“He who seeks rest finds boredom. He who seeks work finds rest.”
Dylan Thomas
The word retirement often conjures up an image of a time of rest and relaxation. For some though, it can also be a time of work and accomplishment. You may want to consider earning part time income in retirement.
There are numerous reasons why retirees might choose to work in retirement. It could be for financial reasons, such as supplementing retirement savings before Social Security kicks in or responding to unexpected inflation during the early years of retirement. Non-financial motivations can also drive retirees to seek part-time employment, including a desire to help others, the social interaction work provides, and the mental health benefits of doing work you enjoy.
As someone who embarked on my own early retirement journey a year and a half ago, I’ve come to appreciate the value of work in my life. Work isn’t just about the financial aspect; it’s an integral part of who we are. In the book of Genesis, one of the earliest commands to Adam and Eve was to “work and keep” the garden (Genesis 2:15).
In a well-planned retirement, you have the freedom to engage in work you enjoy, separate from financial needs. While this might include volunteer work, this post will focus on opportunities for earning part time income in retirement.
Here are ten ideas that I’ve researched, considered, and in one case participated in during my early retirement journey:
1. Consulting in Your Previous Industry
After a career in your industry you have a lifetime of talent, skills, contacts, and experience built up Consulting in your previous industry can be a seamless and lucrative way to earn part-time income in retirement. Some retirees continue consulting for their former employers, allowing them to wind down while maintaining income, connections, and intellectual stimulation. Many of my clients have engaged in consulting as a way to ease into retirement.
2. Freelance Writing
If you possess deep knowledge in a particular field, consider freelance writing. Many publications seek articles from subject matter experts. This is an opportunity I have considered but haven’t pursued so far other than sharing my musings on wealth in this blog.
3. E-Commerce/Online Reselling
There is a large market for used items such as toys, games, books, media, clothes, and electronics. It can be profitable to find these items locally at places such as thrift stores, garage sales, estate sales, and auctions and then resell them worldwide on an online marketplace such as Ebay or Amazon. I currently have a small part time business doing just that and will likely write more about it in the future.
4. Rideshare Driving
A couple of years before I retired as a Financial Advisor I was picked up by a friendly, talkative Uber driver. In our conversation I learned that he was a retired Financial Advisor from one of the large brokerage firms and was enjoying driving part time for the extra income and the chance to be social with the riders.
Consider signing up to be a rideshare driver for companies like Uber or Lyft, or delivering for services such as DoorDash or UberEats. You can use your own car, or the larger ride share companies also have their own fleets that you can rent. This can be a good way to make part time retirement income while controlling your schedule.
5. Hobby Job
If you have hobbies you’re passionate about, consider part-time work related to them. For instance, if you love mountain biking, work at a bike shop or an organization that builds mountain bike trails. These jobs often come with perks directly related to your hobbies ((lift tickets, free golf, clothing discounts, etc.)
6. Photography
If you’re a skilled photographer as a hobby, consider turning it into a part-time business. There’s a constant demand for photographers for various occasions such as weddings, company websites, family photos, and events. This is a business that could be scaled from taking an occasional client into a full time photography business.
7. Tutoring/Mentoring
Share your expertise by offering private tutoring in subjects you already have a deep knowledge in. Parents often seek private tutors in math, reading, and writing, as well as specialized subjects. Also consider home schooling co-ops who may be looking for someone knowledgeable in a particular subject such as finance, engineering, etc.
8. Pet Sitting or Dog Walking
If you love animals, consider pet sitting for traveling clients or providing dog walking and grooming services. In some areas, there are more pets than children, creating opportunities for part-time income.
9. Music Lessons
Similar to some of the above, this is in the category of providing services in your community. While some schools have music programs there is a large market for private music lessons. My mother helped pay for my college education teaching piano lessons to kids in the neighborhood.
10. Property Management
Do you dream of owning a vacation home but have found it is not affordable given your current retirement situation? Consider purchasing a home and renting it out nightly while you are not using it. This can be done with a property management company, although they will usually charge 25-50% of the nightly rent. If you are willing to treat it like a business this is something that could be done on your own, even remotely using platforms such as Vrbo or Airbnb. There is a lot that goes into this so make sure to do plenty of research before-hand.
Can some of these ideas be pursued while still working full-time? Absolutely!
Retirement doesn’t have to mean complete rest; it can be a time for personal growth, community service, and financial stability through part-time work. Whether you’re driven by financial needs or simply a desire to stay active and engaged, these side hustles offer valuable opportunities to enhance your retirement experience while you earn part time income.
