How do you feel about your retirement savings? Anxious? Maybe even nauseous? That makes you and millions of others, according to the latest Forbes survey. Nearly 80% of Americans believe we're in a retirement income crisis, and over half are worried they'll never feel financial security.
Investing is great in the long term, but people need money right now, which is where side hustles come in. This blog post presents 10 side hustle ideas to turn things around, including remote options that let you work from the comfort of your own home.
A side hustle without the hassles -----> Join tens of thousands of freedom seekers and stop by our free Amazon KDP webinar to see how self-publishing is the most beginner-friendly and lucrative side hustle out there. Many of our students have seen results like adding an extra $500 and even $10,000 a month to their income with our proven system. Click here to sign up.
What Side Hustles Are Good for Seniors?
Some common side hustles for retirees include working as a freelance writer, pet sitter, or customer service representative, selling things you already own, renting out a spare room, and self-publishing on Amazon.
However, the best side hustles for making a decent retirement income change all the time and will really depend on what you're looking to get out of them. More money for trips around the world? More time with family? Both?
Mindset, Mindset, Mindset
The first part of the equation for making extra money (no matter what your age) is usually mindset. You might roll your eyes when you read that, but we have an entire AIA course lesson dedicated to business psychology because everything else is going to be a byproduct of your thoughts and beliefs.
If you believe you're stuck, then you're right! And if you believe there's a way out, then you're also right.
You absolutely can turn a side hustle into a profitable business just based on your outlook, or you can feel completely trapped by the rising costs. We're not saying that it's not scary out there. Inflation is real, and there are dozens of scams out there right now specifically targeting retirees and baby boomers, but your "why" is going to give you clarity and motivation as you embark on this new business venture.
Listen to Kristen talk about overcoming her mindset challenges here:
Research niches and sub-niches that are already selling pretty well but have a gap in the market
Narrow your list of ideas down to one sub-niche and work on just one book at a time
Decide whether to take on the drafting, editing, formatting, and designing yourself or hire help
Do quality checks at every single step
Put it all together, and boom! Publish your book on Amazon and watch the KDP royalties start rolling in
Need More Support? Consider Publishing.com's AIA Course
What It Includes: Hours of self-paced learning modules with video walkthroughs by seasoned publishers for every step of the publishing process, including how to hire a ghostwriter, how to use AI to get things done faster, and all the basics of marketing and running ads.
Instructors: Learn insider secrets from former AIA students who went on to earn more than six figures from publishing, as well as guests like an Amazon ads specialist and an expert in flipping businesses.
Outcome: Gain the skills to earn passive income on Amazon. We'll show you how to take your book from concept to finished product in as little time as possible without sacrificing the quality of the manuscript (even without a bachelor's degree or any experience at all).
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What It Includes: A walkthrough of the advantages of self-publishing on Amazon and how to get started on a budget.
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Hear from a retired professor who decided to give self-publishing a try:
#2: Sell Things You Already Own
You might find that you've accumulated belongings over the years that you no longer need.
Why let them sit in the closet collecting dust when you can turn them into extra money instead?
Things You Can Sell:
Electronics: Old smartphones, laptops, cameras, and gaming consoles
Clothing: Designer or vintage clothing, gently used everyday wear, and children's clothes
Books: Rare finds, textbooks, and bestsellers
Furniture: Couches, chairs, tables, and bedroom furniture
Home Appliances: Small kitchen appliances like mixers and blenders and larger items like refrigerators and washers
Sports Equipment: Bicycles, golf clubs, fitness gear, and camping equipment
Toys and Games: Board games, dolls, action figures, and outdoor playsets
Collectibles: Coins, stamps, figurines, and other collectible items
Musical Instruments: Guitars, pianos, violins, and drums
Garden Tools: Lawnmowers, shovels, and gardening kits
Jewelry: Watches, rings, and necklaces
Art and Decor: Paintings, sculptures, and vases
Craft Supplies: Unused fabric, yarn, beads, and craft kits
Baby Gear: Strollers, car seats, high chairs, and baby monitors
Seasonal Decorations: Christmas lights, Halloween inflatables, and wreaths
Benefits:
Extra Space: Clear out unused items and free up space in your home.
Ease of Use: Platforms like eBay and Facebook Marketplace make it simple to list and sell items.
Drawbacks:
Time Consuming: It takes time to list, negotiate, and finalize sales.
Fluctuating Market Value: Items may sell for less than expected based on market demand.
Security Concerns: Selling items in person can be risky
#3: Rent Out Extra Spaces
If you have extra space in your home, such as a spare bedroom, basement, or even a garage, renting it out can be a decent side hustle.
Eligibility:
Depends on your rental management company or HOA policies
Depends on your local laws
Benefits:
Recurring Income: Generate steady bookings during certain seasons each year.
Flexibility: Choose when to make your space available and for how long.
Meet New People: Connect with people from different cultures.
Drawbacks:
Upkeep Costs: Regular maintenance and upgrades can impact profits.
Variable Demand: Rental income can fluctuate with market changes.
Guest Issues: Managing different personalities and expectations can be challenging.
#4: Drive with a Rideshare Service
Rideshare services have been a popular side gig for the past decade and offer a flexible opportunity to make money on your own schedule.
Eligibility:
Must have a valid driver's license.
Must own or have access to a reliable vehicle.
Might need to pass a background check.
Benefits:
Flexible hours: Choose when to work based on your convenience.
Social interaction: Meet new people every day.
Earn tips: Increase your base earnings with tips.
Drawbacks:
Vehicle wear and tear: Regular use can lead to expensive maintenance and repairs.
Variable income: Earnings can fluctuate a lot based on demand and hours worked.
Insurance: Some insurance companies charge a much higher premium for rideshare workers.
#5: Start a Home-Based Business
It's never too late to start your own business right at home!
Ideas for Your Home-Based Business:
Antique Restoration: Share your expertise in restoring and selling antique furniture or collectibles.
Home Gardening Consultant: Share your green thumb by advising clients on setting up and maintaining home gardens.
Nutrition Coaching: Offer guidance on diet and wellness, particularly for other seniors (the keto diet is huge right now).
Virtual Tutoring: Provide online education for things like math, science, or music.
Pet Sitting: Provide care for animals in your home while pet owners are away.
Crafting: Create and sell handmade goods like greeting cards, pottery, and yarn work.
Benefits:
Flexibility: Set your own hours and work as much or as little as you prefer.
Low Overhead Costs: Skip all the commuting and rental costs by working from home.
Drawbacks:
Work-Life Balance: It can be challenging to separate work from home life.
Outreach: Depending on your type of business, finding potential clients can be tricky.
Variable Income: Earnings can be unpredictable, especially in the early stages of establishing your business.
#6: Become a Consultant
At any given moment, there are millions of individuals, businesses, and organizations that need guidance and advice. Consulting lets you turn your years of wisdom into additional income by sharing what you wish you would have known earlier in your career.
Benefits:
Control Over Your Schedule: Enjoy the flexibility to choose your working hours and the projects you want to engage with.
Work from Anywhere: Most consulting work can be handled remotely, which means you can work from home or anywhere else.
Drawbacks:
Variable Workload: Consulting can sometimes involve periods of high demand and times of little to no work.
Client Dependence: Your income might heavily depend on a few key clients, which can be risky if those clients decide to go elsewhere.
#7: Delivery Service
If you like driving around but don't necessarily want strangers in your vehicle, offering delivery services might be a good alternative to providing rideshare services. You can earn extra cash by delivering groceries, flowers, alcohol, or larger catering orders.
Eligibility:
Own a reliable vehicle or bicycle
Possess a valid driver’s license
Pass a background check
Benefits:
Flexibility: Choose when you work and when to take breaks.
Ease of Use: Delivery apps provide clear instructions and route planning.
Commitment-Free: Enjoy working without the need for a long-term employment commitment.
Drawbacks:
Wear and Tear: Regular use of your vehicle can lead to increased maintenance costs.
Income Variability: Earnings can fluctuate based on the number of deliveries and tips received.
Physical Demand: The job can be physically demanding, especially if it involves navigating stairs or carrying heavy items.
#8: Home Maintenance
If you're skilled with tools, a side hustle in home maintenance might be right up your alley. Tons of homeowners need help with small repair and maintenance tasks that they may not have the time or ability to do themselves.
Types of Services You Can Offer:
Minor repairs: Fixing leaky faucets, patching drywall, and other small tasks.
Maintenance: Gutter cleaning, HVAC filter changes, and general upkeep tasks.
Painting: Refreshing walls, trim, and exteriors.
Assembly: Putting together furniture or equipment for those who may not be able to do so themselves.
Benefits:
Demand: Consistent need from homeowners who cannot perform these tasks.
Flexibility: Schedule jobs according to your availability.
Drawbacks:
Physical Demands: The work requires good health and stamina.
Liability: Consider insurance to cover damages or accidents while on the job.
#9: Transcription Work
Transcription is another great side hustle option for retirees who want to earn extra money from home. In this role, you listen to audio recordings and type out what you hear, converting speech into text documents.
Types of Transcription Jobs:
General Transcription: Involves transcribing various audio files, such as interviews and webinars.
Legal Transcription: Requires tuning into live broadcasts of court proceedings or transcribing legal documents.
Benefits:
Flexibility: Work on your own schedule, making it easy to balance life and work.
Home-Based: No commute necessary
Drawbacks:
Intensive Listening: This may be challenging for those with hearing impairments.
Variable Workload: The availability of jobs can fluctuate a lot.
Required Experience: Certification as a professional transcriptionist may be necessary.
#10: Culinary Pursuits
You don't have to go to culinary school to turn your passion for baking or cooking into a profitable side hustle!
Ways to Monetize Your Cooking Skills:
Charge for Live Classes: Set a participation fee for attendees.
Sell Recorded Sessions: Offer access to recorded classes for those who can’t attend live.
Membership Offers: Provide exclusive content for members, such as specialized recipes or cooking tips.
Affiliate Marketing: Partner with culinary brands to promote their products during your sessions.
Selling Baked Goods or Meal Prep: Offer allergy-friendly options for families, like dairy-free, gluten-free, and/or egg-free options.
Benefits:
Flexibility: Work from home and set your own hours.
Creative Freedom: Experiment with recipes and offer a variety of goods.
Community Connection: Engage with your local community and build a loyal customer base.
Drawbacks:
Initial Setup Costs: This may include kitchen equipment and marketing expenses.
Regulatory Requirements: Navigating food safety regulations can be complex.
Common Senior Scams and How to Protect Yourself
Scammers like to target retirees because they're banking on the fact that they might not be super familiar with the latest technology. Unfortunately, this is how they've gotten away with an estimated$3 billion per year.
Here’s how to keep your financial and personal information safe while exploring side hustle opportunities:
Know the Most Common Types of Senior Scams:
Fake Job Offers: Be wary of job offers that require you to pay for training, certifications, or supplies upfront. Legitimate companies will never ask you to pay out of pocket to get started.
Phishing Attempts: These scams use fake emails or websites to trick you into providing personal information. A common example is that you might get an email from someone pretending to be with the Social Security Administration.
Know How to Keep Your Information Safe:
Secure Personal Information: Never share your social security number, banking details, or other sensitive information unless you're 110% sure it's actually necessary.
Research Thoroughly: Before committing to any side hustle, research the company and read reviews from other users. Websites like Trustpilot can provide insights into a company’s reputation.
Read Emails Carefully: Anytime there are a bunch of spelling errors in the body of the email or even the sender's email name and subject line, that's a red flag.
Urgency: Most government agencies conduct business through postal mail. If someone emails you or calls you saying that they urgently need you to wire transfer money for an emergency or overdue account, it's most likely a scam.
Resources for Seniors:
There are tons of free resources out there for seniors and retirees to learn more about these scams.
Can Side Hustle Income Affect Social Security Benefits?
Yes, side hustle income can affect your retirement benefits if you have not reached full retirement age. Earnings above a certain threshold may temporarily reduce your benefits. However, once you reach full retirement age, your earnings no longer affect your Social Security benefits. Another thing is that by starting your own online business, you can make enough extra money to hopefully stop relying on these benefits altogether.
What Are the Most Successful Side Hustles for Individuals Over 50?
There's a strong case to be made for self-publishing eBooks and audiobooks on Amazon as one of the most successful side hustles for individuals over 50, but consulting, coaching, and all the other side hustles mentioned in this list are a good place to start.
Self-publishing is great for the over-50 crowd because...
You get to decide when and where to work from
There's no intense physical work involved
The earnings from just one book can continue to support your living costs
Start Your Publishing Side Hustle Today
What if your extra spending money could help you take three months off next year to take your grandkids to Disneyworld in France and then explore the rest of Europe together? What if it could fund your expensive sailing hobby or start that other business you've always dreamed of?
We've said it once, and we'll say it again: It's never too late to start something new.
Robyn is proof!
If you're even a little bit curious, you owe it to yourself to check out this 100% free webinar, where we show you exactly how self-publishing works and how you can get started doing it on your own ASAP!
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