5 Ways to Earn a Passive Income as a Senior

Retirement sits in the back of everyone’s mind as they navigate life. When one reaches that point, however, they may wish to continue bringing in an income to occupy their time and make money on their own schedule. If you retired and want a low-maintenance way to supplement your income, look through our list of ways to earn a passive income during retirement.

1. Rent Out Property

If you own any extra property, or are willing to invest in some, we recommend you rent out a home or two. The effort that goes into maintaining a real estate business depends entirely on the goals of an individual, so you should know what this endeavor may entail. Depending on the amount of properties you have, a management company can handle all the hard work.

2. Sell Your Crafts Online

Do you have a hobby such as sewing, knitting, or woodworking? If you do, you can turn your favorite hobby into an income. You can set up an account on an online selling platform, such as Etsy or iCraft. These sites focus on individuals who want to create their own side business selling their handmade items, and it’s an excellent way to bring in a few extra dollars each month.

3. Babysit

It’s likely that your social circle includes a selection of individuals that need someone reliable to care for their children once in a while. This is something that you can do as often as you’d like, and it can give your neighbors or friends an extra date night or two.

4. Teach Local Classes

If you have a skill for something such as cooking or painting, consider teaching a local class on the subject. Partner up with a senior center, a local college, or a local senior community, and advertise your classes in your county’s magazine.

5. Invest in Stocks

Investing in the right stocks is one of the simplest ways to make a passive income, as you essentially wait for the best time to either collect your dividend or sell your shares. If you never purchased stocks before, you may want to consult with a financial advisor before making the investment.