As baby boomers continue to retire, many are facing financial challenges. 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 revealed that the majority of retirees do not have adequate financial resources for retirement, with more than one in four older workers nearing retirement without any savings.
With Social Security benefits often falling short of covering basic living expenses, many retirees are looking for ways to supplement their income. Fortunately, there are several options available for boomers who need a boost in income without committing to a full-time job.
One popular way to earn extra money is through passive income. Passive income streams can be established with minimal effort and can provide a steady source of additional funds. Whether it’s through investments, rental properties, or online businesses, passive income can help retirees increase their cash flow without the need for a traditional job.
Additionally, part-time work is a common choice for retirees looking to earn extra income. A recent survey found that 38% of Americans plan to work part-time in retirement to cover bills and living costs, while an additional 23% plan to work part-time to stay occupied. Part-time work can range from freelance gigs to remote positions, allowing retirees to earn money on their own terms.
For those who are considering a side gig, it’s important to be mindful of how it may impact Social Security benefits. The Social Security Administration imposes limits on how much retirees can earn while receiving benefits, with deductions applied for income above certain thresholds. However, for those who have reached full retirement age or are not concerned about benefit deductions, there are a variety of lucrative side gigs to consider.
Some popular side gigs for retirees include copywriting, data entry, virtual assistant work, lead generation specialist roles, and consulting. These roles offer competitive pay rates and flexibility, making them ideal for retirees looking to earn extra income on their own schedule.
In addition to traditional side gigs, retirees can also explore unique opportunities such as reselling items online, participating in car advertising programs, or renting out space in their homes. These creative income-generating strategies can provide retirees with additional financial stability and independence in retirement.
Overall, there are numerous ways for baby boomers to make extra money without committing to a full-time job. By exploring passive income opportunities, part-time work, and innovative side gigs, retirees can enhance their financial well-being and enjoy a more comfortable retirement.
