Author: Mary Ann

The best side hustle for you will depend on your skills, interests, financial needs, physical health and energy, and available time and equipment. For instance, if you have a chunk of free time and a car at your disposal, you might drive a rideshare, such as Uber. If you have deep knowledge on a certain topic, you might become a consultant.

Before you jump into the first side hustle opportunity that comes your way, consider your goals and skill set.  What you want from your new part-time job.  Knowing your goal—whether it’s increasing your retirement income, staying active, or pursuing a passion—will help inform your choice.

If your primary objective is to earn additional income to keep up with your living expenses, look for the most lucrative side hustle, leveraging any high-demand skills or assets you may have. On the other hand, if you want to stay active and fill your spare time, find jobs that interest you and the extra cash will be a bonus.

Don’t overcommit.  When you find a side hustle that excites you, it can be tempting to overcommit, but you should do your best to avoid burnout and stress, especially while you’re establishing your retirement routine. Roles that offer more flexibility and fewer demands than a full-time job can help you strike the right work-life balance for your retirement transition.

The best side hustles for seniors (and retirees of any age) are ones that fit your lifestyle and needs. What works for someone else might not make sense for you, but here are some things to think through: 

• Schedule flexibility: Some side hustles for retirees require only a few hours a week or occasional weekend work. Others demand more consistent time. Find what works for how you want to spend your days. 
• Pay vs. startup costs: A side hustle can provide helpful income, but earnings vary widely depending on the gig and how often you work. Consider this alongside any potential upfront costs to make sure the work is worthwhile. 
• Nature of the work: Some retiree-friendly side hustles involve in-person work, while others can be done remotely. If long commutes or physically demanding tasks are a concern, remote or desk-based gigs may be a better fit. 
• Your skills: Building on skills you already have can make it easier to get started. At the same time, learning new skills can expand your options and keep you mentally engaged. 
• Risk and predictability: The best side jobs for retirees tend to be steady and low risk. While no gig comes with guarantees, you should feel comfortable with how consistent the work is likely to be. 

Whatever side hustle you choose should feel rewarding and manageable.  With high gas prices and cooler weather on the way, we’ll explore working online and/or from home in the next blog.

Since I wrote What is a Halfpreneur almost 13 years ago, what besides my age and the world have changed?  Well, the word “side hustle” is the term that most people now use to encompass the many ways of earning money from participation in anything from the gig economy to starting a business.  However, Professionals often use the term “gig”, which supposedly sounds more professional.  Seniors may not use the word hustle but simply call their work part-time or per diem jobs.  Technology and social media have brought into being some new hustles and research indicates that having two or more side hustles has become increasingly common and that this trend will likely continue to increase across the working life span. 

Demographics

As might be expected, the younger generations are more likely to have side hustles, including more than half (53 percent) of Generation Z (ages 18 to 26) and 50 percent of millennials (ages 27 to 42), compared to 40 percent of Gen X (ages 43 to 58) and 24 percent of Boomers (ages 59 to 79).   However, side hustles can lead to starting a small business and the 45 to 55 age group is biggest age group starting businesses in the U.S. today, at 39 percent, with the 55 to 65 age group following closely behind at 38 percent.