Effective Ways to Make Money After Retirement Without Ever Leaving Home

You’ve worked hard all your life and now the time has come to retire, which means kicking back and relaxing. But for too many retirees there’s just not enough savings in the bank to live the lifestyle you’ve become accustomed to during your working days.

One effective way to offset this financial setback is to apply for a reverse mortgage. Says the financial experts at ARLO Reverse Mortgage, this type of loan taps into all the equity you’ve built up in your family home by paying your monthly mortgage payment for decades.

If you’re 62 years old or older, you are eligible to apply for a reverse mortgage that can potentially reap hundreds of thousands of dollars. You can take the proceeds in one lump sum payment or you can take equal monthly disbursements. What’s more, you need never pay the loan back until you move or you die.

But what if you haven’t been in your house for all that long, or don’t own a home at all but live instead in an apartment? What are some other ways you can make some money after retirement without having to get a real job? According to a recent article by U.S. News and World Report, while older Americans are at risk of getting sick from things like COVID and other cases of flu, a home working environment is said to be the safest option for retirees who wish to take on work part-time.

It’s fortunate that in the 21st century, there are lots of ways older persons can bring in extra money from the comfort of their own homes. Says an associate professor at New York’s Adelphi University, the main thing seniors must concentrate on is leveraging their lifetime work experiences. This can be done by tutoring, freelancing, and consulting. Even retirees who do not possess a professional background can find part-time remote opportunities.

That said, here are some effective ways to make money after retirement without ever having to leave home.

Share Knowledge with Other Tutors Online

A variety of websites are said to make it easy to earn money from home by sharing information online. Getsetup qualifies as one of these websites that specializes in teaching retired Americans everything from how to apply for social security to setting up a website.

The Getsetup CEO says that they recently began the company by putting retired teachers through their academy for free. The academy is said to have given the retirees all the skills and knowledge base they need to conduct classes via the Zoom videoconferencing platform.

Today, Getsetup currently boasts more than 40 online classes and guides who instruct them. New courses are planned for the near future as the platform grows. Applicants who wish to teach for Getsetup don’t have to be retired teachers. They are encouraged to come from all sorts of different backgrounds.

However, they do share one common characteristic. Successful guides are said to be curious people. Applications are said to be pouring in. Naturally not everyone is a perfect fit. But if accepted, the program pays around $25 per hour.

Become a Freelancer in Your Professional Field

Says U.S. News and World Report, for retirees who possess expertise in a certain field but have no interest in teaching others, consulting or freelancing might be the way to go. The best way to make this work is for retirees to reach out to their old network to see if they can’t assist on projects on a contract-by-contract basis.

There are numerous websites that will connect retired professionals with companies who wish to hire freelance workers. The most popular sites are freelancer, Fiverr, Guru, and Upwork.

Each one of these sites operates under their own rules and standards. They also utilize a bidding model which means potential freelancers find jobs they are interested in and place a bid on them. Other sites such as Fiver allow freelancers to post their going price for a particular project. Potential freelance workers need to familiarize themselves with the way payments work on these online platforms.

Seek out Remote Job Opportunities

There are said to be plenty of part-time jobs out there for remote, retired workers. Some of these jobs include virtual assistants, transcriptionists, and customer service representatives. Businesses both small and large tend to hire remote workers. A selection of firms that offer flexible scheduling options that might appeal to stay-at-home retirees are, Rev, TranscribeMe, Sykes, and Alorica.

Just about all these jobs require a laptop computer, an internet connection, and a nice quiet place to work from like your kitchen table. Some might require a landline phone also. Your income will depend mostly on your expertise and the type of work you used to engage in full-time.