7 Tips on How to Make Money for When You Retire at 70

Retiring at 70 is like showing up to the retirement party fashionably lateexcept you brought a bigger Social Security check and (ideally) fewer money worries. The trick isn’t just “save more” (helpful, but not exactly groundbreaking). It’s building a plan that creates income on purpose: from work you actually enjoy, from smart use of tax-advantaged accounts, from investments designed to pay you reliably, and from choices that keep taxes and surprise fees from quietly eating your lunch.

Below are seven practical tips to help you make money heading into retirement at 70whether that means stacking your savings in the final stretch, creating new income streams, or keeping more of what you earn. You’ll also find examples and a real-world “what this looks like” section at the end. (No magic tricks. No “just buy this course.” No inspirational quotes taped to your monitor. Unless you really want them.)

Tip 1: Treat Social Security Like a Negotiation (Because It Kind of Is)

If you plan to retire at 70, you’re holding one of the strongest cards in the retirement deck: time. Social Security generally rewards waiting past full retirement age, and those delayed credits stop at 70meaning 70 is the finish line for “free” increases.

Delay strategically, not blindly

Delaying Social Security can raise your monthly benefit, which matters because it’s one of the few income sources designed to last for life. Bigger monthly checks can reduce pressure on your investments, which can reduce the chance you run out of money later. If you’re healthy, expect longevity in your family, or simply want more “sleep-well-at-night” income, waiting can be powerful.

Audit your earnings record (yes, really)

Social Security benefits are based on your earnings history. Errors happenmissing wages, wrong amounts, or employer reporting issues. Catching problems earlier is better than arguing with paperwork when you’re already trying to learn pickleball slang. If you’re still working in your 60s, higher-earning years can replace lower-earning years in your record and boost benefits.

Coordinate with a spouse (two people, one strategy)

Couples can sometimes improve lifetime income by coordinating who claims whenespecially if one spouse earned significantly more. The higher earner delaying can help protect the surviving spouse later, because survivor benefits are tied to the higher worker’s amount. Even if you don’t want a complicated spreadsheet marriage (understandable), it’s worth reviewing claiming options together.

Quick example: If delaying raises your monthly benefit by a few hundred dollars, that could be thousands per year for life. That’s not “coupon savings.” That’s “permanent paycheck upgrade” savings.

Tip 2: Keep EarningBut Don’t Let the Earnings Rules Ambush You

Many people retiring at 70 will work in some form in their late 60s. Great. Income is good. But if you claim Social Security before full retirement age and keep earning, you need to understand the Social Security earnings test. Otherwise, it can feel like Social Security is “taking your benefits away,” when it’s really applying a rule you didn’t invite to the party.

Know the difference between “before FRA” and “after FRA”

If you’re under full retirement age for the year and earn above the annual limit, Social Security withholds benefits based on a formula. The year you reach full retirement age has a different, higher limit and a different withholding rate. After you reach full retirement age, the earnings limit goes away.

Build a “pay yourself twice” work plan

A smart pre-retirement income strategy isn’t just “earn money.” It’s “earn money that improves retirement.” Use work income to:

• Max retirement contributions (especially catch-up contributions)
• Delay Social Security (letting delayed credits grow your future paycheck)
• Pay down high-interest debt (a guaranteed “return” without market drama)
• Fund a cash buffer so you don’t sell investments during a downturn

Pick the right kind of work

The best “age 65–70 jobs” often share a few traits: flexible hours, low physical strain, and decent pay per hour. Common winners include consulting, bookkeeping, project-based work, tutoring, seasonal roles, part-time remote customer support, and “I know this industry and people pay me to be calm about it” advisory work.

Quick example: A part-time consulting gig paying $2,000/month might let you fully fund your IRA, cover Medicare premiums, and still leave your investments alonethree wins with one paycheck.

Tip 3: Use Catch-Up Contributions Like You Mean It (Because You Do)

If you’re aiming for retirement at 70, you’re in the prime “catch-up” zonewhen retirement accounts often let you contribute more. Think of it as the financial version of a late-game power-up.

Max your workplace plan first

Employer plans (like 401(k)s and 403(b)s) often have high contribution limits, payroll deduction convenience, and sometimes a match. If you have access to a match, prioritize capturing all of itit’s about as close as money gets to doing a cartwheel into your account.

Don’t ignore IRAs (and understand Roth vs. traditional)

IRAs can still be valuable even if you’re using a workplace planespecially if you want more investment choice. Whether Roth or traditional is better depends on your tax situation now versus later. If your future tax rate might be higher, Roth contributions can be attractive. If you’re in a high bracket now and expect lower taxes later, traditional may make sense.

Add an HSA if you’re eligible (retirement’s stealth MVP)

If you have a qualifying high-deductible health plan, a Health Savings Account (HSA) can be one of the most powerful tools available: contributions can be tax-deductible, growth can be tax-deferred, and withdrawals for qualified medical expenses can be tax-free. Healthcare is a major retirement expense, so building a dedicated “medical money” bucket can protect your other savings.

Heads up: some catch-up contributions may need to be Roth

Starting in 2026, certain higher earners may have catch-up contributions treated differently (often requiring Roth treatment in employer plans). Translation: your tax strategy might shift even if your savings behavior stays the same. It’s not a reason to stop savingit’s a reason to double-check how your plan handles contributions.

Quick example: A 62-year-old who increases contributions for the final 8 years before 70 can meaningfully change the retirement outcomeespecially if those contributions reduce taxable income and grow over time.

Tip 4: Build a “Retirement Paycheck” Portfolio, Not a Random Collection of Investments

In your 60s, the question changes from “How high can my account balance go?” to “How reliably can my money pay me?” You want an income system: cash for near-term needs, steady income for mid-term needs, and growth for the long haul. This is where many retirees level upby moving from “hope and vibes” to “plan and cash flow.”

Create a cash buffer (so markets can’t bully you)

A common retirement mistake is being forced to sell investments when the market is down. A cash buffer (often 6–24 months of planned spending, depending on your comfort level) can help you avoid selling at the wrong time. You’re not timing the marketyou’re buying yourself choices.

Consider a bond/CD ladder for predictable income

A ladder spreads maturity dates across multiple years. As each bond or CD matures, you can use the money for spending or reinvest at current rates. This can reduce interest-rate risk and provide a smoother income stream than buying everything at one maturity date.

Use dividends and interest as “nice-to-have,” not “must-live-on”

Dividend stocks and funds can provide income, but they are not guaranteed and can be cut. A better mindset: let dividends and interest support your plan, but don’t design your entire retirement around “dividends will always save me.” (That’s how you end up stress-refreshing your brokerage app like it’s social media.)

Quick example: If your essential expenses are covered by Social Security plus a laddered, predictable income stream, your stock investments can focus more on growth and inflation protectionwithout being forced to fund groceries during a downturn.

Tip 5: Turn Your House Into an Income Tool (Without Doing Anything Reckless)

For many Americans, home equity is one of the biggest assets in retirement. But it’s not automatically an income stream. You have to convert itcarefullyinto something that supports your lifestyle.

Downsize with math, not emotion

Downsizing can reduce property taxes, insurance, maintenance, and utility costswhile freeing up equity to invest or spend. But don’t assume it’s always a win. Transaction costs, moving costs, and today’s housing market realities matter. Run the numbers and consider your lifestyle: are you “downsizing” into a place you’ll enjoy, or just shrinking your square footage while your stress grows?

Rent out space (if it fits your comfort level)

Renting a room, a basement unit, or using short-term rentals (where allowed and practical) can generate meaningful income. It’s not for everyone, but it can be powerful if you live in a desirable area and you’re comfortable sharing your space. Also: get proper insurance coverage and understand local rules before you list anything.

Reverse mortgages: understand the rules before you even consider one

Reverse mortgages can provide cash flow for older homeowners, but they come with costs, rules, and long-term tradeoffs. The loan is typically repaid when the borrower no longer lives in the home. For some householdsespecially those who are “house rich and cash poor”it can be an option. But it requires careful review, ideally with counseling and a trusted professional, because the wrong setup can damage future flexibility.

Quick example: Someone with a paid-off home and limited retirement savings might choose to downsize and invest the freed-up equity for added incomerather than locking into a complex loan they don’t fully understand.

Tip 6: Make “Tax Planning” Your Secret Side Hustle

Taxes are one of the biggest controllable expenses in retirement. And reducing taxes is functionally the same as making money, because it increases what you keep. The goal isn’t to obsess over every dollarit’s to prevent avoidable tax hits that can snowball.

Plan around RMDs (required minimum distributions)

Many retirement accounts eventually require withdrawals. These withdrawals can increase taxable incomesometimes more than retirees expect. You may be able to delay your first RMD until April 1 of the following year, but that can cause two taxable distributions in one year. The smarter move depends on your income, your tax bracket, and what else is happening that year.

Watch Medicare premium surcharges (IRMAA)

Medicare premiums can increase if your income is above certain thresholds, using a two-year lookback. That means a big one-time income eventlike a large Roth conversion or a big capital gaincan increase Medicare costs later. You don’t need to fear income (income is good), but you should stage it when possible so you don’t accidentally pay extra for the same healthcare.

Use charitable tools if giving is already part of your plan

If you’re charitably inclined, a Qualified Charitable Distribution (QCD) from an IRA (if eligible) can reduce taxable income while supporting causes you care about. This can be especially useful when RMDs begin, because a QCD can satisfy part of an RMD without increasing taxable income in the same way. (Translation: you can give money and potentially reduce tax friction. That’s a rare “two good things at once” moment.)

Don’t forget new deductions for older taxpayers

Tax rules can change, and recent law changes include additional deductions for seniors that may apply for certain years. Even if you work with a pro, you’ll get better results when you know enough to ask, “Are we using every deduction I qualify for?”

Quick example: Instead of doing one massive Roth conversion in a single year, you might spread it across several years to manage tax brackets and Medicare premium impacts.

Tip 7: Create a “Fun Income” Stream (So Work Doesn’t Feel Like Punishment)

Retiring at 70 doesn’t mean you must stop earning at 70. Many retirees choose to keep a small income stream because it adds structure, social interaction, and extra money that reduces pressure on savings. The key is building income that fits your liferather than building a life around income.

Monetize what you already know

The easiest “retirement income” often comes from skills you already have: writing, bookkeeping, project management, teaching, crafting, marketing, IT help, tutoring, coaching, or consulting. If your work history gave you specialized knowledge, there’s likely a market for “a few hours a week of your brain.”

Try low-risk, small-scale experiments

Before you launch a full business, test a small offer: a weekend workshop, a paid consultation package, a small online product, or a service for a narrow niche. The goal is to find something enjoyable and repeatablenot to rebuild your career from scratch.

Protect yourself from scams and “too-good-to-be-true” deals

Unfortunately, retirees are often targeted for fraud. If someone pressures you, promises guaranteed high returns, or demands secrecy, that’s not “a special opportunity.” That’s a red flag with a megaphone. Keep your money boring, your passwords strong, and your skepticism fully hydrated.

Quick example: A retired operations manager might consult for small businesses 10 hours a month. That income could cover travel, hobbies, or healthcare out-of-pocket costswithout touching retirement principal.

Real-World Experiences: What This Looks Like When People Actually Do It (500+ Words)

Advice is nice. Reality is nicer. Here are a few experience-based patterns commonly seen among people who retire at 70 (or very close to it)the practical moves that tend to work because they match real human behavior, not just neat math.

Experience #1: The “I kept working, but I made it count” retiree

Many late retirees don’t work longer because they love meetings. They work longer because it creates options. One common approach is a deliberate final stretch: reduce lifestyle inflation, increase retirement contributions, and keep expenses steady while income continues. The biggest difference-maker is intention. Instead of letting raises disappear into random upgrades, they route money automatically into a 401(k), IRA, or brokerage account.

What’s interesting is how often the psychological benefit is as important as the financial one. People report feeling calmer when they know each paycheck has a job: funding catch-up contributions, paying off a lingering car loan, or building a cash cushion. Even a modest cushion can prevent panic selling during a market downturn. In other words, the plan doesn’t just make moneyit protects decision-making.

Experience #2: The “Social Security became my anchor” retiree

Retirees who delay Social Security to 70 often describe it as buying stability. When the monthly check is larger, it can cover more of the basics: housing, utilities, groceries, insurance. That reduces the amount they need to withdraw from investments early in retirement. And early retirement years are especially important because poor market returns combined with large withdrawals can do long-term damage.

People also mention an emotional shift: a bigger guaranteed check makes it easier to invest the rest of their money sensibly. They’re less tempted to chase risky returns because they’re not trying to force the market to pay their electric bill. The biggest benefit is often not “more wealth,” but “less stress.”

Experience #3: The “tax surprises taught me humility” retiree

A frequent lesson learned the hard way is that taxes and Medicare costs can jump when income crosses certain lines. Retirees who do large Roth conversions, sell property, or take big withdrawals in one year sometimes find that the ripple effects show up later. This doesn’t mean those moves are badit means timing matters. Retirees who feel most in control tend to plan multi-year strategies: smaller conversions over time, spreading capital gains, and coordinating withdrawals with deductions and charitable giving.

The retirees who do best aren’t necessarily tax experts. They simply adopt a habit: before making a large money move, they ask, “What does this do to my taxable income, Medicare premiums, and next year’s plan?” That one question can prevent expensive surprises.

Experience #4: The “side hustle that didn’t feel like work” retiree

Plenty of people earn money after retirementbut the happiest stories tend to involve small, flexible income streams that fit their personality. Examples include: tutoring a couple of students, consulting a few hours a week, selling handmade items seasonally, helping small businesses with bookkeeping, or teaching workshops at a local community center. The income is often not huge, but it’s meaningful: it might cover travel, grandkid gifts, or the “annoying but necessary” medical expenses.

The key pattern is boundaries. The best retirement side hustles have clear hours, clear pricing, and the freedom to stop. Retirees who treat it like a hobby with profitrather than a second careertend to stick with it longer and enjoy it more. If you can earn money without burning out, you get the best of both worlds: more cash flow and a life that still feels like retirement.

Conclusion

Retiring at 70 can be a financial advantage if you use the extra years intentionally: maximize Social Security, earn income that supports your plan, take full advantage of catch-up contributions, design investments to pay you reliably, use home equity wisely, and reduce tax friction so you keep more of what you earn. The goal isn’t to become a finance robot. It’s to build a retirement that funds your lifewithout making money your full-time hobby.

Friendly reminder: This is general educational information, not personalized financial advice. A fiduciary financial planner or qualified tax professional can help tailor these strategies to your exact income, benefits, and goals.