Extra Income For Retirees: 10 Ways for Seniors to Make Extra Money Without Working at Wal-Mart

For retirees living off income from a stock market portfolio (or planning to), the recent economic downturn spells  disaster.  According to CNN Money, the number of workers over 65 is increasing, even though employment is falling in other age-group demographics. 

Some seniors are drawing down their home equity with loans, or selling off vital assets (like stocks, bonds, and life insurance) in order to make ends meet.  Clearly these strategies can create some serious financial ramifications down the road, and are to be avoided if possible.

What else can seniors do (besides working as a Wal-Mart greeter (not that there’s anything wrong with that…)) to create extra income to fuel their retirements?  Here’s a list to get you thinking.

Ways for Seniors To Make Extra Money Supplement Their Retirement Income

1. Take in a roommate – $400+/month
2. Be a professional Grandparent – Parents pay $1,000/month for full-time infant care for one child
3. Start an Internet Business – $200 – $500/month in income from a hobby-type site is relatively easy to attain – that’s what I did…
4. Get a realtor’s license.  You can set your own hours (many of them nights and weekends though) and get your social needs met showing houses.  This is full time, flexible work – $3,000/month
5. Teach high school online – $12/hour
6. House sit or dog/cat sit for people on vacation – $140/week
7. Sell crafts (quilts, jewelry, hand-knit sweaters, etc.) at a local consignment store, fairs, or on ebay – Profit $25-$100/project
8. Run errands or start a handyman service for busy professionals – laundry, yard care, grocery shopping, child care, dry cleaning pick-up, etc. ($10 – $15/hour)
9. Be a tutor after school, meet in the public library – $15/hour
10. Eat for free!  Create a meal-delivery service for busy families – you buy, cook and deliver the food, keeping a portion of each meal for your family while the primary recipients pay for groceries.

Clearly there are a lot of fun, entrepreneurial ways to for seniors to make money and save money in these troubling economic times.  As an added benefit, many of them will bring you closer into contact with your community while still allowing you the flexibility and control over your time that you value as a retiree!

Share your other ideas with our readers in the comments section below!

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