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Retirement is often seen as a time to kick back and enjoy the fruits of your labor. But let’s face it: life doesn’t always go according to plan. Sometimes, a little extra cash can make a big difference in maintaining your lifestyle, exploring new hobbies, or simply keeping yourself busy.
The good news? There are plenty of fun and rewarding ways to earn money after retirement! Imagine turning your years of experience into a consulting gig, sharing your knowledge through teaching or tutoring, or even starting a small business. The skills you’ve honed over the years can open doors to new opportunities, whether you want to stick to your field or venture into something new.
Retirement is your chance to redefine what “work” looks like. With so many options out there, you can find the perfect balance between earning extra money and enjoying your well-deserved leisure time.
This might just be the best paid side hustle on the Internet...any guesses? Hint: Amazon + publishing. No tech experience or degree required! See how it all works in action at our free self-publishing webinar!
How Much Income Can You Make After Retirement?
Thinking about earning some extra income in retirement? It's a great idea!
There are a few factors that might affect your monthly benefit, like:
- How You File Your Taxes (Single, Married, etc.)
- Your Age
- The Type of Income You're Bringing In
To keep your finances strong and steady after retirement, consider these popular options:
- Part-time or Freelance Work: Flexible and can fit around your lifestyle.
- Starting a Small Business or Consultancy: Leverage your expertise and passions.
- Investing in Rental Properties: Steady income from tenants.
- Dividend-Yielding Stocks: Regular income from your investments.
- Bonds and Fixed Income
- Government Bonds: Low-risk, modest returns, backed by the government.
- Municipal Bonds: Often tax-exempt, good for local projects.
- Corporate Bonds: Higher yields, but higher risk.
Can You Collect Social Security at 62 and Still Work?
Yes, you can receive Social Security benefits and still work!
If you're under full retirement age all year, the Social Security Administration deducts $1 for every $2 you earn over $22,320 (2024 annual earnings limit).
How Much Money Can You Make After You Retire without Being Penalized?
You can earn up to $59,520 before your birthday month without penalties.
Earn above this, and the SSA deducts $1 for every $3 over the limit.
When you hit full retirement age, the rules relax.
Read more: How Much Income Can a Retired Person Make?
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Starting a Business
You can also venture out and do your own thing and be self-employed (it's never too late!). Here are some business ideas to start over 60.
Self-Publishing
- Ebooks: Publish your own ebooks on platforms like Amazon Kindle Direct Publishing, allowing you to reach a global audience of readers.
- Print-on-Demand: Use services like IngramSpark or KDP Print to have physical books printed as they are ordered, eliminating upfront inventory costs.
- Audiobooks: Narrate and produce your own audiobooks through platforms like Amazon ACX or Findaway Voices.
- Book Marketing: Develop Amazon book marketing strategies, leverage social media, run promotions, and build an author platform to increase book sales.
- Publishing Assistance: Hire freelance editors, proofreaders, cover designers, and formatters to professionally polish your book.
- Courses/Workshops: Create and sell online courses teaching the craft of writing or offering self-publishing guidance.
- Print Books: For larger print runs, use print-on-demand services or work directly with printers to produce physical book inventory.
- Subscription Services: Offer books or writing content through a subscription model like Patreon or Substack.
The key benefits of self-publishing include retaining full creative control, higher royalty rates compared to traditional publishing, and the ability to get your work to market rapidly without going through the lengthy acquisition process of major publishers.
Hear from Retirees Who Started Their Own Side Hustle Business
Before finding Publishing.com, Koorosh, Nicolas, Marie, and Robyn had no idea that a couple of books could go on to earn them way more than their average hourly wage as former substitute teachers, professors, and business people. See why self-publishing is one of the best small-time hustles to start for retirees.
Believe it or not, this couple managed to retire nearly twice as fast as the average person in their 40s! They turned their passion for helping others into a money-making machine, speeding up their retirement plans and enjoying financial freedom way ahead of schedule.
