Many retirees are looking for ways to earn money, whether by doing online or seasonal work, tapping their entrepreneurial streak, or perhaps downsizing in order to raise cash. Here’s why: The average Social Security retirement benefit as of February 2024 is $1,772.51, which probably isn’t enough income to support a comfortable life for most people in the United States, especially older people who can often require more health care services.
Read on for some ideas for discovering extra income sources for retirees, plus tips on how seniors can maximize their money.
Key Points
• Many retirees seek additional income through online jobs, seasonal work, or by starting their own businesses.
• Virtual assistant roles and bookkeeping are viable online job options for retirees seeking flexible work from home.
• Seasonal opportunities during holidays, tax season, or tourist seasons offer potential income without year-round commitment.
• Starting a business post-retirement can utilize one’s professional skills or passions in consulting or service-oriented roles.
• Downsizing personal belongings and reducing fixed costs can also provide financial relief and additional income in retirement.
Online Jobs for Seniors
For people who want to earn money from the comfort of home, there are many online jobs that require varying degrees of experience. Often you can work when you like, in your sweats if you prefer. This is, after all, supposed to be your time. Here, some work-from-home jobs for retirees:
1. Virtual Assistant
Virtual assistants tackle jobs that companies don’t have the money or inclination to hire full-time employees for. This might include anything from handling social media to managing customer emails or handling the CEO’s schedule. Often, they work for small companies, but they may be called in to help large ones as well. Some virtual assistants make very good money; six figures, even. The key is to create a niche, an area where you already have expertise to set you apart from the competition.
2. Bookkeeper
Bookkeeping can be a fairly easy skill to learn; it isn’t accounting, and bookkeepers don’t handle all the tasks of an accountant. A bookkeeper might create new accounts, handle payroll, and pay and issue invoices, usually with the help of bookkeeping software. They probably won’t be responsible for closing out the books, reporting taxes, or other tasks that have the legal liabilities of an accountant. One bookkeeper might be able to handle several clients.
3. Teacher
Even if you haven’t taught before, if you have knowledge to share and have always been good at explaining things to others, online teaching might be for you. You could teach English to non-English speakers, or tutor in any subject in which you have depth of knowledge. Earnings can range from several dollars an hour to more than $25 (or multiples of that) depending on your expertise. An online search can lead you to many options.
4. Customer Service
You’d be surprised how many jobs there are for customer service representatives who want to work from home. You might be hired to help customers via phone, social media, or chat. You could be working with products or services, from selling kitchenware to answering questions about healthcare services. Or if you have management experience, you might manage a team of home-based customer service representatives. This is a job that requires patience and a love of working with people.
💡 Quick Tip: Make money easy. Enjoy the convenience of managing bills, deposits, and transfers from one online checking account with SoFi.
Seasonal Jobs for Retirees
5. Retail, Tax Season, Tourism
You may not want to work all year round. Perhaps just bringing in a little extra money now and again would suit you fine. If so, holidays, tourist season, and tax season may provide all the work you want. For example, US retailers expect to hire many 100,000s of workers for most Christmas seasons, mostly working as sales associates in brick-and-mortar stores. For instance, Walmart alone has hired 40,000 employees during the ramp-up to a recent holiday season.
While Christmas retail may provide the most seasonal jobs, tax season isn’t too far behind and also provides hundreds of thousands of jobs for tax preparers. Many of them must first take a short course and work from the first of the year through Tax Day.
But there are other opportunities, too. All summer and fall people need yard work and gardening help. If you live in a tourist town, attractions need staff, too. Picking up seasonal work means enjoying the leisure of retirement in between picking up extra cash.
Start Your Own Business
The skills you gained during your working years could provide the foundation for your own pursuit, or you could try something different. How many hours you devote to it is your call; flexibility can be a benefit of a side hustle or entrepreneurial business. Some ideas:
6. Consulting
More and more companies are turning to contract work rather than hiring full-time employees. If you have a solid skill set, want to set your own hours, and choose your clients, you can use your connections to begin a consulting company. You may need a website or LinkedIn to promote your services, or you may have a strong enough network you can just reach out to connections and let them know you’re in business!
7. Service Work
Maybe you love cooking and can create a business providing meals for a handful of families every week. Perhaps you love kids and want to work as a nanny. Perhaps you are good at simple carpentry and can do odd jobs. Many families find they lack the time to take care of jobs, kids, homes, and hobbies and would love a reliable person to take on some of their tasks.
Get up to $300 with eligible direct deposit when you bank with SoFi.
No account or overdraft fees. No minimum balance.
Up to 3.80% APY on savings balances.
Up to 2-day-early paycheck.
Up to $3M of additional FDIC insurance.
Downsize in Retirement
Life can get fuller and more complicated as the years pass — buying stuff, accumulating debt, having multiple income streams, gaining complexity. Retirement can be the right time to figure out what brings you joy and start shedding that extra stuff which may have become a burden to manage.
8. Sell Stuff
By retirement age, many people have collected a lot of possessions. Instead of just unloading it for free, you might offer it on a site like eBay or Etsy, or one of the dozens of other possible places to sell your things.
If you donate it, make sure to track what you give away and keep receipts for a possible tax deduction.
Recommended: Guide to Reselling
9. Unload Debt
Debt is expensive. Whether it’s a credit card, a personal loan, or even a mortgage, it’s wise to find ways to reduce the cost of that debt. That might mean it’s time to refinance your mortgage and perhaps roll other debts into it to cut the interest rate and boost your tax deductions.
It might mean making extra payments on principal or using the extra income you bring in to whittle away at high-interest loans. It might mean seeing if you can get a better rate by using a personal loan for your car. Talk to a financial advisor to find the best ways to reduce the burden of debt.
10. Reduce Fixed Costs
Use a spending tracker or budget tracker to find ways to reduce your fixed monthly expenses like food, housing, transportation, and healthcare. Could you get by with only one car instead of two? Or maybe it’s time to sell your home and move into a smaller one that gives you more money at the end of the month.
Various tools let you check home values to see how much you could get for your current home. You could also eliminate a couple of streaming services or follow store sales to stock up on favorite items at a lower cost.
11. Ask for Discounts
Take advantage of seniors’ discounts everywhere you go. Many mobile phone services have senior discounts; grocery stores have senior discount days; movie theaters, hotels, airlines, all offer discounts to seniors.
Beyond age-related savings, know that you can also sometimes renegotiate bills for things like insurance and internet service. Don’t be shy: Many companies expect it and build it into their customer retention plans so you’re not asking for “special favors.” You might also try negotiating medical bills as well.
Revisit Your Financial Plan
Financial planning has to evolve as the markets evolve. You should ensure you have a retirement plan and that you regularly evaluate your financial portfolio. You may be able to move money around in a way that provides you extra cash each month.
Continuing to Save Money in Retirement
A couple of other moves can help you manage your finances in retirement.
• You might hold off on taking Social Security until you are at full retirement age, so you get the highest possible benefit.
• If you are part of a married couple and want to begin drawing your Social Security benefit, research your options. You may want to have the higher earner hold off and the lower earner claim benefits.
• Invest carefully. Seniors can still invest (perhaps not as much as in the past); be sure to work with a vetted, respected financial professional since scams and fraud can target elders.
The Takeaway
Many retirees are looking for ways to bring in more cash, and there are plenty of ways to do so, from starting a side hustle to selling unwanted items to taking on seasonal work. You might also benefit from taking a fresh look at your budget and reallocating some funds.
Another important facet of thriving during retirement can be to find the right banking partner. SoFi can be that ally.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
How can you make extra money after 60?
There are a variety of ways to make extra money after 60, from starting a side hustle to doing seasonal work. Options range from retail to consulting to teaching and beyond.
What is the best side hustle for retirees?
The best side hustle will depend on your skills, interest, and available time and equipment. For instance, if you have a chunk of free time and a car at your disposal, you might drive a rideshare like Uber. If you have deep knowledge on a certain topic, you might teach online.
How to make $1,000 a month in retirement?
A person’s ability to make $1,000 a month in retirement will depend upon how they want to go about earning. Do you have a passive income stream (say, a rental property) you can tap? Can you command top dollar consulting or teaching online? Or can you work for several hours a day at a side hustle or seasonal job? The particulars of your situation (your skill set, available time, and location) will all matter.
Photo credit: iStock/fstop123
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.
As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.
Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
SOBK0324013