For millions of American seniors, income from Social Security and personal savings are simply not enough to meet their monthly needs once they’ve put an end to their professional lives.
Nearly 33% of retirees polled by Schroders revealed they did not have enough saved for their retirement in 2025 and 25% said they have lost some sleep because of financial concerns (1). The rising cost of living was a top concern for many of these seniors, especially given their fixed incomes.
To tackle the issue, a sizeable portion of retirees are returning to work. In 2024, the Bureau of Labor Statistics (BLS) reported that roughly 19.5% of U.S. adults over the age of 65 were still active in the labor force (2): The majority (61.7%) of these working sexagenarians were employed full-time (3).
But if you’re unwilling to join this cohort, there are other ways to plug the gap in your finances without having to commit to a full-time job. Here are the top five strategies for extra income in retirement.
Not all working seniors are signing up for the typical 9-to-5. Roughly 38.3% of those actively working past the age of 65 were employed part-time, according to the BLS.
In 2024, the AARP also published a list of 15 jobs that seniors can do on either a part-time or flexible schedule without the need for a college degree (4). Jobs like administrative assistant, data entry clerk or insurance claims investigator can offer wages as high as $36.92 per hour. In other words, you can earn over $500 a week working less than 15 hours.
Coaching or consulting could be the best way to leverage all the experience you’ve accumulated after decades of work.
If you have any C-suite or executive experience, you could consider a platform like Business Talent Group to serve as a fractional executive for small or mid-sized companies (5). Alternatively, you could consider a more mainstream platform like Fiverr or Upwork.
From freelance writing to executive coaching, there’s plenty of ways to make extra cash in retirement without going back to the traditional 40 hour work week grind.
Read More: 5 essential money moves to make once you’ve saved $50,000
If you’re looking for something even more flexible than freelance or contract work, consider joining the gig economy.
Uber, Lyft, Instacart and TaskRabbit all give you the opportunity to earn a little extra whenever you have a chance to open the app. Gig work can be unpredictable and the income is volatile, but if you need just a little extra cash to cover the gap in your finances without sacrificing too much time, these could be the ideal option.
Real estate is the most classic retirement asset. Seniors across the world tap into their home equity to finance some of their living expenses in their twilight years.
But if you’re unwilling to borrow and looking for additional sources of income, a rental property could be a perfect fit. You don’t necessarily need a large downpayment to buy an apartment or single family home. Instead, platforms like Arrived can give you access to shares in rental property portfolios managed by professionals.
Backed by world-class investors, including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.
For those looking to monetize their skills and experience while minimizing their time commitment, online courses or digital products could be the right solution.
Online courses are already a multiple-billion-dollar industry, with some experts expecting it to grow to $880 billion by 2032 (6). Platforms like Coursera and Teachable can help you get started, but building and listing a course is only half the battle.
The other half is marketing. If you have the skills and inclination, you can handle this yourself. But hiring a professional marketing agency could make this process as close as possible to genuinely passive income.
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Schroders (1), BLS (2, 3), AARP (4), BTG (5) Research & Markets (6)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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