Unconventional Retirement Income Sources

Updated: December 29, 2023
by TJ Salvatore

Retirement is a time many of us look forward to, dreaming of days filled with relaxation and pursuing hobbies. And we are also aware that the financial security is going to be a big part of that dream. When traditional sources like pensions or savings are no longer quite enough, it’s time to get creative with your income sources. And honestly, this can be pretty fun!

Unconventional Retirement Income Sources

Did You Know?

  • Real Estate Crowdfunding: Investors can earn an average of 8-12% annually on their investments through real estate crowdfunding platforms.
  • Peer-to-Peer Lending: Returns on peer-to-peer lending platforms can range between 5% and 10% annually, depending on risk level.
  • Rental Income: The average annual return on rental properties was approximately 9.5% over the past 25 years.
  • Royalties from Intellectual Property: Authors, musicians, and inventors can earn royalties ranging from 2% to 15% of sales or licensing deals.
  • Annuities: Fixed annuities offered an average annual payout rate of 4.7% for a 65-year-old male in recent years.
  • Dividend Stocks: The S&P 500's average dividend yield has hovered around 2% in recent years, with some sectors offering higher yields.
  • Agricultural Investments: Farmland has shown an average annual return of approximately 12% over the last two decades.

Becoming a Film or TV Extra

Ever fancied being on the big screen? Many retirees are finding fun and income by working as extras in films or TV shows. You get to be on a real set, see how movies are made, and maybe even rub shoulders with stars. Plus, the pay isn't too bad for a day's work of mostly hanging around and experiencing the filmmaking.

Finding TV Extra Gigs

Where do you start when you want to be an extra in a film or TV show? There are a bunch of websites like Backstage, Casting Networks, and Central Casting that list these opportunities. You just need to sign up, create a profile, and start applying for roles that match your look or interests.

Local film commissions and social media groups also post casting calls. Keep an eye out for them. Remember, you don't need any acting experience for most of these roles.

It's all about fitting the look that the casting directors are after. Staying active on these platforms and responding quickly to casting calls can increase your chances of getting selected. After all, many of these roles are filled pretty quickly.

Qualifying as an Extra

So what do you need to qualify as an extra? Honestly, it's less about skill and more about fitting the right profile and being reliable. Extras are there to make scenes look real and lived-in. You could be asked to sit at a café, walk around, or be part of a crowd. It's pretty straightforward stuff.

You'll probably be reminded about your appearance on set, as producers often look for a diverse range of people. Age, height, clothing size – all these can play a part in getting selected for a particular role.

Also, being available at short notice can be a big plus. Filming schedules are often tight and can change fast, so flexibility is a plus, right?

Earnings as an Extra

Now, how much can you expect to earn as an extra? Generally, extras are paid daily rates. The rate can vary but usually ranges from $100 to $200 per day. Not bad for a day's work where you might just be hanging out in the background, right?

Some projects might pay more, especially if you're required for a longer period or need to do something specific like wear a costume or handle props.

Also, if a shoot requires late hours or unusual conditions, there might be additional compensation. Keep in mind that rates can vary by region and project type, so it's always good to check the details of the job beforehand.

Renting Your Garden for Events

Renting Your Garden for Events

Got a nice garden or outdoor space? Why not rent it out for events like weddings, parties, or photo shoots? This is a trend that's picking up, especially with folks looking for unique, intimate venues. 

Your beautiful garden could be just what someone is looking for their special day. It's low effort and can be quite lucrative.

Finding Opportunities for Garden Rentals

Wondering where to start with renting out your garden? Websites like Peerspace, Splacer, and even Airbnb now offer options for listing outdoor spaces for events. You need to sign up, create a listing with photos of your garden, and set your availability and rules.

Local event planners and wedding coordinators are also great contacts. Reaching out to them and letting them know about your space can open doors to opportunities.

Needless to say, social media can be useful too. Posting pictures of your garden and letting friends and community groups know it’s available for events can attract interest. Word of mouth is powerful, you know?

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What Makes Your Garden Suitable for Events

So, what makes a garden a good spot for events? Size matters, but so does charm. A well-maintained garden with a bit of character can be more appealing than a larger, less inviting space. Think about what makes your garden special. Is it the flower beds, a scenic view, or maybe a unique water feature?

Accessibility is important too. Is your garden easy to get to? Can it accommodate groups comfortably? Also, consider amenities like bathroom access or electricity for lighting and music. These can make your garden more suitable for events like weddings, parties, or photo shoots. The more accommodating your space, the more appealing it will be to potential renters, right?

Earnings from Garden Rentals

Garden rental rates can vary widely based on your location, the size and attractiveness of your garden, and the types of events you're hosting.

On average, you might charge anywhere from a few hundred to a few thousand dollars per event. Factors like the length of the event and any additional amenities you provide (like chairs, tables, or lighting) can affect your rate.

Keep in mind, look at what similar spaces in your area are charging to get an idea. Also, consider offering different rates for different types of events or for different lengths of time. This flexibility can make your space more attractive to a wider range of clients, you see?

Did You Know?

  • Reverse Mortgages: Homeowners aged 62 or older can convert part of their home equity into cash, though terms and conditions vary.
  • Cryptocurrency Staking: Staking rewards for cryptocurrencies vary widely but can offer yields between 5% to 20% or higher.
  • Self-Publishing: Self-published authors on platforms like Amazon Kindle Direct Publishing can earn up to 70% in royalties on the sale price of their books.
  • Affiliate Marketing: Affiliate marketers can earn between 5% to 50% commission on products sold, with earnings heavily dependent on niche and traffic.
  • Renting Out Property on Airbnb: The average Airbnb host earns around $924 per month, with earnings varying significantly by location and property type.
  • E-commerce: Owners of niche e-commerce sites report average gross margins of 40-60%, with significant variation based on product and scale.
  • Franchise Ownership: The average annual profit for franchise owners is about $66,000, with a wide range based on the type of franchise and location.

Antique Restoration and Sales

This one’s for those who love a bit of history and DIY. Restoring antiques and selling them can be both a fulfilling hobby and a profitable venture. Whether it's furniture, toys, or books, there’s a market for well-restored antiques. Plus, it's a great way to keep the brain and hands active.

Antique Restoration

Finding Antique Restoration Opportunities

Starting in antique restoration and sales is all about finding those hidden gems. Where do you look for these treasures? Thrift stores, garage sales, and estate sales are prime spots. You'd be surprised at the valuable items people let go for next to nothing. It's like a treasure hunt.

Online marketplaces like eBay or Craigslist can also be gold mines for finding antiques. Sometimes, people don't realize the value of what they have. Keep an eye out for listings that might be undervalued. Networking with antique dealers and attending antique shows can also lead to great finds. They can offer insights and sometimes even partnership opportunities, right?

Qualifications for Antique Restoration

What do you need to start restoring antiques? First and foremost, a keen eye for potential. Knowing what's valuable and what's not comes with experience and a bit of research. You don't need formal qualifications, but a love for history and craftsmanship helps.

Learning about different periods, styles, and materials is beneficial. There are plenty of resources online and in libraries to help you. You might also consider workshops or courses in furniture restoration or metalworking, depending on your interest area. Patience and attention to detail are your best tools here.

Restoring antiques can be time-consuming, but the transformation can be incredibly rewarding.

Earning Potential in Antique Restoration

The earnings depend on what you find, how well you restore it, and how you sell it. Small items might bring in a modest profit, but larger pieces or rare finds can sell for hundreds or even thousands of dollars.

Selling platforms matter too. Online marketplaces like Etsy or eBay are great for reaching a wide audience. However, don't overlook local antique shops or flea markets. Sometimes, the right buyer is just around the corner. You're expected to know the value of your restored items and price them accordingly. A beautifully restored piece can fetch a good price from the right buyer.

Becoming a Mystery Shopper

Becoming a Mystery Shopper

Yes, you can actually get paid to shop or dine out. Mystery shoppers are hired to visit stores, restaurants, and even banks to evaluate customer service and other aspects of the business. It's like being an undercover agent, but for shopping. And the best part is this. You usually get to keep the products you buy or enjoy a meal on the house.

Finding Mystery Shopping Jobs

Websites like Market Force, Secret Shopper, and IntelliShop are popular for finding mystery shopping gigs. Signing up is typically free. You just create a profile, and then you're good to start applying for assignments.

Local retail and market research companies can also offer mystery shopping opportunities. It's worth reaching out to them directly. Also, keep an eye out for ads in local newspapers or job boards. Be cautious of scams, though. Legitimate mystery shopping companies won't ask for money to sign you up.

Qualifications for Being a Mystery Shopper

What does it take to be a mystery shopper? Not as much as you might think. The most important thing is attention to detail. Companies hire mystery shoppers to provide feedback on their customer service and store conditions, so noticing the little things is a good idea.

Good communication skills are also essential. You'll need to write clear, concise reports about your experience. There's no need for any special qualifications, though. A little common sense and the ability to blend in like a regular customer are all you really need. After all, the whole point is to be as inconspicuous as possible, right?

Earnings as a Mystery Shopper

So what about the pay? You can expect to earn per assignment rather than an hourly wage. The payment varies widely depending on the complexity of the task and the company you're working for. Typically, you might earn anything from $10 to $50 per assignment.

Some assignments also reimburse you for purchases you make. For example, if you're asked to evaluate a restaurant, your meal might be covered. It's not going to make you rich, but it can be a fun way to earn some extra money and enjoy some freebies along the way, you see?

Crafting and Selling Unique Art

Crafting and Selling Unique Art

Got a knack for creating something unique? Maybe it's quirky sculptures, custom toys for adults, or handmade glassware. Whatever your craft, there's a market for unique, handmade items. This is probably the basic way to turn a hobby into a source of income.

Finding Opportunities for Selling Your Art

So Etsy, eBay, and ArtFire are perfect for artisans looking to sell their creations. Setting up a shop on these platforms is pretty straightforward, and they offer a wide reach.

Don't forget about local opportunities, too. Art fairs, community markets, and local galleries often welcome unique creations. It's a great way to connect with buyers face-to-face.

Instagram, TikTok and Pinterest can also be effective for showcasing your work and attracting customers. Sharing your creative process and finished pieces can draw in an audience interested in your art, you know?

What Qualifies You to Sell Art

If you create art, you're qualified. Whether you're a painter, a sculptor, a jewelry maker, or an expert in any other form of art, your unique vision and skills are what set you apart.

Developing a style or niche can help you stand out. Maybe you use unusual materials, or perhaps your art has a particular theme. Buyers often look for something distinctive and personal. Continuous learning and refining your skills will enhance your art, making it more appealing to potential buyers. Remember, the art world is diverse, and there's room for all kinds of creators, isn't it?

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Potential Income from Selling Unique Art

Some artists start by making a few sales a month, earning a modest amount, while others might make a significant income as their reputation grows.

Pricing your art is an art in itself. It should reflect the time, effort, and cost of materials, plus a bit for your creativity and skill. As you build a customer base and gain more recognition, you might find that you can increase your prices. Selling art isn't just about making money; it's about sharing your vision with others and finding an audience that appreciates your work.

Urban Farming and Selling Produce

Urban Farming and Selling Produce

Urban farming isn't just a trendy hobby; it can be a source of income too. If you have a knack for growing vegetables, herbs, or even edible flowers, consider selling your produce at local farmer’s markets or to specialty restaurants. People love fresh, locally-grown food, and you could be the one to provide it.

Discovering Urban Farming Sales Opportunities

Look into local farmer's markets where you can set up a stall. Also, social media platforms are great for connecting with those interested in buying fresh, locally-grown food. Another option is starting a subscription box for regular deliveries to customers.

Getting Started in Urban Farming

To get started in urban farming, you don’t need special qualifications. If you have a passion for growing plants and are willing to learn, you're all set. Start small, learn about different plants, and use your space wisely. Even a small area can yield a good amount of produce.

Earnings fom Urban Farming

How much you earn from urban farming can depend on various things, like what you grow and where you sell it. Small-scale urban farmers might earn a modest amount, but this can grow as you expand. Pricing your produce appropriately and building good relationships with your customers can help increase your earnings.

Blogging About Your Experiences

So film extra, art restoration, mystery shopping...whatever you choose to do, you can start blogging and share your experience for extra money;

  • Your craft works can be sold via your own website.
  • Place ads on your site and earn an advertising income.
  • Also promote related products from Amazon to earn affiliate income.

Of course, you'll have to be careful about the confidentiality issues. Filming may be secret at the time of blogging. Your customers or their addresses should not be revealed. But things like that will become easier was you keep posting pages.

Other than that, maybe you've traveled extensively, have a unique hobby that cannot be materialized, or have expertise in an obscure field – these are all goldmines for content that people might pay to read.

So here arema few unconventional ways to add a bit of extra income in retirement. These ideas are not just about making money; they're about enjoying what you do and sharing your passions or skills in new and exciting ways. Retirement is your time to shine in whatever fun, unusual way you choose!

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About the Author

A freelancer. A nomad. An LGBTQ and animal rights activist. Love meeting new people, exploring new styles of living, new technologies and gadgets, new ways of making money.

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  1. I really appreciate the info you shared on this page. I’ve been on the lookout for ways to earn some cash online, and honestly, I had no idea there were such cool options out there, especially things like dealing with antiques and gardening.
    It’s so interesting! I’m pretty excited to give antique restoration a shot, especially since my uncle’s already into it. That could be a fun way to connect and learn something new. Thanks a bunch for opening my eyes to these possibilities. Cheers!

  2. I just wanted to drop a quick note to say thanks for all the great tips you’ve shared. I’ve been giving it a shot as a TV extra, but man, the competition is tough. It’s been a bit of ups and downs, but I’m not giving up. Instead, I’m taking your advice and going to try some new paths like restoration and antique selling.
    I’ve got a good feeling about this! Following the steps you’ve laid out, I’m pretty optimistic about making a success of it.

    And even if things don’t pan out exactly as planned, starting a blog to share my experiences seems like a cool way to document, and it might even open up some new doors. Thanks again for being such an inspiration and for guiding me along this path. Your advice has been a real actionable advice for me!

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