It is a common misconception that retirement equates to the end of earning an income. In reality, many retirees take on various side jobs to not only keep themselves occupied but also to supplement their retirement funds or pursue their passions. Whether it be part-time work, freelance projects, or starting a small business, retirees have the opportunity to continue their professional pursuits while also enjoying the benefits of retirement.
Working during retirement can provide retirees with a sense of purpose and fulfillment and additional financial security. It can also give retirees the opportunity to stay connected to their professional networks, remain up-to-date on the latest industry trends, and even explore new career paths.
Here are six great side hustles for retirees:
#1 Consulting
Retirees can offer consulting services in their area of expertise. They can use their decades of experience and knowledge to help businesses or individuals improve their operations, processes, or performance. Many companies are willing to pay a premium for the insights of seasoned professionals who have been around the block.
According to a survey by Upwork, a freelance marketplace, the top skills in demand for freelance consulting in 2021 were business strategy, management consulting, project management, and financial forecasting. Retirees with a background in these areas can capitalize on their expertise and command high hourly rates.
#2 Online teaching/tutoring:
With the rise of online education and remote work, there is a growing demand for online teaching and tutoring. Retirees can leverage their expertise in a subject to teach or tutor students worldwide.
Grand View Research reported that the worldwide online tutoring market had an estimated worth of 4.19 billion USD in 2020. This specific market is expected to grow at a compound annual rate of 16.1% from 2021 to 2028. Retirees can enter this market by signing up for online tutoring platforms like Chegg, TutorMe, or VIPKid.
#3 Pet sitting/dog walking business:
Many retirees are animal lovers and enjoy spending time with pets. Pet sitting and dog walking are popular side hustles that can be done on a flexible schedule. Retirees can earn money by caring for pets while their owners are away or taking dogs for walks or runs.
A report by IBISWorld has revealed that the pet care industry in the US reached a value of 11 billion USD in 2021 and is predicted to experience a Compound Annual Growth Rate of 5.1% from 2021 to 2026. Retirees can capitalize on this growing market by offering their services to pet owners in their community.
#4 Freelance writing/editing:
Retirees with a way with words can leverage their writing skills to earn money as freelance writers or editors. They can write articles, blog posts, or social media content for businesses or individuals and edit and proofread content for others.
According to a survey by Payoneer, a cross-border payments platform, the top-paying freelance jobs in 2021 were in the writing and content creation category. Retirees with solid writing and editing skills can earn a decent income by offering their services on freelance marketplaces like Fiverr, Upwork, or Freelancer.
#5 Home renovation/repair:
Retirees with tools and experience in home renovation or repair can offer their services to homeowners in their community. They can help with minor repairs, painting, landscaping, or even complete home renovations.
According to IBISWorld’s report in 2021, the US home improvement industry was valued at USD 439.6 billion. It is predicted to have a Compound Annual Growth Rate (CAGR) of 5.1% from 2021 to 2026. This presents an opportunity for retirees to utilize their skills and offer home improvement services to homeowners needing assistance with their projects.
#6 Selling handmade items:
Crafty retirees can turn their hobbies into a side hustle by selling handmade items online or at local markets. They can make anything from jewelry, clothing, pottery, or artwork.
Did you know that the global market for handmade goods was valued at $718.5 billion in 2020, as reported by Grand View Research? Additionally, experts project that it will experience a compound annual growth rate (CAGR) of 6.8% between 2021 and 2028. Retirees can take advantage of this trend by selling their handmade products on popular e-commerce platforms such as Etsy, Artfire, Ruby Lane, and Shopify. They can also showcase their crafts at nearby markets and craft fairs.
Retirees can pursue these side hustles to earn extra income or stay active during retirement.
Here are some additional tips for retirees who are considering a side hustle:
- Select a side job that matches your interests and passions. This will make the work more enjoyable and fulfilling.
- Consider the time commitment and flexibility of the side hustle. Retirees may not want to work full-time or have a rigid schedule, so a side hustle that allows flexibility is ideal.
- Determine the financial potential of the side hustle. Retirees should consider their earning potential and whether the income generated is worth the time and effort invested.
- Look for opportunities that leverage existing skills and experience. Retirees can use their decades of experience and knowledge to offer consulting or teaching services in their area of expertise.
- Consider the start-up costs and potential risks associated with the side hustle. Before investing time and money into a new venture, retirees should carefully consider the associated costs and risks.
To sum up, retirees can benefit from side hustles as they can keep them engaged, supplement their income, and pursue their interests. With the increasing popularity of the gig economy and online platforms, retirees can take advantage of their experience and skills. Retirees can have a satisfying and remunerative retirement by selecting a side hustle that matches their preferences, allows flexibility, and offers financial gain.