5 Ways to Earn Money in Retirement

Getting old is a certainty, we can't stay in our prime forever and because of that, one day we will have to retire from our jobs. But after retiring, we will still need money to afford even the basic necessities like a house, a car, food, and health care.

To keep earning money in retirement, some people rely on retirement funds from their company or government, some people rely on their children. But if you don't have retirement funds from your old job, or can't rely on family, you can try these 5 ways to earn money in retirement.

Rent Out a Room

One of the simplest things you do to earn money in retirement is to rent your spare room or rooms in your house. You can open your room for a long term or short term rent. For short term rent, you can list your room online so people, mostly tourists can find it faster and easier.

Not only will you earn money by renting your room, this is particularly good for people who love having companions, especially elderly people. While they are staying in your house, you can talk to them and even have a meal with them.

But before doing this, make sure you know the background of the renters, especially if you want to rent out your room for a long term. This is important because you don't want to get in any trouble while having them in your house.

Not only that, you need to tell your renters about the rules you want them to obey while living in your house. Basic rules like no parties, no drugs, no loud music at all times or at a specific time, about pets, and other rules that will make sure both parties will not be bothered during the stay.

Buy or Built a Dorm and Rent It

If you are the type of person who is not comfortable having strangers in your house and using your room, you can still earn money in the renting business. You can buy or build a dorm full of rooms to rent, hire someone to manage it, and make your money monthly or yearly.

This option is particularly great because you don't have to take care of or manage the dorm by yourself, and you will have a lot more time to do the things you love at home like gardening, painting, or maybe taking care of animals.

One of the cons of this is you will need a lot of money. Not only to buy or build the dorm, but also to pay for maintenance, cleaning, water and electricity. You also need to have your dorm in a specific location that will attract a lot of potential renters like near a school, a campus or a workplace with a lot of workers like a factory or an office.

To increase the price of your dorm, you can pick a location that is not only close to a school, a factory or an office, but also close to restaurants, laundry services, banks, and shopping centers. You can also up your dorm's perks like in-room bathrooms, an air conditioner in every room, or a kitchen.

Buy an Empty Space for Rent

Another way of 5 ways to earn money in retirement is you can try buying an empty space available, and then renting it. You only need to make sure your space is adequate, clean, and have great and easy access. This way, you can have a steady monthly or yearly earning.

Before renting your empty space, make sure you know the people who want to rent it, and what kind of business they will do there. You have to make sure they have a legitimate business and are not going to do something that will break the law and get you in trouble.

Not only that, before renting out your empty space, make sure you communicate with the renters about the rules you want them to obey and requirements you want them to have. Have those rules and requirements on the contract that both parties need to sign.

Start a Business

While you can buy an empty space and rent it out for someone else, you can of course also use it yourself and start a business. If you are still not sure what kind of business you are going to have, you can, if you want, start by selling your used stuff that still holds a respectable value like books, music albums, furniture, or antiques like vinyl records.

One of the most common businesses to start when you are in retirement is a restaurant. You can ask a couple of friends or family members to join you, giving their ideas about the menu and the concept of the restaurant, and maybe some of them will even help you start and maintain the restaurant.

You can also start a business that is related to your hobby, something you are passionate about that you couldn't do while you have a full time job. It could be a fish store, a pet shop, a plant store, a bookshop, a sport equipment shop, a bait shop, or anything else. Now that you have all the time you need, you can start doing it properly and even making money out of it.

If you are considering this, please also make sure that your new business will help you earn money instead of draining all of your savings, especially if you don't have retirement funds or family members who will support you financially.

Teaching and Consultation

The last one from 5 ways to earn money in retirement is, you can try to teach all the things you know from your old job to people who need it. You can go to your nearest school or campus and see if they need a teacher in your expertise. You can also offer your knowledge and experience to offices or businesses for consultation.