Feeling the Squeeze? 13 Side Hustle Ideas for People Nearing or In Retirement
Let’s face it—inflation is hitting people hard. We may not know the exact CPI number, but we feel it—fewer groceries for the money, a smaller piece of chicken breast for the same price. It seems everything has cost more since COVID-19.
Have you heard friends or family members complain that their income doesn’t keep up with the rising cost of living? You’re not alone. The one-income model that worked for so long is becoming increasingly unsustainable.
If you plan well, retirement savings accounts, brokerage accounts, social security payments, and longer-term real estate investments may cover all your retirement costs; however, if you still need some other sources of income, cover them. The good news is that a million side hustles or second jobs exist, ranging from flexible options to complex tasks that leverage your experience. But before you dive in, consider your “why” as much as the “how much.” Yes, money is essential, but the second objective of your side hustle can be just as important.
Here are some side hustle ideas to get you started.
Consider both financial gain and personal fulfillment:
1. Offer consulting services to businesses or individuals in your area of expertise. Share your lifetime of experience.
2. Share your knowledge and skills by tutoring students online or in person or coaching others in a skill you’ve mastered.
3. Use your communication skills by writing or editing content for websites, blogs, or businesses.
4. Help small businesses manage their finances remotely by offering bookkeeping or accounting services.
5. Offer social media management services to businesses that need help with their online presence.
6. Share your knowledge and passion by creating and selling online courses or seminars in your area of expertise.
7. Sell your artistic creations online through platforms like Etsy or at local craft fairs.
8. Share your knowledge and interests with the world by starting a blog or vlog and monetizing it through advertising, affiliate marketing, or selling your products or services.
9. To generate income, consider listing your spare room on platforms like Airbnb or renting out your car on platforms like Turo.
10. Rent out underused equipment, such as tools or lawnmowers, to others in your community through platforms like Neighbor.
11. Earn income by caring for someone’s home, pets, or plants on a flexible schedule.
12. Use services like DoorDash, Uber Eats, or Instacart to deliver groceries, restaurant meals, or packages, and choose the hours that work for you.
13. Offer errand-running services for busy individuals or handyperson services for minor repairs around the house on your own time.
Keep in mind that the perfect side gig should align with your skills, passions, and availability. Explore different opportunities to discover something that not only brings you joy but also provides extra income during your retirement. This comprehensive list offers various options tailored to different skill sets and interests. With some creativity and exploration, you can find the ideal side gig to supplement your income and keep yourself engaged during retirement.
Check our post – Leveraging My Career Skills for a Purposeful Retirement, to find out how you can transfer your current skills for side hustles in retirement.
For a deeper dive into passive income, check out this comprehensive guide on Investopedia’s Passive Income Overview.
Additionally, if you’re thinking about starting your own business, the U.S. Small Business Administration offers excellent resources to help you get started.
Leave a Reply