5 Online Business Ideas for Retirees To Make Money

Here's a surprising bit of information - the RAND Corporation found that nearly half of those over 65 who had retired once are now back in the workforce. Are you considering going back into the workforce? Do you want to keep earning while you can but still want to have and enjoy the retirement lifestyle.

Online business is one of the best opportunities if you're a retiree with the drive to keep going and need additional income. The digital space offers flexibility, allows you to work at your own pace, and allows you to connect with people globally, all from your living room. Ready for a fresh start where you're in charge? Here are five straightforward and achievable online business ideas for retirees like you. We're here to guide you through each one, ensuring your questions are answered.

1. Virtual Assistant

The increasing use of technology has resulted in a higher demand for virtual assistants. With their wealth of life experiences, retirees can seamlessly fit into this role, helping professionals manage their schedules, communicate, and more—all from home's coziness.

Getting Started

● Research: Begin with online courses from sites like Udemy or Coursera tailored for beginner

● Select Your Option: Identify what type of VA work is suited to your skill set, your past work experience, your personality and your lifestyle.

● Online Presence: A LinkedIn profile and a basic website (think Wix or Squarespace) are essential.

● Freelance Platforms: Start on websites like Upwork, connecting you with potential clients.

● Networking: Lean on past connections—friends, ex-colleagues, and community ties.

● Set Terms: Decide your hours and tasks. It's your journey; customize it.

Income Expectations

A 20-hour workweek might offer around $1,500 monthly, supplementing your retirement savings. The best part? You decide your working hours, ensuring you don't miss out on family time or hobbies.

Things to Consider

● Startup Costs: Primarily advertising - perhaps a website or online ads. An estimated cost might range from $100-$500 initially.

● Tech Basics: Gain as much computer literacy as you can. Every new skill has a potential earning and can contribute to the ease with which you deliver.

● Every new skill can also add some zest to life!

● Physical Strain: Minimal. Your main companions are your computer and maybe a coffee.

● Training: Your experience is invaluable, but online resources can bridge gaps.

● Needs: A reliable computer, internet, and a serene workspace.

Is This For You?

This isn't just about earning but staying connected and relevant. If you're looking for business ideas for retirees, virtual assisting lets you blend passion with purpose, all from your living room. This could be your gateway into online business retirees can do at home.

2. Create and Sell Online Courses

Sharing what you've learned over the years is now easier than ever. If teaching appeals to you but you'd rather not be one-on-one, online courses could be your ideal venture.

Getting Started:

● Outline Your Course: Use your expertise to design a course structure. Think about what you would've loved to know when you started in your field.

● Platform Selection: Websites like Udemy, Teachable, or Coursera allow you to host and sell your courses. Alternatively, creating your site offers more control.

● Content Creation: This can be through videos, e-books, quizzes, or interactive lessons. Tools like Canva or Camtasia can be helpful.

● Marketing: Leverage social media, email newsletters, or your previous workplace networks to get the word out.

Income Expectations:

Given the digital nature of the product, once the course is created, it can be a source of passive income. The earnings vary significantly based on the price you set and your marketing efforts. Some earn a few hundred dollars monthly, while others might make thousands. Your content and the size of the audience will dictate your potential.

Things to Consider:

● Startup Costs: Initial investments include a website (if you choose to have one) and marketing. Depending on how professional you want your setup to be, you could be looking at $200-$1000.

● Time Commitment: The majority of time is spent upfront in course creation. After that, it's mostly about updates and marketing.

● Tech Know-How: A basic understanding of online tools and platforms is essential. Remember, every day is an opportunity to learn!

● Feedback and Iteration: Be open to feedback. It will help you refine your course and make it better.

Is This For You?

For retirees with a knack for sharing wisdom, this online business combines passion with profit. If making money during retirement without daily client interactions appeals, this might be your calling. Courses offer both value to the learner and satisfaction to the creator, making it an excellent option for retirees looking to launch an online business.

3. Selling Products Online

Selling online isn't just for big companies anymore. Whether you've discovered new products or have items that you believe others might want, places like Amazon, eBay, and even local online marketplaces can be excellent platforms to start.

Getting Started:

1. Pick Your Product: This could be anything, from items related to hobbies you've picked up, collectibles, or general products you feel have a demand.

2. Select Your Selling Platform: Etsy is known for handmade crafts, while eBay is great for various items, especially if they're unique or second-hand. Amazon allows for a broader audience but might have more competition.

3. List Your Products: Clear photos, detailed descriptions, and the right pricing are key. If you need help, many online resources or local experts can guide you.

4. Price It Right: Look at similar items on your chosen platform. Remember to account for any fees the platform might charge and shipping costs.

5. Customer Relations: Responding quickly to questions and managing feedback can significantly impact online selling.

Income Expectations:

The earnings can vary, but once you've established a presence, you could make anywhere from a few extra dollars to a significant monthly boost to your retirement funds.

Things to Consider:

1. Starting Costs: Initial stock, potential platform fees, and initial marketing might require some investment.

2. Fees: Both Amazon and eBay have certain fees. It's essential to know these upfront.

3. Shipping: Consider how you'll ship items, especially if they're large or fragile. Some sellers prefer using fulfillment services, where the platform handles shipping.

4. Tech Basics: You'll need to manage your listings and keep track of sales. While platforms try to make this as user-friendly as possible, a basic online course can be helpful if it feels overwhelming.

Is This For You?

If reaching customers all over and diving into online sales excites you, this could be one of those work from home jobs perfect for making money during retirement. With some initial setup, it can become a steady income stream, all from the comfort of your home.

4. Become a Life Coach Online

Decades of life experiences have equipped you with wisdom, insights, and lessons. What better way to utilize these than by guiding others as a life coach?

Getting Started:

1. Identify Your Niche: Decide if you want to coach in a specific area, like career development, relationships, or general life advice. Is there anunusual experience you have had in life that you handled and can help others understand how to do the same?

2. Get Certified: While not mandatory, certification can lend credibility. Consider programs accredited by the International Coach Federation (ICF).

3. Online Platform: Set up a professional website, highlight your experience, and offer coaching sessions. Platforms like Zoom or Skype can be used for sessions.

4. Market Yourself: Social media, blogs, and testimonials can attract clients. Let friends and previous colleagues know about your new venture.

Income Expectations:

Prices for life coaching vary. Starting, you might charge $50-$100 per session. With a steady clientele, this can add up significantly over a month.

Things to Consider:

1. Tech Basics: Get familiar with online communication tools and maintain your website.

2. Ongoing Education: Stay updated with coaching techniques or personal development trends.

3. Confidentiality: Respect client privacy and consider secure platforms for your sessions.

Is This For You?

If you've always been someone people turn to for advice and enjoy guiding others, this path may suit you. It allows you to make a meaningful impact while earning.

5. Become a Freelancer

Your years in the workforce have provided you with a wealth of skills. Freelancing allows you to capitalize on these skills, offering them to clients on a project-by-project basis.

Getting Started:

1. Determine Your Offer: From writing, consulting, and graphic design to voiceover work—identify what you'd like to offer.

2. Build a Portfolio: Showcase previous work or create new samples.

3. Join Freelancing Platforms: Websites like Upwork, Fiverr, or Freelancer can help you find potential clients.

4. Set Clear Contracts: Before starting any project, clearly agree on pay, timelines, and deliverables.

Income Expectations:

Freelancing offers flexibility in pricing. Depending on your skill and demand, you could earn anywhere from $20 to $200 an hour or more.

Things to Consider:

1. Payment Terms: Be clear about payment terms. Some platforms offer payment protection.

2. Continual Learning: Depending on your skill, staying updated might be necessary.

3. Self-Promotion: Regularly updating profiles, requesting reviews, and networking can help secure more projects.

Is This For You?

Freelancing offers flexibility and control over projects. If you enjoy the freedom to pick and choose tasks based on your interests, freelancing can be a fulfilling way to continue your professional journey from home.

Online business ideas are excellent for those who want to travel. If you are a snowbird or want to live more of a nomad lifestyle. This way to supplement your income allows you to take your ‘job’ with you.

Final Thoughts

Exploring online business opportunities during retirement is a great way to stay engaged and active while enjoying the conveniences technology offers.

With a wealth of experience and knowledge, retirees are in a prime position to tap into these opportunities. While there might be concerns about adapting to new technologies, remember that many retirees have ventured into this space successfully.

Exploring business ideas for retirees online doesn't mean a steep learning curve or reinventing the wheel. It's about applying the skills and wisdom you've gained over the years to a new medium. The benefits are clear: it presents a chance to make money during retirement and provides a way to stay active and connected.

For those who've felt the urge to remain productive, to continue making a difference, and to add a supplemental income, the opportunity to work from home for retired individuals has never been more accessible or rewarding. Dive in and discover the potential that awaits.