Try Part-Time Freelancing
Freelancing is one of the most flexible ways to earn beyond minimum wage during retirement.
Finding the right opportunity ahead of time can help fund the next stage of life.
Freelance work spans a wide range of fields and can pay anywhere from $10 to $70 an hour depending on expertise.
Gigs are available on platforms like Upwork or Fiverr.
A few areas worth having some expertise in include:
- Journalism and blog writing
- Marketing and management
- Design
- Tutoring
- Programming
There are gigs available for a wide range of skill sets and backgrounds.
Solid gigs can add up to over $1,000 a month.
Most only require an hour or two a day, leaving plenty of time to relax afterward.
Try Reward Programs Like Freecash
Freecash pays users for answering surveys or testing research and marketing products.
Users can also play games like solitaire or Monopoly Go on their phone and earn while playing.
Getting started is simple, and each offer shows its reward amount before you start.
How much you earn depends on the tasks you complete, and you can cash out using over 20 cashout methods.
Freecash works well for any age group, including people making money in their 40s.
Getting started with Freecash on mobile or tablet follows three steps:
- Sign up using an email, Google account, or Facebook account.
- Complete tasks such as answering surveys and playing games.
- Cash out earnings using PayPal, Visa gift cards, or another supported method.
There are over 45.400 offers available, making it easy to keep coming back and earning more.
Become a Pet Sitter
Pet-sitting is a solid alternative for anyone who'd rather skip online gigs and get out of the house instead.
It pays around $10 to $16 an hour, depending on the length of care, the duties involved, and the number of animals.
Pet-sitting gigs can be found on websites like Rover or TrustedHouseSitters.
Signing up and creating a clear profile describing relevant experience is usually all it takes to get started.
Hours can range from a few hours a day to overnight stays at the pet owner's home, depending on the job.
It depends on the specific task and the owner's preferences.
Pay is generally decent for the level of effort involved, mostly caring for dogs or cats.
Apply for Gardening Jobs
Gardening work involves more physical labor, but many older workers value it for keeping them active without learning an entirely new skill.
Most gardening jobs pay between $15 and $25 an hour, depending on the workload.
Tasks can include planting flowers, digging holes, moving soil, or mowing.
Workload varies a lot by role, and some gardening jobs require far less physical effort than others.
Finding a role that matches personal preferences and ability is mostly a matter of reading the job description carefully before applying.
Most gardening jobs can be found on sites like Indeed.
Rent Out Property
A larger home, an extra room, or a basement that could be renovated into a livable space can all be rented out on Airbnb.
Extra land can also be used for farming or boarding animals like horses, cows, or chickens.
There are plenty of ways to put unused property to work.
Renting a room through Airbnb is worth considering for anyone with spare space at home.
It gives travelers a place to stay and can be more convenient than a hotel for them.
Rooms typically rent for $80 to $100 a night, depending on extras like free coffee or a private bathroom.
Renting out land usually works best through a local real estate office, which can help find a renter or borrower.
Rental terms can be set independently as a private owner, making it a flexible way to earn extra income.
Take an Online Course
An online course won't pay directly, but it can strengthen a portfolio enough to support a promotion or raise.
Being in your 60s doesn't rule out a career change, plenty of people switch paths in the decade before retirement.
Courses can help with learning something new or sharpening existing skills.
A few places to find courses for free or at a low cost:
Most of these courses take just a few weeks to complete.
Upgrading a single skill and sharing it with a current employer can open the door to a promotion or new opportunities.
Maximize 401(k) Contributions
According to Fidelity Investments, retirement savings guidance generally recommends having a multiple of annual salary saved by retirement age.
Increasing 401(k) contributions is one way to close the gap if savings are behind target.
Fidelity also publishes recommended contribution rate ranges.
Raising a contribution percentage now, even with just a few years left before retirement, can meaningfully increase retirement savings over time.
Other retirement accounts, like a Roth IRA or traditional IRA, can also be contributed to, though each has an annual contribution limit (Roth IRA limits are currently up to $7,000 a year).
Contributing to both a 401(k) and an IRA at the same time can help grow retirement savings faster.
For anyone without access to a 401(k), a Roth IRA or another long-term investment account is a reasonable alternative for earning a yearly rate of return.
Downsize Home and Car Payments
Downsizing a home or car is worth considering for anyone without space to rent out or the ability to work full time.
This mainly applies to homeowners who could sell their current home for a strong price and move into something more affordable and comfortable, potentially freeing up a significant amount of equity.
Some homeowners have found that a smaller, less expensive home costs less to maintain than a more costly property, even one further from desirable locations like the coast.
Selling a higher-cost home and moving into a more affordable one is a practical way to free up money and reduce ongoing expenses in your 60s.
The same logic applies to vehicles.
Trading a more expensive car for a more affordable, reliable one can free up tens of thousands of dollars depending on the vehicles involved.
