12 Ways Retirees Can Make Money Through Passive Income

2. Rent out a room in your home

Got an empty nest? Someone may be willing to pay to roost there. A woman I know in Chicago rented two bedrooms to graduate students and had nothing but positive experiences.

Or try Airbnb, which blogger Shannyn Allan says has cut her mortgage in half. She makes an average of $850 a month this way. “Not bad for a spare room in a 1,600-square-foot home I wouldn’t have been using,” she notes.

Yes, it takes some work: Keeping the room tidy and doing a load of sheets and towels once the paying guests depart. But the chance to earn some extra cash could make it worthwhile.

If you’re the gregarious type, have fun talking up your town or even showing visitors around. If not, advertise it as a “Here’s your key, we won’t bother you” arrangement. Some people simply want an inexpensive place to sleep and don’t care about sitting around chatting with the host.