Side Hustles with High Earnings for Seniors: Top Picks
Retirement doesn't have to mean the end of earning an income. In fact, many retirees are finding that part-time work or freelance gigs can help extend the longevity of their retirement savings, as reported by financial experts.
According to Jordan Mangaliman, owner and adviser at Goldline Wealth Management, retirees should consider roles that can generate the best pay, such as serving as a board member or corporate director, or being an instructor or guest speaker/lecturer. However, for those looking for more flexible options, there are several top-paying side gigs available.
Teaching and tutoring, for example, can offer a pay range of $26 an hour, as reported by various sources. For retirees who have no teaching expertise, teaching English as a second language online is an option. Additionally, teaching and tutoring opportunities are abundant, particularly in subjects where younger workers may be unavailable due to conflicts with their 9-5 hours or childcare responsibilities.
Online selling is another viable option for retirees, with a pay range of $25-$50 an hour, depending on sales skills and product knowledge. For those with a knack for sales and a passion for a particular product, this can be a lucrative way to earn extra income.
Freelance writing is another option, with a pay range of $22 to $74 an hour, depending on experience and subject matter. Retirees can find freelance writing work by reaching out to SEO agencies or freelance writing job sites.
Bookkeeping and financial services are also in high demand, with a pay range of $25-$50 an hour. Companies still need humans with an understanding of business finances for bookkeeping or financial data management roles.
Data recovery services and IT consulting can also be lucrative, with a pay range of $30-$40 per hour on the low end and $100-$200 an hour for higher-level gigs. For retirees with IT expertise, this can be a great way to earn extra income.
Business and executive coaching is another top-paying gig, with a pay range of $100-$200 an hour. For retirees with leadership experience, this can be a rewarding way to share their knowledge and expertise with others.
Real estate investments are also an option for retirees, particularly for those with experience in the field. The pay range for this gig varies, depending on the specific investment and the level of involvement required.
It's important to note that there are tax considerations for retirees working part-time, particularly regarding Social Security, according to Mangaliman. Retirees who have not yet reached full retirement age and whose income is more than $23,400, $1 is withheld for every $2 earned.
In 2023, 19% of Americans aged 65 and older held a paying job in retirement, according to the Pew Research Center. This number is expected to continue to grow as more retirees seek out flexible work options to supplement their retirement income.
Companies appreciate the strengths retirees bring to the table, such as meaningful career experiences, leadership skills, and flexibility in the workplace. For retirees looking to find the best-paying retirement side gigs, leveraging their professional network and using platforms like LinkedIn, local Facebook groups, and job boards like FlexJobs, Retired Brains, Workforce 50, and the AARP Job Board can be a great place to start.
In conclusion, retirement doesn't have to mean the end of earning an income. With the right planning and a willingness to explore new opportunities, retirees can find flexible, well-paying side gigs that can help extend the longevity of their retirement savings.
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