As retirement age approaches, many seniors are finding themselves in a position where they need to return to the labor market to supplement their income. According to a recent report by the Transamerica Institute, 48% of retirees who are working felt the need to do so due to financial reasons. This trend of unretiring is becoming more common as individuals are living longer and are concerned about outliving their savings.
One popular option for seniors looking to earn extra income is becoming an Airbnb host. Hosting an Airbnb allows retirees to meet new people, stay social, and generate additional income without leaving the comfort of their own home. Kerrie Carden, a financial planner and founder of Equip Advisory, recommends this option as a way to control rates and guest frequency. The potential earnings from hosting an Airbnb depend on factors such as location, amenities, property type, and cleaning fees.
Another part-time job option for retirees is becoming a career coach. With years of experience in a particular field, retirees can use their knowledge and connections to help others find jobs. Brian Pulliam, founder of Refactor Coaching, spends his time assisting younger generations in navigating their job search. The flexibility of this role allows retirees to build social connections, find a sense of purpose, and earn an average hourly rate of $22, according to ZipRecruiter.
For those who enjoy reading and engaging with the community, working as a library greeter can be a fulfilling part-time job. This role allows retirees to stay happy while working in a relaxed environment that gives back to the community. According to Indeed, library greeters earn an average of $14.87 per hour.
Substitute teaching is another flexible and meaningful option for retirees looking to make extra money. Kayla Norflus, a senior recruitment marketing specialist with The TemPositions Group of Companies, highlights the variety and purpose that substitute teaching offers. Retirees can choose when and where to work, and the average hourly rate for a substitute teacher is $20, as reported by ZipRecruiter.
Tutoring is a rewarding way for retirees to use their skills and knowledge to help others succeed. Whether tutoring in a specific subject or skill, retirees can work online, from home, or in schools to earn extra income while keeping a flexible schedule. Mason Farmani, an intuitive persona and corporate life coach, emphasizes the critical thinking and problem-solving skills that tutoring builds, as well as the emotional reward of seeing students excel. According to Indeed, the average hourly rate for a tutor is $24.12.
In conclusion, unretiring and exploring part-time job opportunities can provide financial stability, social connections, and a sense of purpose for seniors in retirement. By considering options such as Airbnb hosting, career coaching, library greeting, substitute teaching, and tutoring, retirees can find fulfilling ways to supplement their income while maintaining a flexible schedule.
