As retirement comes closer, many dream of a life filled with rest, travel, and hobbies they’ve always wanted to try. But, more retirees are finding that they need extra money and want to stay busy. So, they’re turning to side hustles. This is a great way for baby boomers to make more money and keep their minds active.
A 2023 Bankrate survey found that about 25% of baby boomers (ages 59 to 77) are now working side jobs. They want to keep living the way they did before retiring and need the extra cash. From teaching cooking classes to giving ski lessons, there are many side hustles out there. This article will look at the good things about these jobs, the chances they offer, and what to think about before starting.
Key Takeaways
- Retirees are increasingly turning to side hustles to supplement their retirement income and maintain their pre-retirement lifestyles.
- Side hustles can provide both financial and personal benefits, such as increased mental stimulation and social engagement.
- Retirees have a wide range of side hustle options, from cooking classes to ski instruction, that cater to their interests and skills.
- Loan signing, a lucrative side hustle, can earn retirees between $50 to $250 per signing, depending on their experience level.
- Retirees can choose their level of involvement in side hustles, offering flexibility and control over their work-life balance.
Why Retirees Should Consider a Side Hustle
Retirement is a time to enjoy what you’ve worked for. But, for many, a side hustle can bring more than just money. Side hustles can boost cognitive health and fight off loneliness. They also help keep your mind sharp and active.
Mental and Social Benefits
A side hustle gives retirees a sense of purpose and fulfillment. It helps fight off boredom and loneliness. Plus, it offers social interaction and mental challenges, which are good for your mind.
Increased Financial Security
Even a little extra money from a side hustle can help with unexpected costs. It can also make your retirement savings last longer. This extra cash can cover daily costs, fund trips, or save for emergencies.
“Retirement side hustles can offer the peace of mind of earning extra spending money without working a full-time job, with living expenses having increased in recent years.”
By getting into a side hustle, retirees can enjoy the benefits of staying active. They can keep their minds, social lives, and wallets happy. All while keeping the freedom that comes with retirement.
Unique Side Hustles for Baby Boomers
Retirees are finding new ways to make money from their hobbies. From cooking to nature, here are some great side hustles for them.
Cooking
Cooking is a top hobby in the U.S. It’s perfect for a side job. Retirees can be personal chefs, blog about cooking, or even run a food truck.
Skiing
For those who love skiing, teaching lessons or working at ski resorts is a great option. There’s a big need for ski instructors and staff, so retirees can make good money.
Golf
If you love golf, there are many side jobs you can do. You could be a golf course marshal, transport players, score games, or work with lasers at tournaments.
Hiking
Love the outdoors? You can make money by leading hikes. Retirees can share their knowledge of nature with visitors.
Culture
If you know a lot about science, art, or history, you can work at museums or galleries. You could be a docent or teach workshops, sharing your passion with others.
Gardening
For gardeners, turning your hobby into a business is possible. You can work in community gardens or sell your produce through CSAs.
Travel
Travelers can earn by writing about their adventures, offering travel advice, or leading tours. This lets them share their experiences with others.
These side hustles show how retirees can make money from what they love. It makes retirement more fulfilling and secure.
Finding Side Hustle Opportunities
Retirees looking to make extra money and stay busy have many side hustle options. Sites like Indeed and Upwork list freelance, part-time, and project jobs. These jobs are great for those starting a new career without a full-time job.
Other sites, such as Tours by Locals, Airbnb Experiences, ServiceScape, PeoplePerHour, and Wyzant, let retirees make money in different ways. They can offer tours, activities, editing, design, writing, and tutoring. These online places make it easy for retirees to find jobs that match their interests and skills.
| Platform | Side Hustle Opportunities |
|---|---|
| Indeed | Freelance, part-time, and project-based roles |
| Upwork | Freelance, part-time, and project-based roles |
| Tours by Locals | Tour guide services |
| Airbnb Experiences | Offering unique activities and experiences |
| ServiceScape | Editing, design, and writing services |
| PeoplePerHour | Freelance services across various industries |
| Wyzant | Tutoring and educational services |
Using these online platforms, retirees can find many side hustle opportunities for retirees and online platforms for retiree side hustles. This lets them stay active, make extra money, and enjoy retirement.
The Truth About Most Side Hustles
Side hustles might look appealing for retirees, but the reality is different. Most side hustles, like Uber or Doordash, pay little and take up a lot of time. They also wear down your car. Retirees should look for side hustles that keep them active, let them earn money, and fit their schedule. These should also not harm their health or cut into their free time.
Every month, nearly 300,000 people start a side hustle in the United States. But, only one in twelve people aged 55 to 64, and one in twenty-five aged 65 and over, actually do side hustles. This shows that while many find side hustles appealing, most retirees don’t think they’re worth it.
| Side Hustle Type | Potential Earnings | Challenges |
|---|---|---|
| Ridesharing (Uber, Doordash) | Low pay, high expenses | Long hours, wear and tear on vehicle |
| Freelance work | Flexible earnings, utilize skills | Need to find and manage clients |
| Consulting | High earning potential, flexible | Maintaining a client base |
| Online sales (e-commerce, Amazon FBA) | Potential for high profits | Requires significant time and effort |
Retirees should focus on side hustles that match their interests, skills, and lifestyle. Consulting, freelance work, and starting a blog or online business are great choices. They offer good pay, are flexible, and help retirees balance work and leisure.
this retirees leisurely side hustle
Many retirees think of a “side hustle” as hard work. But, there are easy ways for retirees to make extra money in their free time. One retiree found a side job that matches their interests and lifestyle.
At 61 or 62, this retiree started a side job making over $200,000 a year. They used their skills to help young people in real estate.
“I wanted to make extra money, but I also wanted to do something fulfilling and flexible,” the retiree said. “Helping young professionals has been very rewarding, and making money is a great bonus.”
This side job is great because it offers good pay, flexibility, and fulfillment. By using their real estate knowledge, they guide the next generation. They also make a good income.
This story shows that the best side hustles for retirees match their interests and skills. By choosing this this retirees leisurely side hustle, retirees can increase their income and enjoy their retirement.
The key is to look for side hustles that excite and energize them. Mentoring, consulting, or using their experience can lead to a fulfilling side job. Retirees can find this retirees leisurely side hustle for financial security, flexibility, and joy.
Self-Publishing Books on Amazon
Self-publishing books on Amazon is a growing way for retirees to make extra money. It’s a great choice for those wanting to try something new in their retirement. This method has many benefits, making it a popular choice for seniors.
Pros of Self-Publishing on Amazon
- Outsourcing much of the work: Self-publishing lets retirees handle less of the publishing work. They can pay for cover design, formatting, and even writing. This way, they focus more on the creative and management parts.
- Potential for substantial passive income: With smart strategies and a hit book, self-publishing can bring in a lot of money. Some authors make over five figures a month from just one book.
- Flexible working schedule: Self-publishing lets you work at your own speed. Retirees can easily mix their side job with other fun activities and personal tasks.
Cons of Self-Publishing on Amazon
- Acquiring basic technical skills: You need some tech skills to self-publish, which might be hard for some retirees.
- Upfront costs of outsourcing: Outsourcing helps with the workload but costs money. You have to think about these expenses when planning your budget.
- Ongoing work requirement: Even with outsourcing, self-publishing needs regular time and effort to do well.
Is Self-Publishing on Amazon Profitable?
Self-publishing on Amazon can be very profitable, with some authors making over five figures a month from one book. It’s a great option for retirees wanting to earn more or explore their creative side. By using Amazon’s wide reach, self-published authors can connect with many readers and possibly make good money with their books.
Renting Out a Space You Already Have
Retirees can make more money by renting out a spare room or their whole home. Sites like Airbnb and Vrbo make it easy to do this. They can turn unused space into a source of income.
Pros
- Ability to generate income from underutilized space
- Potential to charge higher prices if your home has desirable amenities
- Flexibility to rent out your space as little or as much as you’d like
Cons
- Need for additional insurance to cover short-term rentals
- Responsibility of cleaning and preparing the space between visits
- Potential risks of hosting strangers in your home
A 2023 Bankrate survey found that 24% of baby boomers aged 59 to 77 have a side hustle. Renting out a space you already have is a smart way for retirees to earn more. It taps into the growing demand for renting out space for side hustle and Airbnb and vrbo for retirees.
With the right steps and safety measures, this side hustle can give retirees a steady income. But, it’s key to think about the downsides. Make sure you have the right insurance and plans for managing your rental.
Pet Sitting
Retirees who love animals can make good money with pet sitting. It’s a chance to earn extra by caring for pets when their owners are away. You can enjoy time with dogs, cats, or exotic pets, making your retirement income better.
Pros of Pet Sitting
- Earn a few hundred to a couple of thousand dollars per month by caring for pets while their owners are away.
- Charge extra for services like overnight stays, house calls, walks, and medication management.
- Get paid to do something you genuinely enjoy – spending time with adorable, cuddly pets.
Cons of Pet Sitting
- The need to obtain special insurance to protect yourself and the pets in your care.
- Dealing with challenging pet behaviors, such as excessive barking, chewing, or separation anxiety.
- Potentially only earning an hourly rate, rather than a flat fee per service.
Pet sitting can be rewarding and profitable for retirees who love animals. It lets you make extra money and enjoy time with pets. You can use your love for animals and flexible schedule to your advantage.
| Service | Average Cost |
|---|---|
| Dog Walks (20-60 minutes) | $17.00+ |
| Meet and Greet (30-45 minutes) | Included |
| Puppy Care (2-3 potty breaks/check-ins) | Varies |
| Plant Care (10+ indoor/outdoor) | Starts at $36 |
| Pet Taxi (per mile) | $1.00 |
| Continuous Care (6 hours over 7 hours) | Varies |
Pet sitting can be a fun and profitable side job for retirees. It lets them make extra money and enjoy their love for animals.
Starting a Blog
Retirees looking to make extra money and keep their minds sharp can try starting a blog. This online project has many benefits. You can share your knowledge, work with companies, and make money through affiliate marketing and sponsorships. But, it’s important to know the challenges of creating a successful blog.
Pros of Starting a Blog as a Side Hustle
- Opportunity to showcase your knowledge and passions by writing about topics you’re knowledgeable or enthusiastic about.
- Potential to earn income through affiliate marketing, where you can promote and earn commissions on products or services related to your blog’s content.
- Chance to collaborate with businesses and secure sponsorships, further diversifying your revenue streams.
- Ability to establish yourself as an authority in your niche, opening doors to new opportunities.
Cons of Starting a Blog as a Side Hustle
- Significant time and effort required to build a loyal readership and generate consistent income.
- Unpredictable nature of blog income, as earnings can fluctuate based on factors like web traffic and advertiser demand.
- Need for strong writing, editing, and digital marketing skills to create engaging content and effectively promote your blog.
Starting a blog as a side hustle for retirees can be rewarding. But, it’s important to understand the effort needed. With hard work and a desire to learn, retirees can earn income through freelance writing. They can turn their blog into a successful side hustle.
Transcription Work or Data Entry
Retirees are looking for ways to make extra money and stay busy. Transcription work and data entry are great options. They offer the chance to work from home and make some cash.
Pros of Transcription and Data Entry for Retirees
- Low startup costs: These jobs don’t need much money to start, which is good for retirees with limited budgets.
- No degree requirements: You don’t need a college degree for most transcription and data entry jobs. This lets retirees use their skills and experience.
- Abundant job opportunities: There’s a lot of demand for transcription and data entry services. Retirees have many jobs to choose from.
Cons of Transcription and Data Entry for Retirees
- Lower hourly rates: While these jobs offer steady work, they usually pay less per hour than other side hustles.
- Limited career growth: These jobs don’t often lead to better positions, which might limit how much money retirees can make over time.
- Repetitive nature: Transcription and data entry can be repetitive. This might not be what all retirees are looking for in a job.
Transcription and data entry can be a good first step for retirees. They provide a steady income while retirees look for other jobs or start their own businesses. But, they might not be the best choice for all retirees who want a fulfilling retirement.
| Retirement Side Hustle | Average Hourly Rate | Flexibility | Potential for Growth |
|---|---|---|---|
| Transcription Work | $10 – $15 | High | Low |
| Data Entry | $12 – $18 | High | Low |
| Freelance Consulting | $50 – $150 | High | High |
| Tutoring | $20 – $50 | Moderate | Moderate |
| Pet Sitting | $15 – $30 | High | Low |
Other Rapid-Fire Side Hustle Ideas
Retirees have many skills, experiences, and hobbies that can make money. There are more side hustles worth looking into to add to your retirement income.
You could use your knowledge as a freelance consultant to help businesses in your field. Some consultants earn up to $1,000 a day. Or, you could teach students online or in person by becoming an online tutor or teacher.
If you like making things, think about selling handcrafted goods online or at local markets. Your hobbies like woodworking, jewelry making, baking, or gardening could turn into a side job. Or, you could help your neighbors with gardening or landscaping to make some extra money.
For those who love staying fit, teaching fitness classes at gyms or community centers is a great side job. Or, if you’re an entrepreneur, starting an e-commerce business or offering virtual assistant services could be profitable.
The main idea is to find what you’re good at, what you enjoy, and what you have to offer. Then, look for side hustles that match your skills and lifestyle. By monetizing your skills and hobbies in retirement, you can earn more, stay busy, and feel fulfilled.
Social and Personal Benefits of Side Hustles
Retirement is often seen as a time to relax, but for many, a side hustle adds much more. It brings a sense of community, personal fulfillment, and keeps the mind and body active. These benefits can make retirement better, keeping retirees engaged and happy.
One big plus of a side hustle is the community it can create. Whether it’s teaching, art, or helping customers, retirees can make new friends and keep old ones. This feeling of belonging is very important for those who might have lost touch with friends after retiring.
Side hustles also boost personal fulfillment. Retirees who work on a passion project or learn something new feel more purposeful and accomplished. This feeling of purpose can fight off boredom and aimlessness in retirement.
“The sense of purpose I’ve gained from my side hustle has been invaluable. It keeps me mentally and physically active, and I feel like I’m making a positive contribution to my community.” – Barbara Hill, retiree from Morristown, New Jersey
Being active in a side hustle keeps retirees sharp mentally and physically. Whether it’s teaching cooking, leading hikes, or tutoring, it fights aging and keeps retirees lively.
Lastly, side hustles are great for lifelong learning. Retirees learn new skills and subjects, keeping their minds sharp. This love for learning is fulfilling and boosts well-being in retirement.
The benefits of side hustles for retirees are huge, from making friends to feeling fulfilled and purposeful. By taking on a side hustle, retirees can make their retirement richer and more engaging.
Challenges and Solutions for Side Hustles
Retirees looking into side hustles might face some hurdles. One big challenge is the time and effort needed to start a side business. They often want a relaxed life but might find side hustles take up too much time.
Some retirees also need to learn new skills for their side hustle. This can be tough, especially if they’ve been out of the workforce for a while. But, with the right attitude and tools, they can get past these hurdles.
To tackle these issues, retirees should think about what they like, what they have, and what they want from their retirement. Victoria Tomlinson, Chief Executive at Next-Up in Harrogate, UK, says people can seem 10 years older in just two years of retirement without a purpose.
By doing their homework and planning, retirees can boost their chances of doing well and not getting burned out. Denis Litvinov, Co-Founder of FunCorp and CEO at Yepp, talks about how side hustles are getting more popular among Millennials and GenZs thanks to the gig economy and remote work. Retirees can use these trends to their benefit, finding side hustles that fit their retirement life.
While side hustles for retirees come with big challenges, with the right planning and strategy, they can beat these hurdles. This way, retirees can enjoy the perks of a fulfilling side hustle.
By facing the challenges and finding creative solutions, retirees can make more money. They can also keep their minds and social lives active, and feel a sense of purpose in retirement.
Conclusion
Retirement doesn’t mean you have to stop working or earning. By starting a side hustle, retirees can have financial security and personal fulfillment. They can live their golden years how they want. There are many options, like self-publishing or pet sitting, that match their interests and skills.
Jack and Joan, a retired couple, have made an extra $6,800 a year by flipping items. They walk up to 38 miles a week to find and sell things. This not only boosts their income but keeps them active and happy.
They aim to make their side hustle as much as their pension and Social Security. They also want to leave a big inheritance for their daughters. This shows how a side hustle can help with finances and building a legacy in retirement.
Retirees looking for purpose and balance can find it with a side hustle. It lets them do what they love while enjoying their free time. Whether it’s writing, renting out a space, or taking care of pets, retirees can live life on their terms.
FAQ
What are the benefits of a side hustle for retirees?
A side hustle can boost mental and social health for retirees. It helps keep the mind sharp and fights off loneliness. It also lets retirees learn new things and meet new people.
Plus, it can help with unexpected costs and make retirement savings last longer. This gives retirees more control over their money.
What are some unique side hustle ideas for retirees?
Retirees can turn hobbies into money-making ventures. For example, they can cook, ski, golf, hike, enjoy cultural events, garden, or offer travel services. This way, they can make money doing what they love.
Where can retirees find side hustle opportunities?
Retirees can look for side hustles on online job sites like Indeed, Upwork, and Airbnb Experiences. These sites offer freelance and part-time jobs that fit retirees’ needs.
What are the pros and cons of self-publishing books on Amazon as a side hustle?
Self-publishing books on Amazon has its perks. You can outsource tasks, earn passive income, and work at your pace. But, you’ll need to learn some tech skills, pay for outsourcing, and put in some effort.
What are the pros and cons of renting out a spare room or home through platforms like Airbnb and Vrbo?
Renting out a room or home can be profitable. You can earn from unused space and charge high prices for nice amenities. But, you’ll need extra insurance, clean between guests, and handle the risks of hosting strangers.
What are the pros and cons of pet sitting as a side hustle for retirees?
Pet sitting lets you earn by doing something you enjoy. You can make a few hundred to a few thousand dollars a month. You can also offer extra services like overnight stays and walks.
But, you’ll need special insurance, deal with tough pets, and might only get paid by the hour.
What are the pros and cons of starting a blog as a side hustle for retirees?
Starting a blog can open up affiliate marketing and business partnerships. You can share your knowledge and earn from it. But, building a blog takes time and effort, and making money is not guaranteed.
You’ll also need strong writing and editing skills.
What are the pros and cons of transcription and data entry jobs as side hustles for retirees?
Transcription and data entry jobs are easy to start with low costs and no degree needed. There are many jobs available across different fields. But, the pay is low, growth is limited, and the work might get repetitive.
What other side hustle ideas can retirees consider?
Retirees can also think about freelance consulting, online teaching, selling handmade items, being a virtual assistant, gardening, or fitness classes. These options can help them earn extra and stay active.
What are the social and personal benefits of side hustles for retirees?
Side hustles can make retirees feel part of a community and fulfilled. They keep the mind and body active and help them give back. These benefits improve their quality of life and keep them engaged and happy.
What are the challenges and solutions for retirees when starting a side hustle?
Starting a side hustle can be hard because it takes time and new skills. It might also cut into free time and retirement plans. To overcome this, retirees should pick a side hustle that fits their interests and lifestyle goals.