple home once it’s clean and well taken care of. Provide an exceptional experience and you’ll reach Super Host status in no time.

Driving for Lyft or Uber

Another way to make money in the sharing economy is to drive for Uber or Lyft.

If you enjoy driving and miss going to work each day, you can work on your own time and make some extra cash. You can work every day if you wish or just a few days per week.

Good to Know:

Driving for a rideshare company and earning money while driving is a great way to get out of the house and meet new characters. To a large extent, you can determine how much you make.

Making Deliveries

Maybe you enjoy driving but you don’t want to pick up passengers. Making deliveries is a viable option. If you sign up with a company like DoorDash, you can deliver food and other items from local businesses to customers.

In most cases, all you need is a valid driver’s license, a vehicle in good condition, and a smartphone. If you want to spend some time moving around while earning an income, this may be the job for you.

Selling Products

Are you great at sales? If so, you can make some extra cash selling products you love. 

If you used to sell Avon products back in the day, now is a great time to do it again. You can make money on your own terms while meeting new people all the time.

Pro Tip:

If you don’t want to sell Avon, there are other direct sales companies you can look into including Amway, Chloe + Isabel, and Mary Kay. Whether you want to sell food, clothing or health products, you can find something which aligns with your interests.

If you have lots of time or energy, you can combine a couple of these suggestions for retirement hobbies that make money. Which hobbies do you plan to make money from when you retire?

Author:

Logan Allec, CPA

Logan is a practicing CPA and founder of Choice Tax Relief and Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.

Wondering how you can make money in retirement? Just because you’re retired doesn’t mean your “tired.” In fact, even after 50+ years on the job, you might not even be tired of working just yet.

Moreover, depending on your living and financial situation, you might want to earn a few extra dollars here and there, just to buttress your savings and your Social Security.

If you’re looking for a few ways to make money in retirement, this article will give you some great suggestions. They might not all be for you, but there’s sure to be something you can do that the average year-old can’t. To help you out, here is our list of retirement hobbies that make money.

Turn Your Golf Hobby into Cash

If you’re a great golfer but not a seasoned pro, it’s possible for you to still make great money giving golf lessons. Not only will it give you a chance to teach what you’ll love, but you’ll be able to undercut the expensive course pros. This option is especially appealing if you live in a golf course community.

Loving Animals Can Mean Big Money

If you knew what the average pet-sitter or dogwalker made, you’d never write it off. If you love animals and want some exercise, this is easily one of the best ways to make money in retirement.

Show Off Your Carpentry Skills

Some of the best hobbies to make money revolve around making things that you can sell or performing simple services that people need. Carpentry is not a widely-known skill among those under 40, so chances are you can build a better bird feeder, deck, or set of stairs than the average homeowner, while being less expensive than the competition.

Become a Local Tour Guide

If you’re passionate about your state, city, or any particular area near them, you can charge people for tours of all sorts of places. You can work on your own terms, of course, and tailor your tours to your other hobbies, like history or art.

Become a Photographer

No matter where you live, there is always an opportunity to take amazing photos. From still life to nature to portraits and more, you can shoot whatever you like and sell the results at top dollar. If you’re not interested in running your own make-shift studio, you can sell your photos online on sites like www.oldyorkcellars.com and www.oldyorkcellars.com

Teach Music to a New Generation

Many ways to make money in retirement center around passing on skills you’ve learned to the younger folks. If you’re a music lover or play any instrument well, chances are you can make a great income tutoring kids (or adults).

Take Your Crafts to Market

Jewelry, pottery, paintings, etc. – all personalized crafts are in big demand right now. No matter what your hobby is or how unique your style is, if you make it by hand, people will pay good money for it on sites like www.oldyorkcellars.com Give it a shot!

Retirement Hobbies That Make Money

Remember, retirement is a time that you’ve earned to do what you love, and if what you love can make you money, why not give it a shot? Of course, there are hundreds of more ideas to make money in retirement and so many other retirement hobbies you can do just for fun. You just have to find what works for you!

Grow your retirement corpus 

After leaving all the heavy-lifting behind, retirement is the time to ensure that all the money you’ve saved up lasts long enough. Hence when you retire, finances take precedence over other matters. If you’re looking to boost your savings, investment planning is a prerequisite. Retirement is a time to reap the returns of your investments and re-invest the new income to keep a sustainable source of money to support your long life. Retirement planning should be consistent with the safety of capital and flexibility to withdraw cash in case of emergencies. At the same time, there should be enough investments to cater to your hobbies and leisure expenditure as well. You should plan your investment asset allocation based on your ability to take risks. If you have enough sources of income, then you should look at an aggressive investment profile; otherwise, it's best to start with a conservative approach.

There are different strategic asset allocation practices for conservative and aggressive investors. Here’s a look at the asset allocation practices in both cases: 

• Most individuals prefer a conservative approach at this stage of life, but it can vary from person to person. You can explore the best investment avenues to see which ones you can tap to boost your income.
• From investing your EPF to considering a part-time career, there are many options that you can use to your advantage. 

5 best ideas to make money after retirement in India

Look at 5 ways that will help you make money after retirement.

1. Invest in instruments that offer monthly returns

Invest in high-yielding investment options to put your savings to good use and maintain your post-retirement quality of life. Investing in fixed deposits is a great option because of the following advantages.

1. Get stable returns with Fixed Deposits
2. Greater stability without the impact of market fluctuations
3. Facilities of loan against fixed deposits, offered by certain financiers
4. Greater liquidity and an option to choose between cumulative and non-cumulative returns
5. High safety ratings and stability

Some fixed deposit providers also provide you with benefits of higher interest rates for senior citizens, easy online application, and flexible tenor.

Ensure to utilize the following features from Bajaj Finance FD to be a smart planner for future investments

1. Online FD calculator: You can quickly check out various combinations of tenor and capital to see the best returns for you. If there is no need for immediate cash, go for the maximum tenor at the highest possible capital to avail best returns. You can use FD Calculator to calculate return
2. Online investment: It’s easy to just fill out a form for enquiry and receive a call for investment
3. Auto-renew: Avoid the hassle of remembering and tracking the renewal of FDs if you don’t need them. Select the auto-renew option to avoid idle cash lying in your account
4. Periodic interest payouts: You can choose the frequency of interest payouts depending upon your requirement
   

To save TDS on FD income, you can break up your fixed deposits between different banks and between your spouse and yourself to ensure the interest earned on FDs does not cross the TDS tax-free limit of Rs 50, each financial year. Company FDs offer a TDS exemption of a maximum of Rs. 5, 

Additional read: How Can Senior Citizens Benefit From Bajaj Finance FDs?

2. Lease your real estate

Having your property, whether residential or commercial, can help you raise more money by leasing. In addition to ensuring profitability, real estate investments give you complete freedom in the investment tenor.

To make most of your real estate investment, you must ensure that it’s located in an area that has potential for greater growth. Then, put your property on rent for 10 years or sell it in 5 years if you feel the market conditions are right.

With complete control over your investment, you can make the most of it, whether through monthly returns or a lump sum amount via the sale of the property. It also serves as collateral if you want to avail a loan or any other form of secured debt.

To ensure a steady re-investment of rental income, you can create multiple FDs at periodic intervals. This strategy is known as Laddering and it will provide you keep getting a matured FD at fixed intervals.

3. Become a tutor

If you have specialized skills in your profession, you can start tutoring students. For example, if you are a retired CA, you can tutor aspiring chartered accountants. Alternatively, you can also sign up as a guest lecturer. This will allow you to work on your terms and earn money at the same time.

4. Identify opportunities in blogging

Blogging is a new-age profession that can provide rewarding results. If you have a flair for writing, start a blog related to your job or passion. For example, suppose you’ve formerly worked as a doctor. In that case, you could begin to a healthcare blog providing information about various modern medical techniques along with suggestions on how individuals can stay physically fit and live a healthy life.

Once you start a blog, you can earn money from sponsors willing to advertise on your site, ambassadorships, sponsored content, donations and much more. You can even make money by selling your blog if it appreciates over time.

5. Become a consultant

You are sure to have garnered a wealth of knowledge throughout your career. So, why let your experience go to waste? You can always start a consultancy firm or sign up as a consultant to provide expert advice.

For example, if you have experience in human relations, you can join a firm as a consultant and charge your clients a fee for your advice, inputs, and work. This will allow you to still earn an income in the profession of your choice without taking on the stress associated with a full-time job.

Freelance income in a second career can be converted into a steady income by investing a lumpsum amount initially in high-yielding company FD like Bajaj Finance FD and then going for the non-cumulative option to receive a fixed payout each month. This will help create a steady stream of income, and you can also ladder new FDs to finance future flows as of and when a lumpsum keeps getting collected.

These five options are sure to give you an overview of the various opportunities and tools that you can take advantage of to grow your wealth over time.

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