Substitute teaching used to be a solid part-time job for retired educators, but the recent rise in overall unemployment and budget cuts in public schools has led to a surge in substitute teacher applications. Many school districts have closed applications to all but bilingual teachers [source: Lloyd].
But retired teachers can still find plenty of part-time work as one-on-one tutors. There's a high demand for test preparation tutors who can help college-bound kids raise their SAT scores. An experienced educator averages between $10 and $24 an hour, but specialists in math, science and foreign languages can pull in even higher rates [source: Hannon].
The key, of course, is finding the students. You can either apply to one of the larger tutoring services like Kaplan Tutoring or Tutor.com, or go out on your own. Start by spreading the word to your friends and colleagues at your former school that you're available as a tutor. The guidance counselors at your old school might even refer students and their parents to you directly. Otherwise, considering placing an ad in the local newspaper or on Craigslist.org.