Retirement is your time to enjoy life to the fullest. After years of putting time and energy into your work, now is a great time to follow your passions. The trouble is, transitioning from a working lifestyle to retirement can be difficult, and can leave some retirees feeling unmotivated and directionless. On top of that, retirees may find that their financial situation is less certain than they would like. Returning to work in some capacity can provide a regular income, motivation and some valuable peace of mind. Thankfully, there are various business opportunities available that are particularly suited to retirees who want to return to work in a fulfilling but less labor-intensive way.
After many years of work, many retirees will have accumulated a great deal of knowledge and wisdom that is extremely valuable to workers still in their chosen sector. For that reason, consulting is a popular career choice for retirees. Lending your experience to younger generations can provide you with the mental stimulation of work, but in a more flexible environment that allows you to define your own schedule and workload.
Build a Career as a Consultant in Retirement, Kiplinger
Retirement: Returning to Work as a Consultant, Newsweek
Consulting as a Bridge Between Full-Time Work and Retirement, New York Times
How to Become a Coach or Consultant After You Retire, Harvard Business Review
Tutoring is another option for those who want to pass on their knowledge to younger generations. If you have a degree or an extensive career in a field related to a particular subject, tutoring students can be a great way to engage with others and earn money in a structure that works for you and your life. Students of all ages seek tutors for help with high school, college, on-the-job training, or learning a creative skill. The best part: tutors often operate locally or online, meaning you can usually work from the comfort of your own home.
Retired teachers band together to offer tutoring help to offset COVID-19 gaps in learning, Dallas News
National Retired Teachers Association, AARP
Become A Tutor, Retired Brains
Over 50? 5 Reasons to Consider Online Tutoring, FlexJobs
Another way to use your specialist knowledge to your advantage in retirement is through blogging. Starting a blog is a great way to pursue your interests and earn some money on the side, all from your home. There are various blogging platforms available for free, such as Blogger and WordPress, and each will give easy step-by-step instructions on how to launch your platform and start writing. Once you’ve got going, you can approach companies like Google AdSense to get adverts on your site, generating you revenue for every visitor.
5 Ways Retirees Can Earn Money Without Leaving Home, U.S. News
How to Start a Blog in Retirement, Market Watch
How (and Why) to Blog Your Retirement, NewRetirement
Why & How to Start a Blog after Retirement with WordPress, WPExplorer
4. Stock Photography
If words aren’t your bag, there are opportunities for any amateur photographers to make money through stock photos. If you have a good quality camera, you can take pictures of pretty much anything and upload them to stock photo catalogs to sell to bloggers, news outlets, visual designers, and more. If you have a particularly good eye, you could even sell your prints directly to customers through your own online store.
Making Money with Stock Photography, ShotKit
Make Money From Photography With Just 15 Minutes a Day, International Living
Top 11 Places to Sell Photos Online and Make Money, Envira Gallery
How to Sell Photos Online: for Both Amateur and pro Photographers, Shopify
Business ownership is an exciting idea, but the stress of a fresh start can be too much for someone who has already spent their life working. Take some of those stresses away by starting a franchise business. Franchise companies provide business owners with the opportunity to work independently but with the added benefit of training, marketing, branding, and career support. Some popular franchises include quick-service restaurants like McDonald’s or retail outlets like Ace Hardware, though there are also opportunities that can be run entirely from a home office.
Starting a Business Over 50, AARP
Starting a Business After Retirement, Small Business Trends
Buy an existing business or franchise, Small Business Association (SBA)
Forget Retirement. Baby Boomers Are Looking to Franchising to Stay Active
6. Real Estate
If you have built up savings, getting into commercial real estate can be a great way to earn money without too much active involvement. There are various avenues for exploration when it comes to real estate. One popular route is through buying houses to rent or converting properties into duplexes. Owning and operating rented accommodation provides you with a regular stream of income on a monthly basis that requires little work on your behalf. Another avenue is house flipping: purchasing houses, renovating them, and selling them on at a higher value. While this can generate huge amounts of money, it is less regular and reliable. These aren’t mutually exclusive, in fact, both options can work together: you might buy a house to flip and rent it out until a suitable buyer is found.
Is Real Estate a Good Investment for Retirement? The Balance
7 Retirement Real Estate Investing FAQs, Fortune Builders
Real Estate for Retirement Income: What to Know, Investopedia
Retiring on Real Estate – Perfect Passive Income or Pipe Dream?
7. Dog Walking
If you’re looking for something a little more physical to occupy yourself, dog walking could be the perfect choice for you. Many dog owners who work full time find it difficult to give their pets the daily exercise they need and are willing to pay a significant amount to someone who can help their dogs stay active. There are services you can join as a freelance walker, or set up your own dog walking business in your local area.
Rover (international dog walking network)
This 50-year-old dog walker retired after making more than $1 million – working just three days a week, Market Watch
How To Earn Money From America’s Passion For Pets, Forbes
Retirement Hobby: Dog Walking, Retirement-Online
8. Selling Used or Handmade Items
As we move through life we often accumulate a huge amount of stuff. If you’ve finally got tired of your clutter, you can probably find someone else who would happily buy it from you. Selling things online has never been easier, with online marketplaces like Craig’s List or eBay taking all the work out of finding customers. If you are particularly crafty, you could even set up a shop for handmade items on sites like Shopify or Etsy.
Making Money on eBay During Retirement, The Balance
30 Things Every Retiree Should Get Rid Of, Cheapism
How To Start an Etsy Shop, Finance Buzz
Fun Jobs for Seniors: How to Sell your Handmade items Online, Sixty and Me
Conclusion: Do What you Love
Whatever you choose to do with your retirement, make sure it’s something you love. Retirement is a reward for a long life of hard work, what you do with it should be rewarding in itself. Think about what makes you happy and try to find a way to make that into a business opportunity, and it won’t feel like work.
Featured Image Credit: @ photography33/ Deposit Photos ID 128483804