5 Strategies for Earning Additional Income During Retirement in Your 70s

Retirement is a significant milestone in many Americans’ lives, marking the end of a long career and the beginning of a new chapter. However, for some boomers, retirement may not be as close as they had hoped. According to a CivicScience survey conducted between March and May 2024, 61% of those aged 55 and over believe they won’t be able to retire by 65, and 53% anticipate needing to continue working even after they retire.

For those who find themselves in this situation, there are still plenty of opportunities to make extra money in retirement. Whether you’re planning to retire in your 70s or are already retired and living on Social Security and limited savings, there are ways to supplement your income. Websites like Bento Bucks and Boomer Benefits offer valuable insights and resources for retirees looking to earn extra cash.

One option for retirees looking to boost their income is to add money to a high-yield savings account. These accounts, typically online-only, offer a higher Annual Percentage Yield (APY) than traditional savings accounts, providing a virtually risk-free way to earn passive income in retirement.

Another strategy is to invest in dividend stocks. Companies that offer dividend stocks pay shareholders annual dividends simply for owning shares of the company. While investing in stocks carries some risk, dividend payments can serve as an additional revenue stream for retirees.

If you have extra space in your home, consider renting it out to make extra income. Platforms like Airbnb allow you to rent out empty rooms to travelers, while Neighbor lets you rent storage space in your home to others.

For pet lovers, becoming a dog walker can be a rewarding side gig. By marketing yourself as a dog walker in your local community, you can earn extra money while enjoying the company of furry friends.

If you have a car, you can also consider becoming a ride-share driver. Platforms like Uber and Lyft allow you to earn money by shuttling people around on your own schedule, making it a flexible option for retirees looking to supplement their income.

In conclusion, retirement may not be as close as some boomers had hoped, but there are still plenty of opportunities to make extra money in retirement. By exploring options like high-yield savings accounts, dividend stocks, renting out space in your home, dog walking, and ride-share driving, retirees can find ways to increase their income and enjoy a more financially secure retirement.