Being retired means you never have to worry about money again, right? Well…the truth of life in retirement is sometimes more complicated. Even if they’re financially comfortable, many retirees find themselves searching for new ways to stay active, make a contribution to their community, and earn extra cash in the bank.
In case your retirement income isn’t stretching as far as you planned, or if you just want to earn some extra “fun money” to spend on travel or hobbies, there are many good reasons for retirees to start a side hustle. And it’s easier than ever before.
Let’s look at a few reasons why retirees might want to earn extra money with a side hustle.
1. Help your retirement savings last longer
The biggest reason to start a retiree side hustle, instead of just doing volunteer work, is to make money! Many retirees reach their lifelong financial goal of retirement, only to discover that retirement has some extra expenses, like the recent high inflation or out-of-pocket healthcare costs, that make them want some extra cash in the bank.
Other retirees might find that they don’t like the feeling of only spending money after a lifetime of saving and investing. Even if they’re financially secure, they might want to replenish their nest egg a bit.
Whatever your situation, there’s nothing wrong with earning extra money to feel more financially comfortable in retirement. A side hustle can help generate extra income and pad your savings account. What if you could turn a few hours per week into $500 a month?
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2. Stay active and socially engaged
Sometimes people retire and are shocked to realize that they feel a bit isolated and lonely. Not having a routine of going to a workplace everyday can be disorienting for retirees.
Starting a side hustle in retirement can help you stay socially and physically active. You might find that doing a few side hustle gigs in retirement is good for your health — both physical and mental.
3. Learn new skills
Starting a side hustle in retirement can be a fun way to learn new skills and technologies. What if you wanted to drive for a ride-hailing app or learn new handyperson skills to do projects on Taskrabbit?
There are many ways for retirees to get started with side hustles without taking a lot of risks or spending a lot of money. Instead, you might just need to bring a spirit of curiosity and be willing to try new things.
4. Work a flexible schedule
A big reason why side hustles can be a better choice for retirees than a part-time job: flexible schedules! With a retirement side hustle, you can work for just a few hours per week or even one hour per day.
Especially if you have a comfortable retirement income and you don’t really need the money, your side hustle can be like a fun hobby that also pays you. Side hustles are great because you can fit the work into your life, whenever you want to work — without the commitments and hassles of a more traditional part-time job.
5. Share your expertise
If you have corporate experience, teaching skills, and a passion for coaching and training other people, you could start a retirement side hustle as a teacher, tutor, corporate trainer, or business consultant.
There are many ways to start an online side hustle working from home where you can teach classes or offer tutoring with platforms like Outschool and Preply. You could also stay active in your professional network after retirement — reach out to old colleagues for consulting gigs, and make it clear that you’re only interested in short-term, flexible projects.
Starting a side hustle in retirement can be a great way to help your community while making extra cash. People really appreciate being able to get reliable, professional help from dedicated side hustlers — whether it’s a handyperson helping with home repairs, a friendly ride-hailing app driver to take them to the airport on time, or a food delivery person who brings meals to a house full of sick people when they need it most.
Side hustles are becoming part of the fabric of everyday life in America. Don’t assume that the world doesn’t need you anymore now that you’re retired — there are many ways to make a meaningful difference in people’s lives, just by providing helpful services with your side hustle, one hour, one gig at a time.
Bottom line
Starting a side hustle in retirement can be good for your savings account and for your community. There are many side hustles for retirees that can help you stay socially connected, physically active, and learning new skills.