5 Part-Time Retirement Jobs That Pay Well

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If you are thinking to have part-time retirement jobs, you’re not alone. Just over half of workers over age 60 say that they plan to continue working after their official retirement date, according to a 2014 survey by CareerBuilder, an increase of 9% from 2013. Overall, 40% of people over age 55 are working in some capacity, a Merrill Lynch study on work in retirement found. That’s the highest level since the 1960’s.

[Read also: Even Warren Buffett Relied on a Mentor]

Many people who seek out retirement jobs do so because they need the extra cash. Paltry savings, pension cuts, and high health care costs can all conspire to keep people in the workforce longer than they may have initially planned. But money isn’t the only motivator for the post-retirement job searcher. Retirees may also keep working because they want to keep busy, learn new skills, maintain social and business connections, start a new business, pursue a particular passion, or give back in some way.

“The old idea of retirement of moving somewhere sunny and playing a lot of golf, that’s a 50-year-old idea,” Andy Sieg, head of Global Wealth & Retirement Solutions for Bank of America Merrill Lynch, told the Washington Post. “People are screaming out for a new proposition. They want to stay engaged and be in the workplace.”

Fortunately, if you’re ready to get out of the rat race but not quite prepared to give up working entirely, there are many options available. We’ve put together this list of five part-time jobs that can give retirees the flexibility they want while also allowing them to pad their bank accounts.

[Read also: Even Warren Buffett Relied on a Mentor]

1. Consultant or Freelancer

Consulting is one of the most popular post-retirement jobs, CareerBuilder’s survey found. That’s not surprising, given that that the transition from full-time work to retirement can be a tough one. People who’ve spent their past few decades focused on their career may find themselves at a loss once they stop working. Becoming an independent consultant or freelancer means you can continue to do what you love, keep your professional skills fresh, stay in touch with colleagues, and make some money.

The job is flexible, and you can set your own hours, determine a reasonable rate to charge, and pick and choose clients with whom you work. How much you’ll earn as a consultant will depend on your industry, the amount of effort you put into marketing your services, and the demand for your skills. Given all the opportunities available, perhaps it’s no wonder that half of retirees surveyed by Merrill Lynch say they plan to continue to work in some capacity in their current career after they retire.

2. Tutor or Teacher

Sharing your knowledge with a younger generation can be a rewarding way to earn extra cash. The average hourly rate for tutors is $16.44, according to Payscale, with higher pay going to those with expertise in tough subjects like physics. Rates can be far higher for those with teaching experience – private tutors may charge up to $75 an hour,according to Care.com.

A flexible part-time gig as a substitute teacher is another appealing option for many retirees, though the pay varies widely by state, according to the National Education Association. In Alaska, substitutes with a teaching certificate can earn up to $125 per day (about $17.85/hour based on a seven-hour school day), while in Minnesota, pay ranges from $70 to $130 per day. In Oklahoma, the typical district pays only $40 to $55 per day.

Every state or school district has its own rules about who can serve as a substitute. In Delaware and Vermont, a high school diploma is sufficient, while in Colorado and Minnesota substitutes generally need to have a teaching license or credential. Generally, substitutes without teacher certification are paid less than those with a credential.

3. Babysitter

If you’ve raised kids of your own (or even played the role of doting aunt or uncle), you may be able to put that experience to good use with a part-time gig as a babysitter. The average hourly rate for a sitter in 2014 was $13.44, per Care.com. Age could work in your favor when it comes to pay. When Care.com surveyed parents, about half said they would pay $5 more per hour for an experienced caregiver.

If you’re serious about picking up some extra work as a babysitter, you can likely earn more and find jobs more easily if you brush up on your first aid and safety training. Fifty-three percent of parents polled by Care.com said that was the most important skill they look for in a sitter. To find jobs, you can simply let family and neighbors know you’re available, or use online services to broadcast your availability to a larger number of people.

4. Tour Guide

If you’re comfortable speaking in front of large groups of people and have a head for dates and trivia, a job as a tour guide could be just the thing. The average tour guide earns $12.56 per hour, according to the Bureau of Labor Statistics (BLS). You’ll probably take home slightly more if you work for a private tour company or travel service, and a bit less if you work for a museum or local government historic site. Some tour guides may also earn tips.

Not surprisingly, tour guide jobs are more plentiful in areas with lots of out-of-town visitors, museums, and historic sites, including New York City, Honolulu, Boston, and San Francisco. Average wages for tour guides are highest in Washington, D.C., Wyoming, Alaska, and New York, per the BLS.

[Read also: Even Warren Buffett Relied on a Mentor]

5. Tax Preparer

Retirees with business and accounting experience can make extra money around tax time by preparing tax returns. The average tax preparer wage is $21.09 per hour, according to the BLS.

There are surprisingly few requirements you need to meet to become a tax preparer. Whether you’re setting up your own shop or working for a big company like H&R Block or Jackson Hewitt, you’re required to have a Preparer Tax Identification Number from the IRS, which costs $64.25 when you first register and $63 per year thereafter. The IRS also has a voluntary program for tax preparers, which includes continuing education and a listing in the tax preparer database once you complete the training.

In addition, the IRS hires seasonal employees during its busy time of January through May. Available jobs might include positions as a clerk, tax examiner, or data transcriber.

(Source: Retirement Cheat Sheet)

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