Retirement is often seen as the time to relax and enjoy the fruits of your labor. However, financial obligations don’t stop just because you’ve retired. Bills continue to pile up, and your fixed retirement income may not always be enough to cover all your expenses. This is where side hustles come in handy. Side gigs can be a great way to supplement your income without committing to a full-time job. In fact, a recent 2023 Bankrate survey found that 24 percent of baby boomers have a side hustle to bring in extra cash during retirement.
If you’re looking to boost your income in retirement, here are five of the best side hustles for retirees to consider:
1. Rent out a space you already have: If you have a spare room in your house or an entire property that you’re not using, consider renting it out on platforms like Airbnb. This can be a great way to earn passive income without much effort.
2. Provide child care: If you enjoy spending time with children, offering child care services can be a rewarding side hustle. Websites like Care.com and Sittercity can help you find babysitting gigs and nanny jobs.
3. Substitute teacher or tutor: If you have a passion for education, consider becoming a substitute teacher or tutor. Substitute teachers are in high demand and can earn a decent hourly rate. Tutoring companies like Tutor.com and Skooli can also help you find students to work with.
4. Sell things you already own: Declutter your home and make some extra cash by selling items you no longer need on online marketplaces like Facebook, eBay, and Etsy. Take high-quality photos, write detailed descriptions, and price your items competitively to attract buyers.
5. Drive for Lyft or Uber: If you have a reliable car and enjoy driving, consider becoming a rideshare driver for companies like Lyft or Uber. You can choose your own schedule and earn money based on the number of rides you take.
In addition to these specific side hustles, retirees can also leverage their own talents and skills to make money on the side. Websites like Flexjobs, Upwork, and PeoplePerHour make it easy to find freelance work in a variety of fields. Whether you were a nurse, accountant, graphic designer, or paralegal, there are opportunities to monetize your expertise online.
It’s important to remember that any income earned from side hustles is subject to taxes. Retirees may need to file quarterly estimated taxes if they are self-employed or earning income from gig work. Additionally, retirees who are collecting Social Security benefits should be aware of how their side hustle income may impact their benefits. There are limits to how much you can earn while collecting Social Security, and exceeding these limits could result in a reduction of benefits or additional taxes.
In conclusion, retirement is not the end of the road but a new chapter filled with opportunities. By exploring side hustles and leveraging your skills, you can supplement your income, stay active, and enjoy a fulfilling retirement. Whether you choose to rent out a space, provide child care, tutor students, sell items online, or drive for a rideshare company, there are plenty of ways to make the most of your golden years.
