Retirement doesn’t always mean that money stops being a concern.

Quite the opposite.

The paychecks may stop, but the bills certainly don’t.

Property taxes go up.

Insurance goes up.

Groceries cost more.

Utilities increase.

Something around the house always seems to need replacing.

Even people who planned carefully for retirement can reach a point where an extra few hundred dollars a month would be welcome.

But there’s another side to earning money after retirement that I didn’t fully appreciate until I experienced it myself.

Sometimes it’s not only about the money.

Having something interesting to work on can give you a reason to keep learning, solve problems and feel productive.

At 79, that’s something I’ve discovered firsthand.

Retirement Income Doesn’t Always Keep Up With Retirement Expenses

Most of us spent our working years with a fairly simple arrangement.

We worked.

We received a paycheck.

We paid our bills.

Hopefully, we saved something for retirement.

Then retirement changes the equation.

Income may become relatively predictable while expenses aren’t.

A utility company raises its rates.

Your insurance premium changes.

The car needs repairs.

The furnace stops working.

Food costs more than it did last year.

None of these things necessarily creates a financial crisis.

But they can gradually put pressure on a retirement budget.

That’s why even a relatively small amount of additional income can sometimes make a difference.

Extra Income Doesn’t Have to Mean Going Back to Work Full Time

I don’t think most people retire because they’re looking forward to finding another 40-hour-a-week job.

I certainly don’t.

But there’s a big difference between returning to full-time employment and finding something enjoyable that happens to produce some extra income.

Depending on your interests and abilities, that could mean:

• Working a few hours a week
• Consulting in an area you know well
• Tutoring or teaching
• Selling things you make
• Doing occasional work for local businesses
• Turning a hobby into modest income
• Selling things you no longer need
• Doing freelance work
• Starting a small online project

The right answer will be different for everyone.

And there’s nothing wrong with deciding you don’t want to earn additional money at all.

Retirement doesn’t require a side hustle.

But if you’d like some additional income, there are more possibilities today than there were when many of us began working.

Don’t Overlook What You Already Know

This is where I think older adults sometimes underestimate themselves.

By the time you’ve reached your 60s, 70s or 80s, you’ve probably spent decades learning things other people would find useful.

Maybe you know bookkeeping.

Carpentry.

Teaching.

Sales.

Gardening.

Home repairs.

Cooking.

Office work.

Sewing.

Management.

Music.

Working with children.

Caring for animals.

The list could go on forever.

We sometimes assume that because we’ve known how to do something for 30 years, everybody else must know it too.

They don’t.

Your experience may have value.

Before trying to learn an entirely new way of making money, I’d ask:

What do I already know how to do that someone else might value?

The answer might surprise you.

My Own Experiment Has Been This Website

Reinvent After 60 is one of my projects.

I didn’t start with all the answers.

Far from it.

I’ve had to learn WordPress, websites, Google, Pinterest, Facebook, online security, affiliate marketing and quite a few other things that weren’t part of my world when I was younger.

Learning new things at this age hasn’t always been easy, but I’ve found that every small success builds confidence. I wrote more about that in Confidence After 60: Why It Can Change — and What I’ve Learned at 79.

Some days I’ve enjoyed the learning.

Other days I’ve wondered why everything has to be so complicated.

But I keep working at it.

My goal is to build a useful resource for people over 60 based partly on things I’ve experienced myself.

I also hope that, eventually, the website produces income.

I’m not going to tell you that starting a website is an easy way to make money.

It isn’t.

It takes time.

It takes patience.

And there is no guarantee that a website will ever produce significant income.

That’s something I understand much better today than I did when I first started experimenting online.

But I’m still doing it.

Why?

Because I enjoy having something to build.

What I’ve Learned About Affiliate Marketing

Affiliate marketing is one possible way a website can eventually earn money.

The basic idea is simple.

A company has a product or service.

A website recommends that product using a special link.

If a reader purchases through that link, the website may receive a commission.

The concept is simple.

Doing it well is not.

I’ve tried different approaches over the years, and I’ve become much more selective.

Today, I don’t want to recommend something simply because a company offers a large commission.

I want to understand the product.

When practical, I want to use it myself.

And I want to be comfortable recommending it to someone my age.

I’ve already learned that a potentially profitable affiliate relationship isn’t worth much if I don’t trust the product.

My reputation with a reader is worth more than one commission.

Be Careful With “Easy Money” Online

This is one lesson I wish more people understood before they start.

The internet is filled with promises:

Make $500 a day.

Start earning immediately.

Anyone can do it.

No experience required.

Those claims should make you cautious.

There are legitimate ways to earn money online.

There are also plenty of exaggerated promises, expensive courses and questionable products aimed at people looking for additional income.

I’ve learned not to assume that something is a good opportunity simply because somebody has an impressive website or an exciting success story.

Ask questions.

Research the company.

Understand the costs.

Find out how you actually get paid.

And never spend money you can’t afford to lose because someone promises you’ll quickly make it back.

Start Small Before Spending Big

If you decide to try something new, I think this is particularly important.

Test the idea before investing heavily in it.

Don’t immediately buy expensive software.

Don’t purchase a $2,000 course because someone says it’s the secret.

Don’t order a garage full of inventory.

Don’t commit to a business model you don’t yet understand.

Start with the smallest reasonable experiment.

See whether you enjoy it.

See whether you can actually do it.

See whether there’s demand for what you’re offering.

Then decide whether it deserves more of your time and money.

That’s a lesson I’ve learned through experience.

Don’t Turn Retirement Into Another Job Unless You Want One

This may be the most important point in the article.

There’s nothing wrong with wanting to earn additional money.

There’s also nothing wrong with saying:

I’ve worked enough.

You’ve earned the right to decide how you want to spend your time.

If earning $300 a month doing something enjoyable improves your life, wonderful.

If building a small business gives you purpose, that’s wonderful too.

But if you’d rather garden, travel, spend time with grandchildren, volunteer, work around the house or sit on the porch with someone you love, you don’t need to justify that decision.

Money matters.

Time matters too.

And as I’ve gotten older, I’ve become increasingly aware of the value of both.

My Approach Today

At 79, I’m still experimenting.

I’m still learning.

And I’m still interested in whether Reinvent After 60 can eventually become a profitable website.

But I’m approaching it differently than I once did.

I’m concentrating first on creating useful information.

I’m looking carefully at anything I might eventually recommend.

And I’m trying not to chase every new opportunity that comes along.

I’d rather build something slowly that I can be proud of than make quick money recommending things I wouldn’t use myself.

Maybe that approach takes longer.

I’m comfortable with that.

Final Thoughts

Extra income after retirement can certainly make life easier.

An additional $100, $300 or $500 a month can help with groceries, utilities, travel, hobbies or simply provide a little more breathing room.

But I don’t believe there’s one “best business for seniors.”

And I certainly don’t believe everybody over 60 needs to start an online business.

The better question might be:

Is there something I already know, enjoy or would like to learn that could also produce a little income?

If the answer is yes, investigate it.

Start small.

Give yourself permission to learn.

And don’t be afraid to walk away if it isn’t right for you.

At 79, I’m still working on my own answer.

And perhaps that’s part of what makes it interesting.

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