Side hustles can be fun and rewarding.
Retirement is often touted as the golden period to rest, relax and reap the rewards of years of hard work. However, many retirees are not quite ready to slow down and stop contributing entirely. A growing trend among seniors, baby boomers and retirees is the pursuit of side hustles. Roughly 25% of baby boomers (ages 59 to 77) said they have a side hustle, according to a 2023 Bankrate survey.
The financial landscape has shifted significantly for the baby boomer generation, leading many to seek additional income streams beyond traditional retirement savings. The need to supplement retirement income is a reality for a growing number of seniors aiming to maintain their pre-retirement lifestyles and meet financial goals.
Why Retirees Should Consider A Side Hustle
Engaging in a side hustle during retirement isn’t just about money; here’s why it could be one of the most valuable decisions you make in this phase of life.
Mental And Social Benefits
Working in a capacity that you enjoy and find stimulating can significantly boost cognitive health and ward off feelings of isolation that some retirees might experience. A side hustle allows you to continue learning, solving problems, and interacting with others, all of which promote mental agility and well-being.
Increased Financial Security
Even a modest increase in income from a side hustle can provide a buffer against unexpected expenses and help stretch your retirement savings further. It can also act as a financial safety net, giving you peace of mind and a measure of control over your financial future.
Unique Side Hustles For Baby Boomers
Not all side hustles are created equal in terms of the time, effort, and income potential they offer. Turn your hobbies and interests into a lucrative part-time business you’ll love. If you’re going to invest time in your passions, why not get paid for it? Many hobbies can start as volunteer work but eventually become financially rewarding. Look at these ideas for monetizing your hobbies:
- Cooking: As the most popular hobby in the US, cooking has plenty of potential for monetization. Consider offering personal chef services or starting a cooking blog with affiliate marketing. Explore opportunities in meal planning, recipe creation or even starting a food truck.
- Skiing: Share your skiing skills by teaching others. Opportunities range from teaching beginners to joining ski patrols. Some ski resorts even offer free ski passes and payment for directing visitors to amenities.
- Golf: Play a vital role in golf tournaments as a marshal, player transporter, scorer, or laser operator. Pro shop jobs also offer a salary as well as potential discounts on green fees and equipment.
- Hiking: If you love history, nature and being social, consider becoming a tour guide.
- Culture: Offer your passion for science, art, or nature at local museums. You might find opportunities for both volunteer and paid positions.
- Gardening: Consider working in a community garden or with a community-supported agriculture team.
- Travel: Earn money from your travel experiences by writing articles and blogs, offering travel advice or leading tours.
Finding Side Hustle Opportunities
Second career seekers can find side hustle opportunities in various places. Online job platforms like Indeed and Upwork curate many freelance, part-time and project-based roles suitable for those looking to pivot into a new career without committing to a full-time job. Other platforms include:
- Companies like Tours by Locals and Airbnb Experiences offer ways to earn money by providing tours and activities.
- ServiceScape offers people the ability to market their editing, design and writing skills
- At PeoplePerHour, you can start freelancing your technology skills, video, photography, musical talent and business-savvy ideas.
- Wyzant is a massive community of tutors matched to people looking to learn what you know.
Retirement isn’t an endpoint—it’s an opportunity to explore new endeavors and find joy in contributing to the world in your unique way.
Source: A Senior’s Guide To Finding A Rewarding Side Hustle
