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About 60% of baby boomers are now retired, according to the Transamerica Center for Retirement Studies — and many of these boomers are struggling financially. Data from the ALI Retirement Income Institute found that the majority of retirees have inadequate financial resources for retirement, CBS News reported, while more than one in four older workers are nearing retirement “without a penny in savings.”
Boomers with little or no retirement savings will have to rely heavily on Social Security in retirement, which is problematic. In May 2024, the average retirement benefit was $1,867.83 a month, according to the Social Security Administration. That’s barely enough to cover the average rent for a one-bedroom apartment in the United States, which RentCafe estimates is about $1,713 a month.
Fortunately, boomers who need a boost in income have several options. Here are four ways they can make extra money without finding a new full-time job.
1. Side Hustle
A recent GOBankingRates survey found that 38% of Americans plan to work part-time in retirement to help them cover bills and living costs, and an additional 23% plan to work part-time to help keep them occupied.
A side gig is a great way for retirees to earn extra money – but you need to be careful if you collect Social Security. If you are under full retirement age for the entire year, the SSA deducts $1 from your benefit payments for every $2 you earn above the annual limit. For 2024, that limit is $22,320. In the year you reach full retirement age, the agency deduct s$1 in benefits for every $3 you earn above a different limit. In 2024, this limit is $59,520.
If you have already reached FRA, or aren’t worried about the deductions, here are a handful of good side gigs that can help you earn extra income:
- Copywriting: Plenty of copywriting opportunities exist for freelance or remote workers. This gig pays an average of $37 an hour, according to ZipRecruiter.
- Data entry: A lot of this work is being outsourced to remote workers. You can expect to earn an average of $19 an hour.
- Virtual assistant: Retirees with administrative experience should consider working part-time as a virtual assistant, where the average pay is $24 an hour.
- Lead generation specialist: Companies and business development teams hire these specialists to find, qualify and generate leads. It’s a gig that pays an average of $31.86 an hour.
- Consultant: If you have built up expertise in an area with heavy demand you can earn an average of $100 an hour as a consultant. This typically involves reviewing an organization’s processes and providing advice on how to improve them. There is a particularly high demand for IT consultants.
2. Online Reseller
As previously reported by GOBankingRates, you can earn an average of $40 an hour reselling items on platforms such as eBay and Craigslist, or apps like Poshmark. The key is to find bargains on items you have expertise in and then resell them at a profit.
3. Advertise on Your Car
Some companies are willing to pay you just to put their ads on your car, which means you earn money for doing something you do anyway. You can earn hundreds of dollars a month just for driving around. One good resource to find information is the CarVertise website.
4. Rental Income
Renting out a room (or remodeled basement or garage) is a popular way to earn passive income. Just make sure you properly vet all applicants. It’s also wise to consult with a legal/property management expert who can create a lease that covers all the bases.
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Source: 4 Ways for Boomers to Make Extra Money Without Finding a New Full-Time Job
