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Retirement should be a time of relaxation and enjoyment, not financial stress. But let’s face it, for many Baby Boomers, the fear of running out of money is real. However, with a bit of ingenuity and a willingness to think outside the box, it’s possible to add some cushion to your retirement funds. This isn’t just about cutting back – it’s about getting creative and finding new, enjoyable ways to boost your income. From turning hobbies into cash to exploring the sharing economy, we’ve got 17 clever and practical tips that can help you maintain your lifestyle and make the most of your retirement years.
Start a Bed and Breakfast
If you have extra space and enjoy hosting, consider turning your home into a bed and breakfast. It’s a great way to meet new people, share your local knowledge, and earn income, especially if you live in a tourist-friendly area.
Offer Home Organization Services
Many people struggle with decluttering and organizing their homes. If this is a skill you possess, offering your services locally can be a fulfilling and profitable venture, helping others simplify their lives while you earn.
Get a Roommate
Rent out a room to earn rental income and split costs of living expenses. Vet thoroughly when screening potential roommates.
Drive for a Rideshare Company
Driving for Uber or Lyft is flexible and can supplement retirement income, allowing you to work as much or as little as desired.
Turn a Hobby Into Cash
Monetize hobbies like woodworking or sewing by selling products on Etsy or at craft fairs.
Leverage your expertise to make money tutoring in subjects like math, music, languages, test prep, and more. Tutor in-person or online.
Rent Out Your Driveway or Parking Space
Apps like JustPark let you rent out unused driveway or parking spaces by the hour or day for extra cash flow.
Take in Travelers
Become a host for traveling nurses, athletes, interns, or others in town temporarily in need of short-term housing for income.
Sublet on Airbnb
Travel hack by renting your place on Airbnb when out of town and pocketing the difference between earnings and your accommodation costs.
Develop and Flip Websites
Buy inexpensive domain names and quickly build, optimize, then sell websites for profits with minimal long-term effort required.
Rent Out Storage Space
Rent portions of a garage, attic, or other storage areas to declutter while earning rental income.
Become a Tour Guide
Lead tours if you live in an area with major attractions like wine country, historical sites, theme parks, or national parks.
Teach Community College
Adjunct professors are needed at many community colleges. Teach a class in your field of expertise.
Monetize Your Blog
If you can build an engaged audience, earn ad revenue, sponsorships, and affiliate income by blogging.
Participate in Medical Trials
Healthy seniors are needed for well-compensated medical studies and clinical trials.
Sell Handmade Crafts Online
Create an Etsy shop selling handmade crafts, jewelry, decor, knit goods, woodworking, and more unique items.
Providing regular childcare for grandchildren enables parents to work while earning you added income.