Hobbies can earn money for retirees
After decades of hard work, you’re nearing retirement age and looking forward to long days spent outdoors, online and on the road. But maybe you haven’t decided how to use up all that free time — or you enjoy the structure that work brings.
Continuing to work in retirement isn’t uncommon. A 2017 report by the Transamerica Center for Retirement Studies found that 53 percent of U.S. workers expect to retire after age 65 or don’t plan to retire, while 56 percent intend to take on part-time work.
Instead of picking up random jobs to fill your days, consider turning your hobby into a business or finding work in your field of interest. You’ll make a little money to pad your savings while practicing your passion.
■ Teach what you love: Whether you’re a skilled photographer, chef or engineer, chances are you can find work teaching what you love. You can set up shop in your home or teach at a local adult-education program or school. Alternatively, you can become an instructor for online instructional platforms like Udemy.
If you have a knack for editing video, YouTube is a great place to post instructional videos, product reviews and more. Although you won’t make a ton of money at first, successful YouTubers can rack in quite a bit off ads shown on their videos.
■ Sell your own products : In the past, crafty individuals had the opportunity to sell handmade goods only at fairs and farmers markets. But because of the proliferation of online marketplaces, you can now sell your creations worldwide.
Etsy is the best-known marketplace for artisans, but there are plenty of smaller sites you can consider, like ArtFire and Zibbet. You can also use eBay to sell your creations. Even if you don’t make a lot of money, you can file a tax deduction for your hobby to help offset costs.
A lot of online craftspeople make shirts, posters and knickknacks for trendy TV shows like “Game of Thrones” and “Doctor Who.” These shows have large audiences that are looking for unique items they can display or wear.
■ Run errands for others: Searching for hobbies for retirees that pay? Retired people often want to remain helpful, as they enjoy the feeling that they’re needed. If you’re handy, efficient and like completing tasks, but still want to make extra cash, consider giving a hand to others.
Technology has made it simple to get paid for helping others by moving furniture, completing handyman tasks or serving as an assistant. For example, TaskRabbit connects people who want to outsource jobs with people who have the ability to get them done. For this website, you bid on an assignment, and if accepted you’re paid upon completion.
■ Drive for a ride-hailing service: For some, fun hobbies include driving. If you’re a retiree who loves to be in the car rather than sitting at home, you can make some decent cash being a professional driver for those who need rides through services like Uber and Lyft. The best part is you don’t have to accept a ride request, which keeps you in control of your schedule.
■ Become a consultant: What sets a retiree apart from everyone else? A lifetime of experience. One of the most lucrative hobbies for a retiree is becoming a professional consultant. You can work as a consultant in your professional area or become a consultant in a hobby that you like and are good at.
For example, maybe you’re a great gardener and received “yard of the month” more than once in the neighborhood. Advise others how they can get a garden like yours.