Top Five Profitable Part-Time Jobs for Seniors in Their Golden Years
In the United States, retirees are increasingly looking for ways to supplement their income while staying mentally active. A recent study shows that 40% of U.S. adults are already working or plan to work in retirement, with this figure rising to 45% for millennials and 48% for Gen Xers.
For Baby Boomers, retirement often means a break from the daily grind, but most retirees in this demographic say they won't work in retirement. However, many are finding ways to stay active and engaged through side gigs.
One popular option is real estate investing, which can range from investing in REITs to flipping homes to buying properties and converting them into rentals. This provides a reliable stream of income and can be a great way to stay involved in the property market.
Another option is content creation, such as writing books, articles, or becoming a newsletter publisher on platforms like Substack. This is a rewarding side gig that keeps the mind active and can be done from the comfort of home.
Airtasker is a platform that connects customers with skilled local helpers, including retirees who offer home maintenance and repair services. This provides a flexible way to earn money while helping out in the community.
Retirees can also make money as virtual assistants, handling tasks such as data entry or bookkeeping. Some retirees can even make a living answering questions in their areas of expertise, such as law, accounting, or veterinary medicine, on platforms like JustAnswer. On JustAnswer, retirees can earn between $2,000 to $7,000 a month, depending on their area of expertise and question volume.
Pet sitting or dog walking is another flexible and enjoyable option for animal lovers. It requires some interaction and responsibility but isn't too physically demanding.
Tutoring is another great way for retirees to leverage their knowledge and keep their minds active. Retired teachers or subject matter experts can teach kids or adults, either in person or online.
Driving for ride-share or delivery services is another option for those comfortable driving. This is a flexible and social way to stay active and earn extra income.
If retirees travel frequently or own extra property, renting out a room or home via platforms like Airbnb can be lucrative with minimal active effort.
Starting a small business based on hobbies or skills is another way to remain engaged and financially rewarded. This could be anything from handyman services to technology tutoring, pet businesses, or online reselling (e.g., eBay).
Concierge or event management is another option that offers social interaction and light activity. Helping guests with local knowledge or managing community youth sports can be a rewarding way to stay active during retirement.
Overall, these side gigs balance supplemental income with mental engagement and flexibility to suit retirees’ preferences and physical abilities. It's important for retirees to focus on the financial impact of their side hustles rather than the number of hours worked and to regularly check in with themselves and loved ones to ensure their side hustles are not interfering with their retirement goals. Avoiding overly strenuous or high-stress roles is also important to maintain well-being during retirement.
Personal finance is essential for retirees to find the right balance between supplementing their income and managing their well-being during retirement. For instance, they can invest in real estate or create content as side gigs, both of which offer a reliable source of income and mental stimulation.
