10 ways to make money in retirement

From running a B&B to writing a book about your area of expertise, here are some novel ways of making some extra cash.



1. Bed & breakfast

Upside

  • Modest start-up costs
  • Good cash generator
  • Repeat business factor
  • Low if not zero debtors' list

Downside

  • Requires patience to put up with a constant flow of strangers in the home

2. Home handyman

Upside

  • Maintains a vital link between previous workplace activity and retirement
  • Minimal start-up costs
  • Steady earning potential
  • No premises required (work from home)

Downside

  • Irregular hours
  • Access to a vehicle would be essential for most trades

3. Tuition service

Upside

  • Excellent earnings potential
  • High profit margins
  • Home based
  • Zero start-up costs

4. Floristry

Upside

  • Contractual arrangement guarantees repeat business on a regular basis
  • All year round trading potential attached

Downside

  • Reliable supply sources essential
  • Initial investment in stock required

Find out how to set yourself up as a sole trader.

5. Retirement coaching

Upside

  • Under-worked and rapidly growing marketplace
  • Domestic and group coaching opportunities
  • Huge earnings potential
  • High profit margins

6. Garden maintenance

Upside

  • Healthy outdoors activity
  • No start-up costs
  • Multiple markets
  • Good cash generator
  • Low risk factor

Downside

  • Evening work involved.
  • You'd probably require to bone up on design and planning (thanks to the multitude of television gardening programmes)

7. Desktop publishing

Upside

  • Home-based
  • Excellent profit potential
  • Ideal for retirees who have a home computer and the technical know-how
  • Multiple market opportunities: local businesses, groups, institutions, etc.

Downside

  • Constant requirement for canvassing new business

8. Start your own online business

Upside

  • Minimal start up costs
  • Work your own hours
  • 24 hour trading
  • Marketplace: the Planet Earth (perhaps beyond)
  • Automatic order taking and payment processing
  • Instant delivery of produce

9. Make money on eBay

Upside

  • Zero start-up costs
  • Low risk factor
  • Good earnings potential

10. Write a book on your know-how

Upside

  • Source of astonishing personal enrichment in the third age journey
  • Minimal cost
  • Using Kindle Publishing Direct you can publish your book in less than 5 minutes, reaching millions of readers on Kindle stores worldwide.
The opinions expressed are those of the author and are not held by Saga unless specifically stated.

The material is for general information only and does not constitute investment, tax, legal, medical or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.