Photo of Ray Ferrara CFP Ray Ferrara CFP Jun 27, 2020

Your retirement is supposed to be a rewarding time of rest and recreation. However, many people find it difficult to not be productive. After a while, you might want to do something to earn some extra income with your time. 

Since your retirement is supposed to be a rewarding time, whatever you do to earn extra income should be an enjoyable experience. Here are five ideas for seniors who want to earn some extra income during retirement but also want to have some fun:

1. Invest in stocks

While “fun” might not be the first word that comes to mind when it comes to investing in stocks, it can be a more rewarding experience than you might think. Set aside a small amount of money for this “fun” money, but don’t venture into trying to go on your own with your serious money which must support you throughout retirement. 

Your “fun” portfolio can be more aggressively invested than assets positioned for future needs like retirement. The key with this pool of money is not to invest more than you are prepared to lose. With your other funds you should work with a financial advisor to make investment decisions that will allow you to enjoy the lifestyle to which you have become accustomed. 

2. Get crafty

Do you like to paint? Do you woodwork or metalwork? Do you knit or crochet? If you enjoy any type of hobby that involves art and creativity, you can sell your creations online to make a profit. It is easy to open an Etsy account and sell your handmade goods online. 

Even if you are not crafty, you can try and turn a profit by flipping antiques on Etsy. Go bargain hunting in thrift shops and garage sales to find good deals and turn around and sell them online for their actual valued price.

3. Host an Airbnb

Do you have an extra room or a guest house? You can turn these spaces into a regular source of income by renting them to guests through Airbnb. This can be a rewarding opportunity to earn an income as well as host people and hear their stories or even make new friends. 

4. Babysit or housesit

If you have neighbors and friends who have kids, you can offer to babysit to help earn some extra income and enjoy your time while doing it. You can even make a profile on SitterCity to find people in your area who are looking for someone like you to watch their children. 

5. Drive for Uber or Lyft

If you feel like getting out of the house to earn extra income and are a safe driver, you should consider driving for Uber or Lyft. You get to decide when you want to work and it is a great way to get out of the house if you are feeling stir-crazy.

Manage your retirement income with the assistance of a ProVise financial advisor

You have worked hard to reach your retirement years, and our team at ProVise Management Group wants you to be able to enjoy them as much as possible. Whether you must reevaluate your existing retirement plan to suit your current circumstances or you need to create a new strategy for earning extra income, we are here for you.

Our CERTIFIED FINANCIAL PLANNER™ professionals take the time to get to know you and your circumstances, goals and values to come up with a financial strategy that works for you. We can create a plan for you at a fiduciary standard of care. We also offer an unconditional money-back guarantee if you are unhappy with your written plan. Simply return it to us and we will refund 100% of the fee paid.

Are you ready to earn some extra income in your retirement or to adjust your current retirement plan? Contact ProVise today to schedule a complimentary consultation.