Did you know that a whopping 57% of Americans expect to work in some capacity after retirement?
Many people find that a traditional retirement filled with leisure just isn’t for them, and many retirees are exploring the exciting world of retirement hobbies that can also make money. Today, we’re exploring common hobbies that could generate extra income to support your Two Comma life in retirement – from arts and crafts to teaching and more. Let’s dive in!
Turning Retirement Hobbies into Side Hustles: The Pros and Cons
Turning a hobby into an income-generating business can have a host of benefits:
- You get to spend time doing what you enjoy
- You can boost your income and live a more comfortable lifestyle
- You can keep yourself mentally sharp
- You can socialize and build new connections with others
Related: How to Overcome Boredom in Retirement and Find Personal Fulfillment
Of course, it’s not always sunshine and roses – trying to monetize your hobbies can come with startup costs, tax implications, and in many cases a significant time investment. Additionally, turning your hobby into a job might take some of the fun out of it for you.
The key to creating a side hustle that lasts is to focus on activities you already enjoy. Before you get started, consider how to leverage your existing skills and interests to generate some extra income.
6 Retirement Hobbies that Make Money
If you’re interested in taking up a new hobby and making some extra dough, here are some ideas that might help you get started.
1. Vintage & Antique Reselling
Selling vintage and antique items can be a rewarding and lucrative hobby for retirees. With a flexible startup investment, you can build a collection and sell your finds online or at local markets. While the income potential varies depending on the rarity and value of the items you find, it can be quite lucrative in certain markets.
Earning potential: On average, antique resellers make $44,589/year.
Startup costs: Packaging and online selling platform fees (such as those collected by eBay or Etsy) will likely cut into your profits – as well as display equipment and product photography for your items.
Tips for getting started: Stay up-to-date on current trends in the antique market to identify in-demand items and adjust your pricing strategy accordingly. Be sure to gather information, invest in research and authentication, and consider what marketing tactics you could use to get the word out about your business.
2. Selling Art & Crafts
Turning your artistic talents into a profitable hobby can be a fulfilling way to spend your retirement. Whether you’re a painter, woodworker, drawer, knitter, or crocheter, there’s a market for your creations. Like reselling, profits will vary, but it’s a great way to build new connections with people who share your passion.
Earning potential: The U.S. Bureau of Labor Statistics reports that craft artists bring home about $43,610 annually.
Startup costs: While it will vary widely depending on your craft(s) of choice, be sure to factor in materials, equipment maintenance, and marketing in your income calculations.
Tips for getting started: If a particular product consistently sells well, consider increasing production or exploring new variations. Keep a spreadsheet to track your growth and adjust pricing accordingly. If growth happens fast, it may also be wise to invest in software like Quickbooks.
3. Teaching Online
If you have experience in a specific subject or enjoy sharing your knowledge, there are various opportunities to offer tutoring or teaching services. You can earn a steady income by providing tutoring services regularly or by teaching online courses.
Earning potential: Glassdoor reports that an online teacher (across all industries and experience levels) makes about $60,347 per year.
Startup costs: Consider costs for any certifications or credentials you may need to obtain, as well as teaching materials and a reliable home computer.
Tips for getting started: Be aware of potential tax deductions related to your teaching activities. You may be able to deduct expenses such as teaching materials, professional development courses, and home office expenses. Consult with an advisor to ensure you take advantage of all available deductions.
4. Cooking & Baking
Whether you’re a seasoned chef or just enjoy experimenting in the kitchen, turning your culinary skills into a business can be rewarding through platforms like a personal website or Instagram or as a pop-up and at farmers’ markets.
Earning potential: Cooking and baking have a wide range of income potential, depending on your location, goods, and time commitment. While some estimate a custom cake decorator can bring home about $1,000 per month, one woman turned her baking hobby into a $900,000 side hustle.
Startup costs: Factor in costs for kitchen equipment, ingredients, packaging and supplies, labels, or even the rental costs for a commercial kitchen.
Tips for getting started: Consider catering for parties, weddings, or corporate gatherings. This can be an efficient way to experiment with pricing and showcase your culinary skills to a larger audience. Of course, be sure to adhere to proper food safety practices to maintain the quality and safety of your products and obtain all necessary licenses or permits.
5. Content Creation & Blogging
Blogging and content creation, including product reviews, can be a rewarding and financially viable hobby for retirees. With the right approach, you can build a loyal following and generate income through various channels. Common monetization strategies include advertising, affiliate marketing, sponsored content, and selling digital products.
Earning potential: According to ZipRecruiter, a blogger brings home an average of $62,275 per year.
Startup costs: Remember that you’ll likely need to purchase a domain name and hosting for your blog or website, and you may need to hire a professional designer or website builder to create a visually appealing and user-friendly platform.
Tips for getting started: Building a successful blog or content channel requires consistency. Establish a regular posting schedule to keep your audience engaged, connect with other bloggers and influencers in your niche to expand your reach, and invest in search engine optimization (SEO) to improve your online visibility.
6. Pet Care Services
Pet care services, such as pet sitting, grooming, and walking, can be a rewarding and financially viable hobby for animal lovers. With a modest startup investment, you can turn your passion for pets into a profitable business.
Earning potential: Pet sitting earns an average of $33,377 per year.
Startup costs: Common startup costs include liability insurance, grooming supplies, and transportation. You may also wish to consider getting pet first aid or CPR certified to enhance your credibility and attract more clients.
Tips for getting started: Consider charging hourly rates for pet sitting or walking, or by offering package deals for multiple services and repeat customers.
You may be able to enjoy a more fulfilling and financially secure retirement by turning your hobbies into profitable ventures. Not only will you have the opportunity to do what you love, but you’ll also potentially generate additional income to supplement your savings.
Turning Your Hobbies Into Financial Freedom With PrairieView
Partnering with a financial advisor like the team at Prairie View can be invaluable in the retirement planning process. Our experts can help you assess your financial goals, develop a personalized plan, and provide guidance on managing your income and expenses.
Schedule a complimentary consultation with us today!
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