6 Innovative Ways to Earn Extra Income in Retirement
Even retirees who budget carefully can find themselves needing extra cash. A good 49% say their expenses are higher than what they expected, according to Schroders’ 2026 US Retirement Survey. So it’s not surprising that many retirees are turning to part-time work or other solutions to earn more income.
As Amy Zamikovsky, JD, CFP, and senior wealth adviser at Focus Partners, says, “Extra retirement income allows retirees the ability to more easily absorb financial surprises, which is important while our broader macroeconomic reality still looms.”
But earning extra money doesn’t have to mean retail work or committing to a job you find boring. (It might not even mean working at all.) We asked financial pros for creative ways retirees are generating more income.
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1. Sell your expertise (and your network)
You may have spent many years in the workforce honing skills and learning your industry inside and out. In retirement, you can take advantage of that knowledge in a couple of ways. First, you can consult in your former field on a schedule that works for you. Brandy Barnes Marion, retirement plans education manager at BOK Financial, says you can also take the concept a step further by selling your expertise.
“Expert networks pay retired operators and executives by the hour for short calls with investors and researchers,” she says. “Medical schools pay standardized patients. Law firms pay mock jurors. Forty years of knowing how a distribution center actually runs is worth real money to somebody.”
Other such jobs include acting as an expert witness, an industry mentor and a peer reviewer or grant reviewer.
Tip: These gigs can be lucrative, and they aren’t necessarily time-consuming. You can work them into your schedule around vacations or other plans. Some of these jobs can be done virtually, though they may command a lower hourly rate.
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2. Work a seasonal job with fringe benefits
Committing to an ongoing part-time job or gig work may not be optimal in retirement, as it might too closely mimic the work schedule you’re trying to move on from. That’s why Elias Friedman, CFP and founder and senior wealth adviser at Kadima Wealth, suggests pursuing seasonal work.
“Seasonal jobs at golf courses, museums, theaters, or parks can be fun, a great way to make new friends, and stay active,” he says. “There are other perks retirees can receive by working at these places, too.”
Tip: If you work in a museum or theater, your gig might include free admission or comp tickets for friends and family. You can check sites like Indeed for listings.
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3. Rent out space you don’t need
You’ll often hear that renting out unoccupied space in your home, like a spare room, basement, or finished garage, is a great way to generate income in retirement. But it also means sharing your living quarters with another person. That’s why Friedman suggests a different approach.
“I have seen interesting and creative things to get additional income,” he says. “For example, this could include renting a garage, parking space, storage area, spare room, or even an RV space.”
Tip: Apps like Neighbor can help you rent out your driveway, shed, garage or other home space, providing you with $1 million insurance coverage and charging a processing fee of about 5%. If you have an EV charger at home, you may also want to bundle it into a parking space rental. However, before you sign up, check your home insurance policy and local regulations to make sure it won’t affect your coverage and is allowed in your neighborhood.
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4. Turn clutter (yours and your friends’) into income
It’s pretty common to accumulate a lot of stuff in the course of your lifetime. Ernie Wingard, RFC and adviser at Capital Choice Financial Group, says you can turn unwanted items into a goldmine during retirement.
“The most creative thing I’ve seen is a retiree who built a resale marketplace for her own friend group,” he explains. “She takes pictures, posts them online, and takes a small commission for her efforts. After all is said and done, it brings in another $400 or $500 a month.”
Tip: Learn about collectibles that are genuinely valuable and niche areas such as silverware and vintage stereos.
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5. Launch a YouTube channel
YouTube may not be the most popular app among retirees, but Wingard insists it offers solid opportunities to make money.
“I’ve also seen some really creative YouTubers in the retirement space,” he says. “Lots of shared experiences from their previous field, passing those stories on to future generations, and even providing consulting for people trying to get a leg up in that same industry.”
Wingard says one person he knows has a channel where he talks about golf from his perspective of being a caddy for several decades.
“He teaches people how to pick up caddying professionally while teaching golfers how to read greens for themselves,” Wingard says. “Talking about your life from that perspective can be a lucrative endeavor, and it can get really cool with some sponsorships, too.
Tip: Don’t expect to make money at this type of venture until you have invested substantial time building a brand. Even then, you may not turn much of a profit if you can’t grow an audience, so research the competition and various platforms first.
6. Do something you love
When you’re in your 30s, 40s, or 50s, you may have to take a job that covers the bills, even if it’s not something you’re particularly passionate about. But if you’re going to work in retirement for extra money, Zamikovsky says it pays to pursue something you enjoy.
“Once upon a time I worked with the loveliest retired couple,” she says. “Neither one of them had any experience in photography, but what they lacked in technical experience, they more than made up for with their inspirational love for each other and natural talent at being great with people.”
That couple, Zamikovsky says, went on to establish a lucrative photography business.
“With their solid reputation, they booked regular weddings and created a fun and meaningful income stream. Being wedding photographers fit who they were and allowed them the opportunity to build something meaningful together.”
The takeaway?
“Don’t confine your search or ideas to the tasks and jobs you did pre-retirement,” Zamikovsky says. “Instead, be honest with yourself about what it is you’re good at, what you like to do, and what unique knowledge or product you can offer the world. If you’re going to work during retirement, the work should truly reflect who you are and be something you enjoy.”
