5 Retirement-Friendly Businesses to Start in Your Golden Years
For some people, retirement consists of playing golf, knitting or heading to some bucket list travel destinations. But for those who feel a little lost outside the working world, they can start retirement-friendly businesses. Here are five business ideas that supplement your retirement savings while adding extra fulfillment to your post-career life.
1. Start A Consulting Business
You could offer consulting services if you had a long and successful career in a particular industry, said Andrew Fennell, former recruiter and now Director at StandOut CV — a resume-building service.
“Doing so gives you the flexibility to take on clients as and when you want to,” he said. “You could also use this same expertise to mentor someone or offer online workshops and even courses.” According to salary.com, the average freelance consultant salary in the United States is $90,202 as of October 1, 2024. That’s some serious dough you could use to top up your retirement fund. Need some extra cash, like, now? Try one of these 50 ways to make extra money this month.
2. Freelance Writing
If you’re knowledgeable about specific topics like finance, technology, artificial intelligence, health care or cryptocurrency, freelance writing falls into the category of retirement-friendly businesses.
Here’s why: “Experienced writers are in demand throughout a lot of industries at the moment, and working freelance means you can set your own hours and only take on projects when it suits you,” Fennell said. Plus, freelance writing can be quite lucrative. ZipRecruiter reports the average monthly pay for a freelance writer is only around $4,034. However, many make double or triple that amount by offering top-notch services and securing high-paying clients. Make your money work harder for you with The Penny Hoarder’s top picks for savings accounts.
3. Sell Products Online
E-commerce and social media platforms like TikTok and Instagram are on the rise. That means the sky’s the limit when it comes to how much money you can make by selling products online.
“I’ve seen retirees turn hobbies like woodworking into thriving online stores, selling everything from handmade chess sets to custom cabinetry,” Kleeman shared. But, of course, it takes dedication and consistency to make it big. If you’re looking for a creative outlet in your retirement years but also want to earn extra money, consider investing in hobbies like painting, pottery, jewelry making and woodworking. You can then use these skills to craft handmade products to sell on online marketplaces like Etsy or through your own store on Shopify. Here’s how to start saving money, even if you don’t have room in your budget.
4. Start A Blog
Blogging is one of the most retirement-friendly businesses because it requires minimal upfront investment. However, you could generate thousands of dollars each month. Well-established bloggers like Ryan Robinson make upward of $360,000 per year. To get started, pick a niche where people tend to spend a good chunk of change on products. For example, the software industry can be extremely lucrative because many companies pay recurring commissions if you refer your readers to their products. To determine if a niche will be profitable, do some research to see if companies in that niche pay to advertise their products on other blogs. Once you’ve picked a niche, set up your blog using hosting platforms like WordPress. To generate cash, you need loyal readers who value your recommendations. Some of the best ways to drive traffic to your blog include implementing SEO strategies or using social media platforms like Instagram, TikTok and Pinterest to promote your blog. You can then monetize your blog with affiliate marketing, ad revenue, sponsorships and by selling your own products. This new tool from The Penny Hoarder can help you save $500 on car insurance.
5. Offer Home-Based Services
As you transition into your golden years, your energy levels may not be what they once were. That is why things like pet-sitting and house-sitting are retirement-friendly businesses. Pet-sitting allows you to get low-impact exercise while spending time with pets. Plus, it pays pretty well. According to ZipRecruiter, the average weekly pay for a Pet Sitter in the United States is $642 a week as of October 1, 2024. Rover is a common place to start. You can sign up as a sitter, doggy daycare provider or dog walker. Though the platform takes a 20% cut of your earnings, you get to keep 100% of your tips.
If you don’t get along with furry babies, house-sitting may be more your cup of tea. House-sitting is when you take care of someone’s property while they’re away in exchange for free accommodations, payment or both. Some of the most popular places to start offering your house-sitting services include TrustedHousesitters or Nomador. Wrangle your grocery budget with these 25 tools and tricks to save you $100 (or more)!
Retirement is a New Beginning
Retirement is not the end of the road. It’s a bend that can lead to new adventures and exciting opportunities, like retirement-friendly businesses. If you’re approaching retirement, start exploring business ideas that could keep you busy and inspired after leaving the 9-to-5 grind. And if you’re already there, it’s never too late to try something new to boost your income and elevate your retirement lifestyle. Got $1,000 in your checking account? Make these money moves.
