How to Put Some Extra Money in Your Pocket After Retirement

There are many reasons why you might want some extra cash in your pocket after retirement. Maybe you want to fill extra time with an activity you enjoy, or you’re looking to pursue a new passion. Perhaps you want to continue to save for retirement while funding your child’s college tuition.

No matter why you need post-retirement money in your pocket, there are a variety of avenues that can earn you the funding you need. These options include part-time work, coaching, and investing in stocks, bonds, mutual funds, or other financial opportunities.

Part-Time, Freelance, or Consulting Jobs

One of the easiest ways to put money in your pocket is through part-time or contract work. Working as a freelancer or as a consultant allows you to make your own hours, choose your own clients, and pursue professional opportunities that work for you.

Working as a part-time employee or consultant can also keep you engaged and active at any age, while consulting work allows you to lend your knowledge and experience to a past employer, or a business in a familiar industry.

Though part-time work does help to put extra money in your pocket during retirement, it is associated with a few disadvantages. You won’t receive the same benefits from part-time work that you will from full-time employment. Tax breaks from part-time work are also below what you can expect from full-time work, though there are ways to minimize your taxes in retirement.

Teach, Tutor, or Coach

If you have a passion for education — whether in a classroom or on a field of play — you can also teach, tutor, or coach a team to earn extra cash.

As a substitute teacher, you can fill in for full-time instructors taking time off for vacation or because of illness. You might also be able to find work as a part-time teacher, especially if you teach a subject where instruction might only be required once or twice per week.

If you specialize in a particular academic field, tutoring might be for you. As a tutor, you can partner directly with students to provide instruction outside of class time. Typically, tutors will provide in-person services before school, after the school day concludes, or during weekend hours. Alternatively, you could create an online profile through one of the many online tutoring programs, and find students looking to learn digitally.

Coaching is a great way to earn extra money if you’re passionate about a particular sport. With a few years of coaching experience, you’ll likely be able to find employment assisting in a youth sports league or coaching for a school. Coaching opportunities allow you to share your love for a sport while teaching younger athletes about the importance of respect, perseverance, and teamwork.

Rent Out Space in Your Home

Another easy way to make money once you retire is by renting out space in your home. If your children have left the home, or you no longer have use for one or more rooms, now might be a perfect time to earn passive income on the space.

You have several options when choosing to rent out a part of your home. You can offer short-term rental packages to residents, typically through vacation rental programs like Airbnb, VRBO, and Expedia. You’ll also be able to earn supplemental income if you rent a room to a long-term tenant, typically through a rental agreement.

Renting out space in your home is a great option if you have time to address issues that might arise. You might need to deal with difficult tenants, make home repairs, or pay increased property taxes. However, if you can treat your rental duties like a part-time job, you should have no trouble in creating extra income during retirement.


If you’re not ready to rent out your home, you can still save money in a variety of ways simply by downsizing your living space.

By selling your current home and moving to a smaller location, you’ll be able to pocket the difference in price between your old and new homes. With less space, your new home is also likely to use less energy, water, and heating, decreasing your utility bill.

Downsizing can also taper your spending habits, saving you more money monthly. With less space in your new home for furniture and other purchases, you’ll need to be more selective about what you buy and where it ends up.

Sell Unneeded Items

If you need quick cash, or you’re simply looking to declutter your home, selling unneeded items is one of the easiest ways to get there. You’ll only need to take a quick walk around your house, collect items you no longer want or need, and prepare them for sale.

Make sure the items you want to sell are in good working order, without any major issues. If items are used, you may need to set price tags that take into account their age.

You can list your items for sale online or in-person, depending on your preference and the items you have to sell. If you’re selling items you know are popular, consider listing them on social media marketplaces or public auctions online. Don’t forget to factor shipping costs into the overall prices of your items.

Alternatively, you could schedule a garage sale or other in-person transaction if you believe your items are better purchased directly. Either way, you’ll swap unused items for cash that you can use at your discretion.


Even after you retire, you can continue putting your money to work. With smart investments, you can use your existing equity to create additional funds. As long as you invest in stocks, bonds, mutual funds, and other financial opportunities that yield dividends, you should see more money in your pocket over time.

If you’re a novice when it comes to investing, consider taking a free online course that teaches you the basics. You’ll learn how to identify and pursue investment opportunities that interest you while avoiding risks. You could also entrust your funds to a professional broker or financial manager who will invest your money on your behalf and report regularly on returns.

Some individuals prefer to invest directly for their retirement. Open a self-directed IRA to invest in real estate and alternative opportunities, where you retain full control over your own investments. You can also contribute to a precious metals IRA that hedges your funds against fluctuations in the current market.

Tap Into Your Home’s Equity

Your home equity is the value of your home, minus any mortgage debt you have yet to pay off. You can tap into your home equity by refinancing your mortgage or through a home equity payment, which allows you to access funds against the value of your home.

Tapping into your home’s equity can provide several benefits. You’ll be able to access considerable funds when you need them, which can be helpful in a pinch. However, tapping into your home equity can also come with drawbacks. Home equity funding is often offered in the form of a loan that must be repaid. That loan will also accrue interest over time.

Savings Accounts and CDs

Different types of savings accounts can help you put money away — and in your pocket — after retirement. These accounts allow you to save money at your discretion, where your funds can generate interest over time. Some institutions will require that you contribute funds into your savings account on a monthly or regular basis.

Each of the most common savings account types can help you earn extra income. A deposit account is a basic type of savings account, where you deposit money into an account managed by your bank, credit union, or other financial institution. Similarly, an online savings account is an account sponsored by your financial institution, sometimes an institution without any physical branches or locations.

A certificate of deposit (CD) is another type of savings account available to you. This savings option is relatively safe, insured by the FDIC up to $250,000. Certificate of deposit accounts can generate considerable interest, especially when you make regular, large deposits.

A health savings account (HSA) can also help you save money. When you contribute pre-tax funding toward an HSA account, you can allocate the money toward qualifying medical expenses. You can also use an HSA account to cover a deductible, copay, or other healthcare costs, all as a complement to your existing health insurance package.

Maximize Social Security

Maximizing your Social Security is another great way to put more money in your pocket after you retire. Social Security payments can help ease your transition from full-time work into retirement by subsidizing income.

Reference the below strategies to maximize your Social Security payout:

  • Work until your qualifying retirement age;
  • Wait to claim your Social Security benefits until age 70, since payments increase each year you delay your payout until age 70;
  • Work for a minimum of 35 years to qualify for full payment;
  • Include dependents under age 19.

These and other tips can help you obtain a maximum Social Security payout at the time that you retire.

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