Online entrepreneurship isn’t just for Millennials and Gen Y. Many retirees don’t realize they already have all the skills they need to make extra income from home for retirement.
Here are just 10 of the many ways you can boost your nest egg with online income in 2018:
Many businesses today outsource their office work to virtual assistants. If you spent your career working in an office (like most of us), that’s all the qualification you need to become a virtual assistant online. All you need to know how to do is use a word processor and do basic tasks with spreadsheets. You’ll likely be tasked with responding to customers/clients, managing business calendars, and other basic office tasks.
Have extensive experience in a niche topic? You can become an expert consultant online.
Your expertise could be related to your pre-retirement job title (e.g. a former finance executive could become a financial consultant). But you likely have a wide variety of skills that can help you make money as a consultant.
To get an idea of what kind of skills are in demand, head over to Upwork.com and do a job search. Type in: “Skills:(consulting)” then you’ll see all the different jobs people posted asking for a consultant’s advice.
You might also like: 6 Steps to Starting Your Own Consulting Business to Fund Your Retirement
If you’re knowledgeable in a certain academic subject, you can become an online tutor. People regularly hire tutors to help with subjects related to the SATs, but you can also tutor more advanced topics like statistics or university-level economics.
If you’re good at breaking down complex concepts in a way that others can understand, tutoring will be a rewarding retirement passtime.
If you have a way with the written word, ghostwriting can be a lucrative retirement business for you. People will hire you to write under their name for all sorts of things: books, reports for work, blog posts, white papers, etc. Your best client would probably be someone in your former industry, since you know the jargon and kind of content they need.
You can also make great money editing content that your clients wrote themselves. Substantive editing involves critiquing the content, while editing/proofreading is about catching grammar or style mistakes.
Fluent in a second language? Your translation services are required. An online translator mostly works with translating documents or dubbing video from another language. You might also be called on to listen in and translate phone or video calls.
You can turn to online freelancing platforms to find translator gigs, or get hired by a translation agency that lets you work from home.
Sell your knowledge through ebooks
If you have extensive experience in a niche topic but don’t want to become a consultant, you can also package and sell your knowledge as an ebook. All you have to do is write the book, get it edited, hire someone online to create a cover graphic, and you have everything you need to publish an ebook on Amazon.
Instead of spending your time in appointments as a consultant, you switch your efforts to marketing your book(s) online.
Create an online course
Online courses are another option to package and sell you knowledge besides ebooks. People make video courses about all sorts of topic categories, including personal development, office productivity, language, business, lifestyle, and more.
With an online course, you create videos and/or slides with a voice over walking people through a topic. You can package and market your online course right from your own website, or host it on a third-party platform like Udemy or Teachable.
Transcriptionist is a great post-retirement job. People hire transcriptionists because they don’t have the time or patience to type out audio files, but retirees have all the time in the world.
If you’re fairly fast with a keyboard, that’s all the skill you need to be a transcriptionist. Clients will hand you business meeting recordings, court testimony, news interviews, or other kinds of audio recordings to type out verbatim.
General freelance platforms (like Upwork) or niche sites like GoTranscript are a great place to start finding transcriptionist jobs.
Start an e-commerce business
Selling niche products online is probably the most lucrative way to make extra income in retirement. Start a dropshipping business and you won’t even need to purchase or store the products. Work with a manufacturer who stores and ships the products for you. All you have to do is offer products on your website and fulfill customer service inquiries.
The key to success with e-commerce is focusing on niche products that big sellers like Amazon might not offer. You can learn more about starting your own drop shipping business from Drop Ship Lifestyle.
Buy an online business
Of course, the money you can earn freelancing or consulting online is always limited by your time. If you have the starting capital and want to grow retirement income fast, buying an online business is the best way to go.
There are online platforms specifically designed to help you find and evaluate online business purchases. Empire Flippers and FEInternational are the most reputable. Sign up for their brokerage emails to get regular updates about online businesses on the market.
Earning extra income online for retirement is not only a possibility, it’s easy to achieve. If all you need is extra pocket change, then start with a low-barrier-to-entry option like being a transcriber or virtual assistant. If you want to really scale your income during retirement, then selling your knowledge or owning your own online business are the best options for you.
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Ian Bond is a private banking senior executive with over three decades of experience in wealth and asset management with Goldman Sachs, Credit Suisse, and Citigroup. He has built major businesses on four continents.
Despite his professional responsibility for assets over $100B and revenues over $1B, after the 2008 crash Ian was personally going broke. Within five years he destroyed his debt, became an expat in 2014, and built multiple streams of income to fund his imminent retirement. Ian is also the founder of MyRetirementRehab.me created to help other executives and professionals rehabilitate their finances and make a prosperous, enduring retirement a reality.