9 Online Business Ideas For Retirees to Make Money (Extra $1000 Per Month)

Retirement is often seen as a time to relax, travel, and pursue hobbies.

While that’s certainly part of the appeal, many retirees also find themselves wanting to stay active, engaged, and perhaps even supplement their income.

The good news is, the digital age has opened up a world of flexible online business opportunities perfect for retirees.

Whether you’re a lifelong learner, a creative soul, or an organizational whiz, there’s an online business idea out there waiting to be discovered and make extra $1000 per month.

In this blog post, we’ll explore 9 online business ideas for retirees, each with the potential to bring in an extra $1,000 or more per month.

So, grab your cup of coffee, settle in, and get ready to start your online business in your golden years!

9 Online Business Ideas For Retirees to Make Money

1- Freelance Writing

If you have a knack for writing, you can put your years of experience and writing skills to work by offering freelance writing services.

There are many businesses and individuals looking for help with blog posts, website content, social media content, and more.

Platforms like Upwork and Fiverr connect you with clients seeking content creation in various fields.

Freelance writing business can be flexible!

Your potential income as a freelance writer can varies widely ($200-$5,000+ monthly, depending on your writing skills).

Time commitment depends on workload (5-40 hours weekly).

Starting costs of this business are low: a computer, internet, and writing platform profile (usually free).

2- Consulting

Consulting is one of the great online business ideas for retirees.

Now that you are retired, you must have experience and knowledge of your respective field.

You can offer consulting services in your area of expertise to businesses or individuals.

This could involve anything from marketing advice to financial planning, depending on your background.

Consulting business is not time bound. You can fix your meeting with your client according to your convenience. You can even do this business on part-time basis.

Income Potential: $40-$300 per hour (depending upon your expertise)

Please keep in mind: this is just an estimate. Income potential can vary depending upon the niche and area of consultation.

3- Start a YouTube Channel

If you’re comfortable in front of camera, starting a YouTube channel can be a good online business ideas for retirees like you.

You can create videos on your area of expertise and interest, for example: cooking, travel tips for retirees, woodworking tutorials, gardening hacks.

Once you meet YouTube’s monetization requirements (1,000 subscribers and 4,000 watch hours in the last year), you can enable ads on your videos and earn a share of the revenue.

You can partner with brands relevant to your niche and promote their products with affiliate links in your video descriptions. You will earn a commission for every sale made through your link.

As you gain more subscriber you can also do brand promotions to earn money from your YouTube channel.

Starting a YouTube channel costs nothing, but if you want to do it as a serious business, you have to invest on good camera, lightning etc. and focus on making high quality content.

Income Potential: $100- $10000 (ad revenue depends upon the views you are getting on your channel and niche r.p.m.)

4- Become Life Coach

Being a life coach can be a fantastic online business idea for retirees.

It leverages your life experience and wisdom to help others achieve their goals, all from the comfort of your own home.

In life coaching business; you set your own hours and choose the clients you work with.

This allows you to tailor your work to fit your retirement lifestyle.

One advantage of Life coaching business is, it thrives online.

It allows you to conduct sessions through video calls, email, or online communities, reaching clients worldwide.

You can Making Money as a Life Coach by offering structured coaching programs with multiple sessions for a set fee.

You can also charge an hourly rate for individual coaching sessions.

To increase your credibility as a Life Coach, consider getting a life coach certification program.

Focus on a specific area of life coaching where your experience shines, like relationships, career coaching, or retirement planning.

Income Potential: $29 per hour- Six figures annually (experienced coaches with a strong reputation)

5- Sell E-books Online

Ebooks are a digital product, so once created, you can sell them repeatedly without needing to be physically present.

As a retiree, you likely have a wealth of knowledge and experience accumulated over your career.

You can leverage this expertise to write ebooks on a variety of topics and share it with others interested in your field.

You can sell ebooks online from anywhere in the world, as long as you have an internet connection. This allows you to travel or relocate without sacrificing their income stream.

Several platforms where you can sell ebooks online are:

• Amazon Kindle Direct Publishing (KDP
• Sellfy or Payhip
• Your own website

Once your ebook is published and available for sale online, it can continue to generate income for you even while you’re sleeping or pursuing other hobbies.

Income Potential: $1,000 – $2,000 per month

6- Become a Social Media Influencer

Social media influencers are people who have built a reputation for their knowledge or experience in a particular niche on platforms like Instagram, YouTube, or Facebook.

They use their credibility to promote products or services to their audience.

Retirement often means you have more free time to dedicate to building an online presence.

You also likely have a wealth of knowledge and experience in your field that can be valuable to others.

Social media allows you to connect with people who share your interests and build a community around your niche.

You can share your knowledge and experience in a way that is engaging and informative. This could be through photos, videos, blog posts, or live streams.

Try to post content regularly to keep your audience engaged.

Respond to comments, answer questions, and participate in discussions. This helps build trust and loyalty.

Provide your audience with something they can’t get elsewhere. This could be your unique perspective, in-depth knowledge, or simply a sense of community.

Once you have a sizeable audience, you can partner with brands to promote their products or services.

You can also earn money through affiliate marketing or selling your own products or courses.

Income Potential:

• Micro-influencers (10k-50k followers): $50-$500 per post
• Mid-tier influencers (50k-500k followers): $500-$5,000 per post
• Macro-influencers (500k-1 million+ followers): $5,000-$10,000+ per post

7- Become a Virtual Assistant

Being a virtual assistant (VA) is a great online business idea for retirees because it offers flexibility, utilizes your existing skills, and can be tailored to fit your desired workload.

A VA is an independent worker who provides administrative, technical, or creative assistance to clients remotely.

This could involve tasks like:

• Scheduling appointments and travel
• Managing email and calendars
• Creating presentations and documents
• Researching and data entry
• Social media management

As a virtual assistant, you typically work from a home office and use video conferencing or online tools to communicate with clients.

Virtual assistant business offers retirees a chance to leverage their experience, make money, and stay connected. It’s a rewarding way to use your skills and enjoy an active retirement.

Income Potential: According to FinModelsLab, VAs in the US can earn an average annual income of around $36,432. This translates to roughly $3,000 per month.

8- Start Dropshipping Business

Being retired doesn’t mean giving up on the thrill of building something new.

Dropshipping offers a way to tap into the e-commerce world and potentially generate extra income, all without the hassle of managing inventory or deliveries.

In a dropshipping business, You act as the middleman between a supplier and a customer.

You create an online store showcasing products you source from suppliers (usually wholesalers).

You’re responsible for marketing your store and converting visitors into customers.

This involves crafting compelling product descriptions, running targeted ads, and creating a user-friendly website.

Once a customer places an order, you forward it to the supplier. They handle packaging, shipping, and any customer service related to the actual product.

Compared to traditional businesses, dropshipping requires minimal upfront investment. You don’t need to buy inventory or rent warehouse space.

There are plenty of online resources available to guide you through the dropshipping process.

Platforms like Shopify and Bigcommerce offer tutorials and templates specifically designed for building online stores.

Income Potential: $1,000 – $2,000 per month as a beginner

9- Online Investment Business

An online investment business would involve offering investment advice or managing client portfolios for a fee. This could involve stocks, bonds, mutual funds, real estate, or other financial instruments.

Retirees with experience in finance and investing can leverage their knowledge to provide investment advice or manage portfolios for others.

This can be done online through various platforms.

Things to remember before starting investment business:

• Licensing and Regulation: Providing financial advice often requires licenses and registrations. These can vary depending on location and the type of investments involved. Researching these requirements is crucial.
• Fiduciary Duty: Financial advisors have a fiduciary duty to act in their client’s best interests. This requires a high level of knowledge and expertise in financial markets.
• Risk Management: The financial markets can be volatile, and there’s always a risk of clients losing money. You’ll need to have strong risk management strategies in place.

Income Potential: $60,000 to $100,000+ per year is possible for experienced advisors with a large client base.

Final Words

Building a successful online business takes time and effort. Be patient, promote yourself effectively, and focus on providing value to your target audience.

Ready to get started?

Choose an online business idea that aligns with your interests and skillset.

With dedication and a little know-how, you can be well on your way to earning an extra $1,000 per month and enjoying an active and fulfilling retirement!