To make a living after retirement, you can supplement savings with flexible work like freelancing (writing, editing, virtual assistant) or gig economy jobs (rideshare, pet sitting, tutoring), sell handmade goods online (Etsy) or locally, use your home for income (renting space), or draw from retirement funds through pensions/annuities while considering part-time or casual roles for extra cash, ensuring you plan finances with a professional.
Consider these methods that retirees can use to supplement their income:
The $1,000 a month rule is a simple guideline that can help you estimate how much savings you need to generate sustainable income. According to this rule, for every $1,000 in monthly retirement income you want, you should aim to have about $240,000 saved.
The top ten financial mistakes most people make after retirement are:
There were 1,918,618 total retirement accounts (including employer-sponsored plans and individually controlled IRA savings and investment accounts) with balances of at least $1 million as of September 30, 2025. The average account balance for these retirement millionaires was $2,388,409 as of September 30, 2025.
The safe withdrawal rule is a classic in retirement planning. It maintains that you can live comfortably on your retirement savings if you withdraw 3% to 4% of the balance you had at retirement each year, adjusted for inflation.
Not Saving Enough
If there's one regret that rises above all others, it's this: not saving enough. In fact, a study from the Transamerica Center for Retirement Studies shows that 78% of retirees wish they had saved more.
Believe it or not, data from the 2022 Survey of Consumer Finances indicates that only 9% of American households have managed to save $500,000 or more for their retirement. This means less than one in ten families have achieved this financial goal.
How much do I need in my pension pot for £1,000 per month income? Using the same methodology, £1,000 per month is £12,000 of income each year. If you were again withdrawing from your pension pot at 4% each year, you would need a total pension pot of £300,000 to provide an income of £1,000 per month in retirement.
If you're near or in retirement, bonds, annuities, and income-producing equities can offer additional retirement income beyond Social Security, a pension, savings and other investments.
Teaching and tutoring
Pay range: $26 an hour. Teaching and tutoring are among the best gigs for retirees. Many younger workers can't take teaching jobs that conflict with their 9-5 hours, or because they're busy with their young children in the evening and at weekends.
Here are 10 of the most common.
The golden rule of saving 15% of your pre-tax income for retirement serves as a starting point, but individual circumstances and factors must also be considered.
Seniors with active social lives report higher levels of retirement happiness, mainly due to having emotional support and a sense of purpose in life.
Is $500k Enough to Retire On in Australia? If you are retiring at age 65 and are comfortable with an annual retirement income of around $50,000 (single) or $64,000 (couple, combined), then $500,000 is enough to retire in Australia.
LOUIS – Comfort, clarity, and control are the three C's that lead to a strong retirement plan. Marvin Mitchell, senior financial planner and president of Compass Retirement Solutions, said comfort is key because retirees shouldn't decrease their lifestyle. He suggests living comfortably with your means.
A common starting point is to estimate that you'll need about 70% to 80% of your pre-retirement income to maintain your standard of living in retirement. For example, if you earn $150,000 annually while working, you might need between $105,000 to $120,000 as a starting point in retirement.
A comfortable retirement will look different for everyone. While 7 figures in superannuation may sound great, the reality is most people heading into retirement won't have anywhere near that amount. Australians aged between 60-64 have an average super balance of $401,600 for men and $300,300 for women1.