Ideas to supplement your retirement income and to earn extra spending money for retirees.

Living is expensive business for retired couples. Our average lifespan nowadays is longer than ever with better healthcare and lifestyles. For those whose retirement income is significantly dependent on EPF, social security or other similar subsistence retirement plans it may not be enough, especially with the true rate of inflation. After many years toiling away, you will want to enjoy your “golden years” the way you’ve always imagined. The good news is that the digital age offers many opportunities to create a “side hustle” like never before. Keep reading to learn our five favorite ways.


Part-Time Job

A part time job may not be sexy but is sure is effective. You may be a people person loving to interact with people as a shop greeter or in customer care. Or you may prefer to be in the background sling burgers at the local golden arches. Putting in a solid 20 hours weekly, even at near minimum wage, would be a nice bump in your monthly cash flow. If you have specialized in demand skills – say copywriting, tutoring, or freelance photography – your income would be considerably higher. In the case of the latter, the only limit is how much you want to get out there and market yourself. And don’t overlook the sharing economy. More on that in a minute.



Some retired couples might be ready to go one step beyond the part-time job and start their own business. All the tools are there: experience, an extended social network, maturity, and an in-depth knowledge of a particular product or industry from a lifetime of work. If you have never been an entrepreneur, you might find it’s a satisfying life indeed. A warning! Don’t dump in money you can’t afford to lose into an untested venture. Also do keep in mind that being in business for yourself can be quite time intensive and stressful. But for some, it’s the most fun they’ll ever have.


Reverse Mortgages

The reverse mortgage is an interesting financial option you can consider. It might not be the best choice for a retired person or couple who wants to bequeath the house they own to relatives when they pass away, but for others it’s a great way to access all that equity you’ve been paying on your mortgage over the decades. Here’s how it works. A bank agrees to pay you a regular monthly amount as long as you live. In reality, it’s a loan. When you pass away, the bank takes possession of the property. As mentioned, you should carefully consider whether this is an appropriate choice for your situation, but it is a way to supplement your cash flow if you are eligible. If your properties are all only in Malaysia, hopefully we will see reverse mortgages be implemented in Malaysia as well.


Ride Sharing

Now we’re getting into the idea of the sharing economy. The term describes the idea of online transactions where people pay someone else for the use of something they own. Uber is a great example. So is AirBnB, Kao Dim, and Pet Nanny. Let’s take Uber, the ride sharing company that has turned the entire taxi business upside down in recent years. If you have a good driving record, access to a vehicle, and spare time, get busy giving people rides. The great part about it is you can work as much (or as little) as you like. The bottom line is that if you have something that people need, there’s a good chance a company has been formed to let you rent it out.


Can You Speak English?

It used to be the case that to teach English as a second language required a degree and certification. Thanks to online teaching websites like, if you can speak English fluently, you can get paid to teach a foreign student via engaging in casual conversation over Skype. You’re not going to get rich at ~$10 per hour, but you are earning money just to chat with people from other countries who want to speak more fluent English. What’s easier than that?!


Get Earning!

If you’re a retired person or couple who is looking to boost your monthly income, the time has never been better in history to do exactly that. Your only limit is your creativity. Follow some of the resources linked throughout this article and get busy turning the rest of your life truly golden meeting people and contributing to society (with some additional income to boot!).


This article is a guest post with edits by MyPF editorial.