4 Ways Boomers Can Earn Extra Income Without Taking on a Full-Time Job

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As retirement approaches for many baby boomers, financial concerns are at the forefront of their minds. According to the Transamerica Center for Retirement Studies, about 60% of baby boomers are now retired, and a significant portion of them are struggling financially. Data from the ALI Retirement Income Institute indicates that many retirees have inadequate financial resources for retirement, with more than one in four older workers nearing retirement without any savings to rely on.

With the average retirement benefit from Social Security barely covering the cost of rent for a one-bedroom apartment in the United States, many boomers are looking for ways to supplement their income. Fortunately, there are several options available for those who need a boost in their finances. Here are four ways boomers can make extra money without committing to a new full-time job.

1. Side Hustle

A recent survey by GOBankingRates found that 38% of Americans plan to work part-time in retirement to help cover bills and living costs, while an additional 23% plan to work part-time to stay occupied. A side hustle is a great way for retirees to earn extra money, but it’s essential to be mindful of how it may impact Social Security benefits. The Social Security Administration deducts $1 from benefit payments for every $2 earned above the annual limit if you are under full retirement age. The limit for 2024 is $22,320, and it changes once you reach full retirement age.

Some lucrative side gigs for retirees include copywriting, data entry, virtual assistant work, lead generation specialist roles, and consulting. These opportunities offer flexibility and decent pay rates, making them ideal for those looking to supplement their income.

2. Online Reseller

Reselling items online through platforms like eBay, Craigslist, or Poshmark can be a profitable venture for retirees. By finding bargains on items they have expertise in and reselling them at a profit, retirees can earn an average of $40 an hour. This side hustle allows individuals to work at their own pace and leverage their knowledge to make money.

3. Advertise on Your Car

Some companies pay individuals to place advertisements on their cars, providing an easy way to earn money while driving around as usual. By partnering with companies like CarVertise, retirees can earn hundreds of dollars a month simply by displaying ads on their vehicles. This passive income stream requires minimal effort and can be a convenient way to supplement retirement funds.

4. Rental Income

Renting out a room, basement, or garage can generate passive income for retirees. By properly vetting applicants and consulting with legal or property management experts to create a comprehensive lease agreement, retirees can earn money from underutilized spaces in their homes. This option allows individuals to earn money without committing to a traditional job.

In conclusion, baby boomers facing financial challenges in retirement have several avenues to explore for additional income. By considering side hustles, online reselling, car advertising, and rental income, retirees can boost their finances and improve their financial security in retirement. These opportunities offer flexibility, convenience, and the potential for significant earnings, making them attractive options for those looking to supplement their retirement income.