Senior citizens can earn additional income through full-time or part-time work, temporary positions and freelance and consulting work, notes John Mackey for The Motley Fool. Other ways of earning extra money include selling possessions, garden produce or hobbies and crafts; delaying receipt of Social Security benefits; renting out extra rooms; reviewing investments to determine whether there are poorly performing investments to replace; and using a rewards credit card for everyday purchases, explains Emily Brandon for U.S. News & World Report.Continue Reading
Returning to the workforce may be an option for seniors who are in good health and have marketable skills, according to Mackey. Previous employers may rehire senior citizens on a part-time basis or for consulting work. Taking on odd jobs providing services in high demand, such as babysitting, running errands, tutoring, grocery shopping and pet sitting, are other ways seniors can earn extra money, notes Brandon.
Maximizing investment income can earn extra income without a senior having to return to the workforce. Replace poor performing investments and ones with high management fees and expenses, suggests Brandon. Seek out higher interest rates for savings accounts, money market accounts and certificates of deposit, or CDs. Online savings accounts frequently earn higher rates of interest.Learn more about Financial Planning