Many retirees find that they could use additional income to get by in retirement beyond their Social Security benefits and savings. Others just want to stay busy while earning some extra cash so that they can purchase little extras in retirement like vacations. No matter what your reason may be, there are a variety of ways that women can earn an income during retirement.
Ways for Women Retirees to Earn Income
Here are some of the top ways that women can earn an income during retirement:
Take on consulting projects. – Consulting work is a great way to use your skills and knowledge to make additional income in retirement. This type of work also offers a flexibility as it can be completed on a per-project basis, allows you to set your own schedule, and can be completed from your home office.
Tutor young students after school. – Tutoring is another popular option for women who want to make additional income during retirement. Whether you are teaching children a foreign language or helping them with their algebra homework, tutoring jobs are always in demand and allow you to work part-time and set a flexible schedule.
Turn a hobby into a part-time business. – Your hobbies are often a great place to look for ways to make additional income. If you love making jewelry or homemade jam, these are great business opportunities. You can sell your crafts at local farmer’s markets or boutiques or find a place online, such as Etsy, that allows you to connect with customer from the convenience of your own home.
Run errands or offer transport. – If you are a retiree who is always on the go, consider running errands or offering transport as a means of additional income. You can provide grocery shopping, rides to the doctor office or airport, and other regular tasks such as picking up dry cleaning or taking pets to the groomer. There's a great website called Fiverr that can help you market your services.
Rent your unused space. - If you own or rent a space bigger than you need, consider generating cashflow by listing your spare room to a guest. You can find a market for people interested in renting your space on services such as Airbnb and HomeAway.
Become your own taxi. - Tens of thousands of people have tapped into the sharing economy by making money driving people. If you own a car and enjoy driving, services like Uber and Lyft help you make money while sitting behind the wheel.
A Note on Earnings Limits
If you have decided to work during retirement, it is important to note that for those of full retirement age, you can get social security benefits and work at the same time with no income restrictions. However, if you are younger than full retirement age and make more than the yearly earnings limit, the Social Security Administration will reduce your benefit until the month that you reach full retirement age.
If you are below full retirement age and receiving social security benefits, you will want to be cautious of the reduction in benefits should you decide to work while receiving social security.
For 2016, the annual earnings limit is $15,720. For more information about how working during retirement impacts social security benefits, visit the Social Security Administration website.