Retirement Side hustles have become a critical financial lifeline for millions of Americans in today’s post-pandemic economy. With inflation running high and costs remaining elevated, more Americans are turning to side gigs to make ends meet. Recent data from Civic Science shows that the percentage of Americans engaged in side hustles is on the rise.
As of April 2024, 26% of U.S. adults in the workforce have side hustles, up from 22% in 2021, marking an 18% increase. While many rely on these side gigs for secondary income, a combination of side gigs has become a primary source of income for numerous workers.
For retirees who have finally reached the golden years of not needing to work full-time, side hustles present an excellent opportunity to stay busy and add some extra cash to their wallets. Fortunately, there are many lucrative and flexible options available. Here are five side gigs for boomers who want to boost their income, according to Sidehustles.com.
1. Rideshare Driver
If you enjoy driving and have a reliable vehicle, consider becoming a rideshare driver. This gig involves picking up and dropping off passengers at their requested destinations, and you get paid for each ride you complete. Platforms like Uber and Lyft make it easy to sign up and get started in your local area. One of the best aspects of this side hustle is the flexibility – you can switch on the apps when you want to work and turn them off when you don’t, offering work on your terms. You can expect to earn about $20 per hour, depending on your location.
2. Transcriptionist
For retirees with sharp computer skills and a knack for fast typing, becoming a transcriptionist is an excellent option. This job involves listening to audio recordings, such as lectures and interviews, and transcribing them into written documents accurately and quickly. The ability to type at least 40-50 words per minute is essential. Freelance platforms like Fiverr and Upwork offer plenty of opportunities to find transcription gigs. You can expect to earn about $15-$25 per hour.
3. Life Coach
Retirees often have a wealth of life experience and wisdom to share, making them ideal candidates for life coaching. As a life coach, you’ll provide guidance and support to help others set and achieve their personal goals. This high-earning side hustle involves conducting one-on-one coaching sessions with clients, either online or in person. With your extensive life experience, you can make a significant impact on others’ lives while earning a substantial income. Life coaches can expect to earn about $70-$200 per hour.
4. Consultant
If you have extensive career experience and a talent for problem-solving, consulting can be a rewarding side gig. For instance, with a long career in marketing, you could offer consulting services to startups needing advice on their advertising strategies. This side hustle allows you to leverage your professional expertise to help businesses grow and succeed. Depending on your level of expertise and industry, consultants can expect to earn about $50-$150 per hour.
5. Tutor
Retirees who are experts in a particular subject matter can find great satisfaction and income in tutoring. This gig involves sharing your knowledge and experience to help students understand and excel in specific subjects. Platforms like Tutor.com and Skooli make it easy to connect with students in need of tutoring. Tutors can expect to earn about $15-$30 per hour, making it a fulfilling way to stay engaged and contribute to others’ learning.
In conclusion, side hustles provide retirees with an excellent opportunity to stay active, share their wealth of experience, and boost their retirement income. Whether you prefer driving, typing, coaching, consulting, or tutoring, there are plenty of flexible and lucrative options available. These side gigs not only offer financial benefits but also help retirees remain engaged and productive in their golden years.
