Retiring shouldn’t mean you become totally dependent on your pension check. Others may think you’re past the prime of life, but that doesn’t mean that you should forget about money and enjoying life. It’s never too late to start investing but you may need to consider how to earn extra retirement income.

Expenses definitely don’t stop once you retire. You may save on commuting costs but there will be other expenses.

Perhaps you want to travel for leisure more now you have time. This is also the time of life when you should enjoy yourself and try new hobbies if you want to.  If you’ve worked hard all your life now is the time to get the benefits.

Retirement can also be the time for investing. With some simple financial planning on how to earn extra retirement income, a retiree can invest for the future, for them or for their children. You need to begin by working out what you need and setting goals to achieve them.

Setting financial goals requires you to work out your projected spending and income so you can decide how much you need to boost your income. Will your 401 (k) plan and other tax-deductible retirement accounts be sufficient or should you start your own small business.

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Earn retirement income online

At first thought you may think the last thing you want is to start working again. However you could earn money online from home. You may have experience that you could use to easily earn income online by producing a short course to teach others.  It could actually be a fun way to make money.

In fact some retirees soon miss having meaningful things to occupy their time. This is especially true if your partner is still working. Some may even look for a part time job but writing a book or creating a course could be a good way for you to earn extra retirement income from home.

Don’t immediately think that you can’t do that. You can turn your life experience or skills gained during your working life into information products and monetize them. There are many ideas on this very blog to make money from home.



Minimize risk in retirement

When you are searching for ways to earn extra retirement income you don’t want to take too much risk. When we are younger we can afford to invest in high-risk stocks as we have more time to make up any losses. You don’t have that luxury when older. Don’t put more than ten percent in that sort of investment unless you are happy with more risk when you increase that to twenty percent.

Put more of your funds in tax-exempt bonds and other lower-risk stocks. many financial consultants recommend keeping at least forty percent in bonds or bond funds after retirement. This is how you can earn extra income in retirement without causing yourself undue stress.

You may want to consider some more radical strategies and sell your home and move to a retirement community. This will free up money to both treat yourself but also to invest to help fund your retirement. If you don’t want  to sell your home you could consider a reverse mortgage. There are many companies offering reverse mortgages.

explaining how to earn extra retirement income online

Again this is not a time for rushing in to financial decisions so make sure you research all the options before you decide what to do.


You can use investing brochures, stock analyses, personal-finance magazines for your initial research. Many of these resources can be found online or at your local library. A lot of libraries carry Morningstar assessments for mutual funds.

You can get free tips from the American Association of Retired Persons website and some senior centers will host free or low cost investment seminars.

Be on the lookout for scams

Be very aware of scam companies. Sadly there are many unscrupulous people who prey on the elderly to defraud them of their life savings. Remember the old adage that if something seems too good to be true, it probably is. It could be cost effective to seek proper professional financial advice before you commit to anything.

An adviser will also be able to help you with estate planning and deciding how to distribute your assets after death. You may just want to blow all your money on living a totally decadent, luxury lifestyle. Some of you probably want to think about your family and leaving a legacy.

It’s important to remember that many experts recommend that in order to maintain your previous lifestyle in retirement, you need to aim to have seventy percent of your pre-retirement income. Bearing this in mind you may want to consider how to earn extra retirement income sooner rather than later. Whatever you decide, be sure to enjoy your retirement, you deserve it!

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