I’m going through old articles about how to Make Money In Retirement here at the Retired Pay World blog, deleting some trivia and updating some of the more worthy ones to meet changing times. I was really struck by this article, written more than 7 years ago … how little seems to have changed … especially the attitude my fellow seniors have about empowering their retirement by learning new things and capitalizing on on-line opportunities. Enjoy.
- 1 Ways to Make Money in Retirement
- 22.214.171.124 Read the Make Money In Retirement article
- 126.96.36.199 1. Bed & Breakfast
- 188.8.131.52 But Perhaps Writing About B&B’s Would Work Better.
- 184.108.40.206 2. Home Handyman
- 220.127.116.11 3. Tuition Service
- 18.104.22.168 4. Floristry
- 22.214.171.124 5. Retirement Coaching
- 126.96.36.199 6. Garden Maintenance
- 188.8.131.52 7. Desktop Publishing
- 184.108.40.206 8. Start Your Own Online Business
- 220.127.116.11 His income is easily well into the six figures (US dollars) per year.
- 18.104.22.168 More Affiliate Marketing Proofs?
- 1.0.1 9. Make Money on eBay
- 1.0.2 10. Write a Book on Your Know-How
- 1.0.3 So What’s Your Own Next Step in Make Money In Retirement?
Ways to Make Money in Retirement
As I’ve mentioned before I make a lot of use of Google Alerts (you should set some for yourself and see how valuable this service is) to find information on things I want to learn about (like Make Money In Retirement) as well as general subjects for the blogs I operate.
This article is from a UK magazine a few summers back. Still pretty much up to date … and still pretty much behind the times regarding the Internet. Do they think our brains dry up at age 65 or something?
After 20-odd years of internet use, you’d think they would start to “get it” by now, wouldn’t you?
There’s a lot more on how to Make Money in Retirement here, as well.
Read the Make Money In Retirement article
Read 10 ways to make money in retirementand then come back here and I’ll give you what I feel is the “rest of the story”.
These are the primary ways for seniors to earn in retirement taken from the article.
1. Bed & Breakfast
Can’t say I agree with the author much at all on this one.
Although a couple in retirement could turn their home into a B&B to Make Money In Retirement, given that everything else was favorable,
1. House in a suitable location
2. Local zoning laws and other regulations favorable
3. Enough rooms, off street parking, etc.
4. Experience. I don’t think you can just throw open the doors of what amounts to a hotel and expect not to make alot of business mistakes.
But even if you have the right answers to all these questions, this is not what all would call either “empowered retirement” nor would I think this suitable for the long term.
It’s Hard Work and Long Hours
A bed and breakfast is hard work, very expensive in terms of licensing, insurance and operating expenses and you become the slave of your business rather than the more ideal opposite.
But Perhaps Writing About B&B’s Would Work Better.
But I will say that capitalizing on the B&B popularity would be very easy with a blog about the B&B experience … you could consider slanting it toward a “how to” dialogue with your readers or an idea which appeals to me … travel often, visit many B&B’s and write reviews and interviews with successful (or failed) B&B operators.
Talk to your tax advisor, but I can assure you there are legal ways to make virtually all your travel, research and lodging tax deductible if you pick the proper way to Make Money In Retirement.
I see very good advertising and affiliate programs in the travel business niche.
And think of all the days you wouldn’t have to wash dishes or vacuum the house!
2. Home Handyman
Again, an excellent idea but I feel the recommend way to capitalize on the subject is horrible.
The last thing you want to do in retirement is to be running out at 2 AM to unclog a toilet.
But this niche itself is very popular … in fact there are several retired handymen I’ve found who make a nice blogging income writing about their past experiences and helping readers who want to learn more.
Also an excellent opportunity for a forum-based website … people love the idea of having a place to go to discuss problems and find recommendations.
Decent ad potential here too and affiliate income potential from services that list local tradesmen for a fee.
This would potentially help both “soon to retirees” as well as retirees Make Money In Retirement.
3. Tuition Service
Retired teachers, lecturers, and business training professionals are much in demand nowadays for the provision of part time coaching services. With the right skills there are opportunities with both the general public and business to supplement your retirement plan and make money in retirement.
This is a key point I try to make often.
Chances are you trained people in your work, even if you weren’t a teaching professional. In addition, you have likely raised and helped educate your children.
For example, just one particular niche in this area here I see as hot.
Living overseas myself, I know of thousands of other expats, many with school-age children who need advice, encouragement or even “for pay” tutorial services.
You don’t have to have a teaching degree to tutor or assist with homework ad assignments.
“Canvassing” for business is what you are doing when you start a blog and build your audience.
And you do this sort of work up to any age you wish … suitable for shut-ins … and working with young people helps keep you young!
Can’t agree with the idea of operating a florist business as suggested here at all.
Too much like work, and a business that requires substantial investment.
But … If you know flowers, either professionally or as a lifetime avocation, blog about it.
Good advertising and affiliate dollars in this niche too.
5. Retirement Coaching
This seems like a very broad area.
The very first of the “official” baby boomers just applied for her Social security retirement benefits a month or so back. Talk about a growth potential!
I saw a recent statistic that showed applications for Social Security would run at about 100,000 new ‘golden-agers’ per month.
That is a big market, folks.
And you know what a recent survey of retiring workers had to say about their needs?
About 80% said they did not have adequate information about how to earn, save or invest their retirement money. Also, they lost when it comes to knowing how to analyze their retirement plan or learn how to make money in retirement.
That’s a hungry crowd!
Essentially, this is one of the businesses I am in. All you need here is to stay one step ahead of your audience.
You can focus your coaching on almost any aspect of retirement.
Did you ever look at the US Social security website, as just one example?
Loaded with information yet confusing as all get out at first glance.
I could blog for a year just taking page after page of that site apart, explaining things, answering questions and making the links for SSA-supplied manuals and guides available to my readers.
(Remember, publications of the US government are not copyrighted, they belong to you and me as taxpayers. You can use them (unchanged, of course) as you wish)
Do you know the Income Tax Code … even as a business professional?
You don’t need to be an accountant or lawyer to offer experienced layman’s personal experiences.
Wow, a lifetime of work there, trying to simplify the taxation mess.
And the IRS is distinctly way behind the power curve on items specific to online businesses and the way expats overseas earn money online as well … there is virtually NO ONE writing anywhere with any authority in this area. There are dozens of writers and website out there, parroting the same old information about regular employees (who get their salary reported on a W2), but writers who even begin to delve into the special areas needed by online entrepreneurs?
Almost crickets (yes. there are a few).
How about making money in retirement by helping others learn to keep more of their retirement money?
Veterans Administration Benefits? A huge market and, sadly, a huge growth potential, since the Iraq and Afghanistan War casualties just keep rolling home. How many people can you help steer toward their proper benefit entitlements?
Ads in this arena pay well, by the way.
Lawyers, medical insurance, retirement investment plans … they all want a piece of the action and they need someone with an ounce of two of authority to write the materials.
You can write into a very profitable niche market here, and go to bed each night knowing you have helped people as well.
6. Garden Maintenance
Once again, in retirement, I am not taking on anyone’s garden except my own, and actually (one of the reasons I live in the Philippines), I hire that out too.
But the author is right that there is a huge interest in this area and if you have a green thumb, or are learning to attain one, you could blog about many aspects of plants and gardens.
I’ll give you a free tip that I have no time to deal with.
I’m interested in a method called “square foot gardening.” (Google is your friend, look it up).
I see a website on the subject which sells a book and some ancillary items.
I’ve yet to see anyone independent of the book site itself who blogs about this with authority.
And this would be a very interesting technique to develop here in the Philippines where the population is huge and hungry and the arable land area is small and expensive.
I actually wrote the book publishing company and asked if they had any representatives here in the Philippines, or if they had tried to sell any of their classes and products here.
Know what their response was?
“No. you could be the first”.
I think advertising potential in this niche is only moderate, but there should be lots of suppliers with affiliate deals … Amazon for sure, they will even provide a free online store to attach to your blog.
Gardening is a broad market that meets a lot of positive business criteria. Why?
- It’s universal. There are about 200 countries in the world and people grow and eat food in every one of them.
- It’s “evergreen”. If you, say, help a person to cure their acne, when the acne is gone, it’s gone and they are no longer interested. But gardening? It’s popular all year, every year, as sure as the change of the seasons.
- It’s a passion-driven activity. People who are not interested in anything but the cheapest basics of gardening don’t even bother with it … but people who once get ‘bitten by the bug’ are back, year after year, buying the latest and the greatest books, tools, seeds and so on. Just like golfers who regularly lose their balls, new plants, materials, ideas and accessories are needed every year.
- And it’s timeless. there are 8 and 10-year-old gardeners out there. School project gardens from elementary school through university. Community sponsored gardens, and for retirees … a hobby/income supplement that can last as long as a person lives. Gardening doesn’t get ‘outgrown’.
7. Desktop Publishing
According to research findings, this market had expanded globally from £1.8 million in annual sales in 1985 to almost £5.1 billion in 2005 – and there would appear to no end in sight to this growth. Home based desktop publishers are engaged in producing a welter of graphic materials; brochures, flyers, advertisements, newsletters, books, business proposals and forms.
I think this might have changed quite a bit since 2007, but there is still a great upside here.
I would focus again more on teaching, reviewing and helping others rather than trying to set up a desktop publishing service for myself.
You know I’ve advised you in the past to learn by reading blogs?
How many blogs (including this one which badly needs a make-over) could use assistance in their layout, typography and even editing.
You know how many errors I find to my embarrassment every time I review one of my articles? I don’t want to talk about it.
This blog has been online since the mid-2000’s. Want to know how many people have ever offered a service to help me clean it up, professionally edit, make it truly look like something?