Five Great Ideas For Over 60s To Make Extra Money

Approaching retirement age can be a daunting prospect for many people with fears about boredom and financial security being hard to dispel. Fortunately, there’s lots of things the over 60’s can do to make a little extra money and keep themselves busy in the process. Here are five great ideas:

License: Image author owned
License: Image author owned

Rent out a spare room

Many people who are in this stage of their life find themselves living in a house with lots of excess capacity. This is because if they had children they have usually grown up and moved out of the house to begin their own lives. Renting out a spare room to a lodger is an excellent way of generating additional income and it’s also great to have somebody else in the house to chat to. Place an ad in the local newspaper for your room and it won’t be long before somebody’s moving in and helping you with the bills.

Start a dog walking business

Anyone who’s fond of dogs and enjoys a bit of exercise might consider starting a dog walking business. You would be amazed at the amount of people who struggle to find the time to walk their dog due to work and family commitments. If there’s anyone like this in your neighborhood, drop in and offer your services to them. All you need is one or two customers before word will spread about your new business and you will be inundated with people asking you to take their pet for a daily stroll.

Take part in a paid clinical trial

This is a very popular way of earning extra income. There are always new trials starting for drugs that are being tested prior to being made available on the market. Clinical trial companies require volunteers to study the effects of new treatments and ascertain dosages. To qualify for a paid clinical trial it is necessary to first complete a screening test. If no
health problems are detected during the screening test, the volunteer is free to begin the trial. Only one trial can be undertaken at a time and a rest period of 3 months must be taken between trials.

The financial reward for taking part in a paid clinical trial can be very generous. Volunteers are often paid over £100 per day for their time, with the length of the trial determining the exact fee paid. The vast majority of trials run for between one and 30 days. Additionally, volunteers may be paid up to £100 to cover their travel expenses of getting to and from the Clinical Research Unit. All trials are heavily regulated and volunteers are watched carefully throughout by medical experts, so if you think you could do with the extra cash don’t be afraid to sign up for a paid clinical trial.

Online Questionnaires

There are many different websites that will pay you for completing online questionnaires. The work is incredibly easy and the best thing about it is you can do it from the comfort of your own home. All you need to get started is a computer and an internet connection; sign up with some of the different sites and begin filling out the forms.

Invest in the stock market

If you’re lucky enough to have a sum of money saved, you might be tempted by the gains on offer from the stock market. It’s a risky business, but with a little bit of research and business savvy you can substantially grow your savings over time by picking the right investments. If you don’t know where to start, speak to a financial advisor. There are many different options for investing your money, including stocks, shares, bonds, commodities and currencies.

About the Author: This post was written by Nick Davison, Nick writes about a number of health related topics including Psychology and Medical Sciences.

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