Plenty of retirees are looking for ways to supplement retirement income. A new report from International Living shares practical ways to do exactly that.
A comfortable retirement feels like it’s getting further out of reach for many. An unpredictable economy, pressure from younger generations to share wealth, and a lack of adequate investments and savings all contribute to the uncertainty.
But there’s a bright spot, according to a report from the editors of International Living. New technology has handed retirees an unprecedented opportunity to earn online. The International Living report focuses on the 100 best ways to earn a flexible side-gig income online. Doing something they already know how to do.
A side-hustle is achievable for most retirees
Freelancing online is a good side-gig fit for anyone looking to supplement retirement income, according to Winton Churchill, author of The “New” Retirement: The Rise of the Gig Economy and How You Can Profit From It.
“Often boomers don’t think they have ‘online’ skills—but they’re wrong,” Churchill says. He argues that baby boomers actually have an advantage earning as freelancers on the many job-and-project platforms available online today.
Plus with an income that travels, that can mean income to help fund a life abroad.
“Boomers are seasoned,” Churchill says. “They come to freelancing after a lifetime of earning in other ways. [They’ve got] practice completing work on time and meeting project goals. They communicate effectively in both writing and speaking. [And] they have a depth of knowledge—and life experience—that they can bring to their subject areas. These attributes make them valuable freelancers.”
5 ways to supplement retirement income online
Here are five areas listed in the 100 best places for boomers to earn online report that would make a good jumping-off point for many.
Freelance services
There are over 300 marketplaces for freelance services filled with millions of buyers. Businesses after simple things like proofreading and editing, as well as more complex assignments. These are in expertise areas like business consulting, content writing or graphic design.
To get started, you’ll need to build an online profile. Start with a social media profile and later add a website listing your services. Reach out to prospective clients with your offering. Or take a shortcut by using a freelance marketplace like Fiverr or Upwork.
Art design and crafting
Practicing an art or craft offers many benefits to retirees. As well as being a hobby and potential income, it can help ease the lost sense of purpose that often accompanies leaving the workforce.
Artisan crafts are back in a big way. Online retailers are catering to this demand by giving artisans and craftspeople a place to sell their wares with ease to a world-wide market. Look at setting up shop on somewhere like Etsy or Madeit
WATCH: What’s the best way to turn your hobby or passion into extra income? And are the returns worth the risks?
Simple tasks
Retirement a generation ago did not include mobile phones, computers, social media, remote working, or portable incomes. With the rapid invention of all these technologies, the way we work has changed dramatically.
Lives are busy these days and people are looking to outsource all sorts of odd jobs and simple tasks. You can help with things like running errands, assembling furniture or cleaning homes. Somewhere like Airtasker can put you in touch with clients. All you have to do is register, provide some basic information, upload a profile photo, and pitch for tasks with details about experience and capabilities.
Don’t underestimate the power of social media, though. A simple call out on your Facebook page will almost certainly result in some odd jobs via friends and family.
More ideas for earning extra income: How to turn your hobby into a side hustle
Tutoring
Using an online teaching platform, retirees can work from anywhere and create their own flexible schedule with part-time or full-time hours.
Whether it’s to fund an adventure abroad or simply supplement retirement income at home, teaching online is a fun, smart, flexible way to build a portable income. You don’t need tutoring experience nor complex technical skills to get started. Make enquiries with online tutoring companies like:
Photography
Stock photographs are the generic pictures you see in brochures, magazines, posters, websites, billboards, and any kind of advertising. Essentially they’re pictures that have a specific topic of focus, but are still universal enough to be used in many different contexts.
They can sell over and over again, so they’re an easy source of passive income for anyone who takes a decent enough photo. All you have to do is pinpoint a subject you want to photograph. Something simple with a defined concept works best. Register with a stock photography site and upload your images. Some places to try include:
Your pictures can now sell repeatedly, without any further input from you. Surely one of the easiest forms of extra income you can generate.
This article contains general information only. It should not be relied on as finance or tax advice. You should obtain specific, independent professional advice from a registered tax agent or financial adviser in relation to your particular circumstances and issues.
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