Ways to Make Money in Retirement
Have you retired from full-time employment, but your retirement income is coming up short? Perhaps you’re stretched in the current economy to meet your bills, or you’d like extra income to travel. You may be thinking about part-time work and other ways to make money in retirement.
Consider the Options
There are many options to consider to supplement your income and make money in retirement. According to a recent article on U.S.News & World Report, in addition to thinking about traditional retirement fund financial investments in stocks, bonds, or others to supplement your retirement income, other options to explore to make money in retirement include notary work or freelance consulting in your career field of expertise. Indeed offers a wonderful list of ideas for retirees, and many of these income sources such as freelance writing, blogging, and even tutoring (via video) can be done right from your own home.
Some possibilities to consider to make money in retirement include:
- Renting property (if you are not in your home for the entire year) or renting a room in your home. Both of these choices can add extra funds to your retirement income.
- Turning your hobby into profit. For instance, you could sell crafts and artwork that you created.
- Sharing the expertise as a consultant that you’ve built up over your career. You might want to contact a former employer to check if you can consult on a project or program.
- Bookkeeping or tax preparation if that is your skill set.
- Working as a childcare or eldercare provider or as a personal assistant are some creative ways to make money in retirement.
- Pet-sitting or dog-walking.
- Creating an online course in your area of expertise or looking into a remote, flexible job in a new career path.
Think Outside the Box to Make Money in Retirement
Another option to consider to make money in retirement is completing a training program to prepare you for a side job that can be done remotely with flexible hours.
Blackstone Career Institute (BCI) offers a number of online programs that require relatively short coursework time and expense. Multiple of these programs can prepare you for remote jobs to help you make money in retirement. One program to consider is BCI’s Medical Billing and Coding Program.
BCI’s online Medical Billing and Coding Program prepares an individual to take the Certified Professional Coder (CPC®) exam administered by the American Academy of Professional Coders (AAPC). Students have up to 18 months to complete the Medical Billing and Coding Program, but many students can complete the program in 8-12 months.
BCI offers students of the Medical and Billing Program interested in additional preparation, resources, practice exams, and career resources a CPC® Certification Bundle. Upon passing the CPC® exam, individuals earn a Certified Professional Coder-Apprentice (CPC-A) certification. However, 2 years of practical coding experience are needed to earn the full CPC® designation. After the experience is completed and proof of completion is submitted, the “A” is removed from the certification.
Outlook for Medical Billing and Coding
Jobs in the medical billing and coding field are in demand. The U.S. Bureau of Labor and Statistics reports that the medical billing and coding field is expected to grow by nine percent from 2023 to 2033, over double the average rate for all careers. Wages for medical billing and coding professionals can be high paying, making it a great way to make money in retirement. The median pay in 2024 for those working in the medical billing and coding field was $24.16 an hour. The medical billing and coding field has great potential to supplement your retirement income in large or small ways depending on how many hours you work.
What Do Medical Billing and Coding Professionals Do?
A medical coder’s responsibilities include assigning Current Procedural Terminology (CPT) codes and the Healthcare Common Procedure Coding System (HCPCS) which are number and letter codes for a patient’s medical diagnosis, procedure, tests, or interventions done by a healthcare provider. The American Medical Association CPT editorial panel routinely provides ongoing updates, revisions, and changes to CPT codes.
Medical coding is used worldwide, and most countries use the International Classification of Diseases (ICD) coding. ICD is updated by the World Health Organization (WHO) and is modified by each country that is a member of WHO. ICD-11, the latest revision, came into effect in January of 2022.
A medical biller’s responsibilities include preparing and sending invoices or claims, as well as correcting rejected claims. They can also follow up with patients and insurance companies about outstanding bills.
Concluding Thoughts
Embracing what interests you and using your skills and experience can lead to a rewarding and financially stable retirement. By exploring income opportunities to make money in retirement and engaging in activities you are passionate about, you can achieve both financial security and personal fulfillment.
Written by Jo Gambosi
