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How to earn some extra cash in retirement

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You might be thriving in retired life; no longer having to face the daily grind, happy making the most of your free time. 
 
However, that’s not the case for everyone. For some, work is still a large part of their life even after hitting retirement age. It could be simply to earn some extra money, or through a desire to stay in working life. 
 
But when you’ve passed that milestone, it can be difficult to find a job that suits both your needs and lifestyle. With that in mind, here are a few ways to earn a little extra cash if needed. 
 

Use the space around you

Through the likes of Airbnb or HomeAway, you can rent out part or all of your home on a day, week or even longer basis. 
 
Whether you’re heading out of town or want to take advantage of some extra space available in your home, short-term renting is a great way to do it. You decide how much you want to charge, then the hosting company, Airbnb for example, take a small fee from your takings. 
 
Alternatively, if you’re not comfortable with renting out your property, there are other options. If you live near a station and have unused parking space, you could cash in by renting it out to local commuters. 
 

Sell homemade crafts

If you’re creative, selling homemade crafts is a great way to earn money. 

Piggy bank
Sites such as eBay and Etsy are excellent online marketplaces. Customers will often pay a pretty penny for something original or homemade. It’s worth seeing what else is out there before bringing the sewing machine down from the loft, though. 
 

Clear out what you don't need

Not so creative? There are still opportunities to earn. Everything you see around you will have some worth. It’s unlikely you need or use everything you have now, so why not free up some space and make some cash by selling unwanted items?
 
You could head down to your local car boot sale to get shot, or take a few pictures and put your things online. 
 
Aside from eBay, there are several other platforms you can sell through, such as Facebook Marketplace, Gumtree and, if you have prized vinyl records, Discogs
 

Take care of pets

If you think parting company with your prized possessions would be too hard, you can make pocket money in other ways. Particularly if you’re an animal lover. 
 
Owners will go to great lengths to make sure their pets are taken care of when they’re not around. Perhaps they’ve gone away for a long weekend or need to stay around the office late.  Looking after their pets could be an opportunity for you to do them a favour and earn yourself some cash. Advertise online or use word of mouth, there are plenty of ways you can get your new service out there. 
 

Take online surveys

However, if you prefer the comfort of your own home, taking online surveys is a simple way to make some quick money. 
 
Swagbucks and Survey Spotter are just two companies which pay you for completing online surveys. And the more surveys you do, the more cash you make.
 
It’s worth noting, though, that some sites won’t pay you in cash, but in vouchers for retailers such as Amazon. 
 

Do I need to declare my earnings?

It’s important you make HMRC aware of any new income you receive. However, this tax year (2019/20), not all of your income is taxable. 
 
You have your personal allowance, which is how much money you can earn without paying Income Tax. For tax year 2019/20, that stands at £11,850 a year. 
 
On top of that you also have a micro-entrepreneurs income allowance of £1,000 from property and trading1. That’s applicable to the likes of selling goods on eBay or Etsy. 
 
There’s also the rent-a-room tax allowance of £7,500 a year if you have a lodger. That allowance is if you live alone, with the figure dropping to £3,750 per person if you are letting all or part of your home with someone else2
 
So, there you go. A few simple ways to make some extra cash in retirement. Now it’s time to put your home, items or skills to good use and start enjoying your new income. 

1https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income
2https://www.gov.uk/government/publications/rent-a-room-for-traders-hs223-self-assessment-helpsheet/hs223-rent-a-room-scheme-2019

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