Posted on: 12 July, 2021

How to Make Money in Retirement: 5 Innovative Ways to Supplement Your Pension

Are you keen to know how to make more money in retirement? Here are our 5 effective top tips for generating extra income to supplement your pension.
by Extra Care Living
selection of art and craft items

Are you looking for extra ways to make money in retirement?


Whether you’re looking for a bit of spending money or something to put away for a rainy day, there are several ways in which you can earn some extra pennies to boost your pension.


Here, we’re looking at 5 innovative ways to supplement your income:

Find Some Part-Time Work

Many people who retire go on to working part-time to help top up their income each month. 


Why not try looking for some work in your local supermarket, for example? You’ll have a team of colleagues to help you make new friends and stay connected, and you’ll also get to interact with lots of customers. 


Another perk of working in a supermarket is that you often receive a discount on your shopping – so not only will you be earning more money, you’ll also be saving on your weekly food shop.

Sell Your Expertise to Make Money in Retirement

Do you have any skills or knowledge that you could monetise? Teaching others is a fun way to supplement your income, and will also help to boost your self-esteem.


Perhaps you’re good with numbers and could offer extra maths tuition for school children, or maybe you’re multilingual and could help someone learn a new language?


Supplementing your income in this way will help to relieve any financial stress, and also help to boost your self-esteem.

Sell Your Products

If you’re good at arts and crafts or woodwork, for example, you could sell your handmade pieces. There are plenty of ways to reach people; you could sell at car boot sales, online selling sites such as eBay, or Christmas markets.


You could try making cards or painting prints to be framed, or you could even carve ornaments or small pieces of furniture.


Why not take up a hobby and learn a new skill, such as jewellery making, with a view to turning it into a small business later on?

Why Not Offer to Babysit?

Do you have neighbours with young children? Why not offer to babysit so the parents can enjoy an evening together?


Babysitting doesn’t always guarantee regular income, but it can be a fairly easy, joyful way to make a little more money when you have some spare time.

Offer Your Services for Extra Ways to Make Money in Retirement

Are you good at needlework? ‘Make do and mend’ may have been popular before, but with fast fashion continuing to rise in popularity, many people are happy to throw away their ripped clothing.


You could offer a small repair service to help reduce the environmental impacts of this and supplement your income, too.


Alternatively, you could set up a small ironing or laundry service. Many families are trying to juggle childcare and full-time work, and so you may find many will appreciate the offer of help with their laundry.


If you’ve found our tips on how to make money in retirement helpful, why not try reading our previous blog on the financial benefits of living in an extra care property?


Take a look at the Friary Meadow website for more information about extra care living.

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