11 Overlooked Ways Retirees Can Make Money

Ah, retirement: Who doesn’t dream of giving up the rat race and putting the daily commute in the rearview mirror? That said, retirement doesn’t have to put an end to earning income. Instead, view your post-work years as a transition from a traditional career to some nontraditional ways to make money.

Just remember to be cautious. Always check out a company’s reputation before you sign up, and never pay for a service that promises to help you earn money.

Now that you’re ready to line your pockets with extra cash, here are 11 nontraditional earning opportunities.

1. Secret shopping

Get paid to shop or get free meals while reviewing an establishment. To find out more, head over to the Mystery Shopping Professionals Association and check out their assignment search list for nearby jobs.

2. Treasure hunting

The beach is a great spot to spend your golden years, so why not comb it with a metal detector? Maybe if you’re lucky — astronomically lucky — you’ll uncover something as incredible as 16.5 pounds of ancient gold and silver, as an Englishman did with his metal detector in 2009. Or, perhaps you will simply earn the opportunity to do a good deed, like the retired firefighter who found — and returned — a woman’s lost $13,000 wedding ring.

3. Scrap metal

There’s money in scrap metal. Take a look around your house, garage and shed, and find some old equipment you’re not using. Identify the metals and then check out Scrapmonster.com for an estimate on prices. The prices there are three months old unless you pay to sign up, but they should be good enough to get you in the ballpark.

You can go to your local transfer station to sell, but going directly to a scrap yard can get you the best price.

4. Tutoring

Malcolm Gladwell, author of “Outliers: The Story of Success,” suggests it takes about 10,000 hours of practice to master a subject or activity. If you have a lifelong interest — literature, politics, history — you’re going to be an expert by the time you retire. Tutoring is a chance to share your knowledge with a pupil and make decent money to boot. One place to connect with tutoring opportunities is Wyzant Tutoring, which can match you to both local, face-to-face opportunities and virtual tutoring jobs.

5. Consulting

Have you had a career in the same industry for most of your life? Or have you worked jobs in different industries? You can make both angles work as a consultant. If you had the same career for a number of years, you know your industry better than most 20-something managers. If you’ve had several different careers, you’re in the unique position to look at a company problem from different vantage points. For a way to make money using your specialty — and do so on a flexible basis — consider signing up as an expert on JustAnswer. To learn more about how to become an online expert, click here.