11 Legit Low-Risk Options for Senior Citizens to Earn Regular Income

Written By: Irene Lefever
Reviewed By: William Rivers
Published: October 6, 2021
Last updated: October 8, 2023

Find yourself short on finances each month? Or simply wish to apply your skills and knowledge somewhere? A regular income can always come in handy, even if you are retired. Regular earning options aren’t closed off to senior citizens. There are a number of low-risk options senior citizens with low-income can avail to supplement their finances. Here are a few recommendations from experts;

1. Online Business - The Revolutionary Step

An all-time proven method is to start a business at whatever phase of life you are in. Senior citizens can try their hands on business as well to earn income. This involves buying or starting a small-scale industry at a suitable place. 

Since the rise of social media, it's now easy to start a business from the comfort of one's house. It involves three steps: getting an online presence, getting customers and leads, and starting earning. However, it needs digital expertise, and that's not a headache today. Freelancers can help in this regard. Senior citizens can hire freelancers to handle A to Z services. All they need is some investment to earn a respectable living.

2. Earn Through Interest

One of my acquaintances earns a good amount through the bonds scheme. Senior citizens can invest in government bonds that offer good income rates and long-term security. They are usually allowed for a fixed term during which the investor gets interest and other facilities. 

Another proven idea for senior citizens is to earn through lending money to their family members and friends for different types of businesses. They can charge low interest on the amount they lend to earn regular income. Since they are lending money to friends and family, there is a very low risk involved in this practice.

Senior citizens also can make Fixed deposits (FD) in banks for a fixed period. During the fixed term, they get interest on their said account. At the end of the term, they receive all the amount that is deposited along with interest.

3. Systematic Investment Plan (SIP)

Another recommended idea is to make use of a Systematic Investment Plan (SIP) for a fixed period and in a particular mutual fund scheme. This process provides them with a regular income that they can utilize for any purpose. These types of plans also include ELSS or tax-saving mutual funds and diversified schemes.

4. Security/Insurance

This method is traditional, but still, it can offer a good living for the if there is no alternative. Senior citizens can make or buy a security for their future needs and income. This could be life insurance, pension plans, property insurance, and many more. 

Benjamin Stenson, CEO The Norsemen

5. Tax Preparer

People who have a background in accounting and prefer to do their work early in the year can consider working as a tax preparer. During tax season, which runs from January 1 to April 15, tax preparers often work long hours. Then, for the remainder of the year, their schedules become more relaxed. 

Alan Harder, Mortgage Broker AlanHarder.ca

6. Writing

One of my favorite things about writing for work is that you don’t need to have a physical office. For me, this allows for travel and flexibility. For a senior, this means that they can work from the comfort of their home without any inherent risks. 

There are some hurdles with communication and technology that exist when a senior pursues a freelance writing job. They need to know how to send emails and productively conduct research on the internet.  As long as you can write well, I think these hurdles are easy to overcome. 

I’ve witnessed a few older people succeed at a high level, and I think it’s an excellent opportunity with health considerations (during the pandemic anyways) in mind. 

All you need to get started with a writing career is a laptop computer, internet connection, and the ability to write clearly and concisely. It can take some time to get established, but once you have a few gigs under your belt, things can snowball quickly - no matter what age you are. 

Lorraine Lam, Founder SnowboardHow

7. Online Classes/Tuitions

Sign up at any online classes platform as a tutor and share your knowledge with students. Get paid hourly or per class. Alternatively, start your own group of classes for learners and charge them. It’s simple, requires minimal investment, and ensures regular income. 

8. Project-Based Consultancy

If you have spent a part of your life working in the corporate world, offer your services as a consultant on business projects. Choose your level of involvement and have the flexibility of how much you want to work.

9. Virtual Assistant

If you are well-versed with using collaboration and digital tools, sign up to be a virtual assistant. You can earn a very good hourly wage, alongside learning new skills and interacting with new kinds of people.

10. Blogging/YouTube

This is more of a long-term income source, but begin blogging or start your YouTube channel. You’d be surprised how many people look for the knowledge, experience, and advice of senior citizens on the internet. The learning curve will be steep, but the returns will also be lucrative.

11. Starting a Home Business

Whether it is something as simple as making jams or designing jewelry, start something you are good at. Set up a shop on Shopify or Etsy and sell to customers online.

Secure your financial future and know precisely when your senior benefits kick in! After learning about low-risk income options, explore our informative blog post on what age makes you a senior citizen? to ensure you’re fully informed and prepared to seize all available opportunities and benefits at the right time in your financial journey.

Joe Flanagan, Senior Employment Advisor at VelvetJobs

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Irene Lefever is a senior advisor whose role is to make sure that senior citizens’ physical, mental, psychological, and emotional needs are catered to. Lefever got her degree in Multimedia Arts at the University of California, Riverside.
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