Aging in place is a growing trend among seniors in the USA, with more than three-quarters of the aging population choosing this option of staying in the comfort and familiarity of their own homes – or at least in their communities – during retirement. But with rising costs and fixed retirement incomes, seniors also consider ways to supplement their income. Fortunately, there are some creative ways for seniors to generate additional income from their homes, to ensure both financial stability and a fulfilling retirement.
Retirement age is increasing in the USA, as people who’ve led less harsh lives than previous generations find themselves in pretty good shape when they reach traditional retirement age. And seniors are no longer alone in the digital age, with accessories ranging from AI companions to health monitoring through the medical alert smartwatch. The option exists as never before to keep working, perhaps in a part-time capacity and also enjoy semi-retirement.
Online Work and Freelancing
The digital age offers many opportunities for remote work, which is ideal for seniors looking to supplement their income without leaving home. And the gig economy offers a lot of contract work for freelancers. Online platforms such as Upwork and Fiverr connect freelancers with clients looking for a variety of services, including writing, graphic design, and virtual assistance.
Many companies hire remote workers for customer service and administrative tasks. Seniors can work as virtual assistants, handling tasks such email management, scheduling and data entry for small businesses or entrepreneurs. Companies often hire remote customer service representatives to handle inquiries and provide support to their customers, and again, there are online platforms (Remote, FlexJobs) that list such opportunities.
After a lifetime of work, seniors with niche expertise can offer consulting services in their field. This can be done through platforms like LinkedIn or through personal networks. Or, with experience in teaching or specific subjects, seniors can tutor students online, and again there are platforms (such as Tutor or Wyzant) that put parties together for this.
Home-Based Businesses
Starting a home-based business can be both fulfilling and financially rewarding. In the arts and crafts fields, some ideas might include knitting, painting, woodworking or custom crafts that can be sold online through specialized websites such as Etsy.
For those who enjoy cooking or baking, selling homemade goods at local farmers’ markets or through online platforms may bring in some additional income. Growing and selling plants, flowers or produce can also be both a hobby and a source of income. Local markets or roadside stands are great outlets for these products.
Renting Out Space
One of the most straightforward ways for seniors to earn extra income is by renting out unused space in their homes. For short term rentals, this could include renting a spare bedroom to travelers through the main rental platforms such as Airbnb and Vrbo. For the socially inclined this can not only bring in income but also offer the opportunity to meet new people.
For longer term tenants, a homeowner might rent out a basement, attic, or separate part of the home, providing a reliable and steady source of income. And given that the preparations to age in place will almost certainly have involved some measure of remodeling (possibly a lot), the concept of building an accessory dwelling unit (ADU) in the back yard may be feasible. Increasingly, municipalities are allowing this, including for rent, and an ADU could in later years be inhabited by a family member or caregiver – or vice versa, as a larger group lives in the main house while the senior downsizes to the ADU.
Investments and Financial Opportunities
Seniors can also explore various financial avenues to boost their income. One traditional method has long been a reverse mortgage, which allows seniors to convert part of their home’s equity into cash, providing a steady income stream. It’s essential to understand the terms and implications fully before opting for this route, since at the end the homeowner may have no equity to leave to descendants.
Beyond renting out part of the home, one avenue rarely considered may be renting out equipment. Seniors with specialized tools, gardening equipment, recreational vehicles or similar items can rent them out to others in the community through platforms like Fat Llama.
Pet and House Sitting
For seniors who love animals or have a knack for caretaking, pet sitting and house sitting can be enjoyable and profitable. Websites like Rover and PetSitter can connect pet owners with pet sitters. Seniors can offer pet sitting or dog walking services, low-impact routines that can offer both companionship and exercise.
House sitting is almost working at home, but in someone’s place of course. This can include tasks such as watering plants, collecting mail and ensuring the home remains occupied. TrustedHousesitters is one platform where seniors can find such opportunities.In summary, many opportunities exist for retired seniors to supplement their fixed income, offering unexpected fun and engagement. It doesn’t even require thinking very far outside the box anymore, with the Internet doing much of the heavy lifting to encounter opportunities.
