Forget rocking chairs and golf—today’s retirees are tutoring online, walking dogs, and consulting for big bucks. Rally digs into the booming senior side hustle trend with surprising stats, practical earning limits you need to know, and honest talk about matching gigs to your energy level. Plus, a list of the top 10 senior-friendly hustles to get you started.
Episode Transcript
Hey there Beautiful People…welcome to the Silver Beast Podcast!
It’s Rally Preston, your 70-year-old buddy here – always hustling to make aging a little more exciting for us – well hopefully!
Speaking of hustling, who do you think hustles more today — your grandkids with all their side gigs and mobile apps, or us Baby Boomers?
Well, yeah, the answer is obvious… it’s us Baby Boomers! I’ll give you the interesting stats on that one in a minute. And, when you hear why so many of us are starting our own side hustles…well, let’s just say it’s not all about the money. Hang in there…this is gonna be good!
Well let me just say, things sure have changed…
When I was a kid, my Dad had the same electrical engineering job with the Air Force for like 40 years. Same government-issue metal desk, facing the same drab olive green wall. Got a model of the B-1 bomber when he retired and that was that. Done with work.
But these days? Retirement feels different. I’ve got retired friends doing part-time gigs like walking dogs…uh, selling pottery on Etsy…one’s doing consulting work for his old company and making more than he did as an employee.
So let’s talk about side hustles. That’s of course, the 21st-century name for having a job on the side.
That’s basically any kind of flexible work you do to bring in some extra money. Could be a few hours a week, maybe more. The key here, to me anyway, is flexible. You’re not punching a clock. Or dealing with a twenty-something boss from 9 to 5. This time, you’re doing it on your own terms.
Oh, and like I mentioned up front — we really do hustle more than the younger folks.
Yes, the generation that invented the “hustle” disco dance (which we’ll never admit to) — uh, one survey found that one out of every three Boomers completes at least three gigs or side hustles a week. Busy boomers out there. Now get this, Only one in five Millennials do that. So much for us being the lazy generation. Yep we get bragging rights on this one, baby.
And the reason a lot of us are doing side hustles isn’t always about the money…
Sure, we’ll take it. Inflation’s biting us in the butt. Healthcare costs keep climbing. And don’t even get me started about the price of groceries that comes in smaller packages these days…hmm. So, according to surveys, about 47 percent of retirees do side jobs to supplement their incomes.
But that’s not the whole story. I got stats on this too. About 34 percent of seniors have side hustles to stay mentally engaged. Another 10 percent for passion or hobbies. And 9 percent like side hustles for the social benefits – uh, to meet people. So lots of motivating factors there.
And maybe you should start here if you’re considering a side hustle. What would be your motivation? Is it having a Purpose? Engagement? Boredom?
Honestly most of the senior hustlers I know do it — mainly because it’s something to do. They get to use their brain. They like talking to people. Because, when they retired, it got …quiet. Too quiet for them.
And here’s a good point: Your brain doesn’t retire just because you did. Studies show that social engagement improves cognitive function…so a side hustle might help you do that.
When you’re tutoring a kid in math, or pet-sitting… or, selling… I don’t know, birdhouses from your garage — you’re not just making bank. You’re keeping your brain sharp too.
Loneliness…man, it’s a real problem as we get older. We’ve talked about this before. Isolation increases risk of depression…cognitive decline. But when you’ve got a side hustle? You’re part of something that keeps you really engaged.
Now, before you rush out to drive for Uber, we gotta talk practical stuff.
OK, first thing’s first — Social Security. If you’re receiving benefits but haven’t reached full retirement age, there’s an earnings limit. Earn too much, and SSA will temporarily withhold some benefits.
I know, gotta love the government. But technically, it’s deferring your benefits. Once you hit full retirement age, they recalculate and you get credit. So you get it back eventually, just later on.
And this is important: Once you reach full retirement age? There’s no limit. Earn as much as you want.
And here’s something you should consider before jumping in — get real about your energy level and limitations if you’re considering a side hustle. I’m 70, not 40. And it think my bad shoulder is 150 years old… so I can’t hustle like the younger folks. Just know your limits before you go for it.
And be honest with yourself. Arthritis in your hands? You don’t want a side hustle with a lot of typing. Get tired easily? Maybe not standing all day would be good. The beautiful thing is there’s a huge range of side hustle options. (And by the way, I’ll give you a list of the top 10 side hustles for seniors near the end of this episode…so stay tuned for that.)
So maybe you love animals but can’t handle big dogs? Specialize in cat-sitting — if you’re brave. Got knowledge to share? Tutor online. Or you could do something like make woodworking videos on YouTube…I’ve seen lots of senior influencers on there. Good with computer work? Virtual assistant gigs are big now.
Maybe you could do something related to your pre-retirement career. For the younger business owners out there who might not know what they’re doing, your experience could be gold. Consulting is huge. Companies could pay you good money for your biz expertise.
Just some quick ideas there.
Now, what should you keep in mind when picking a side hustle? Well don’t just think money. What sounds fun? What will give you a sense of accomplishment? If you pick something you hate just because it pays well, you’re probably gonna be miserable.
Alright Silver Beasties, let’s wrap up with some action steps to get you started on the perfect side hustle…
Action Step One: Do some soul-searching.
Answer some of these questions: Why am I considering this? Money, or people connections, or purpose? What are my skills and interests? What do I enjoy? Be honest with yourself about the time and energy you might have to put in.
Action Step Two: Crunch the numbers.
Figure out your Social Security situation first. Are you at full retirement age? When will you reach it? What’s your earnings limit? Look at your budget. How much extra income would actually make a difference? For the tax details, the Social Security Administration’s website is a good starting place. Or, a financial advisor if you have one.
Action Step Three: Research your options.
List three to five potential side hustles matching your skills. Look into each one. The earning potential? The requirements? The time commitment? Any upfront investment? Be thorough right from the start so there are no big surprises you can’t handle.
Action Step Four: Start small.
Maybe you don’t quit your retirement just yet. Test the side hustle waters. Maybe try one small gig. See how it feels. If you love it, you can always scale up.
And finally, Action Step Five: Give yourself permission to pivot.
This one’s important, I think. If your little venture isn’t working? Well put on the brakes and try something else. It’s OK to change your mind midstream. A side hustle should add to your life, not drain it.
Alright Beautiful People, that’s, well that’s almost it…
I promised you the top 10 senior side hustles – this one’s from a few surveys mashed together…but there might be a good idea or two in here for you…
So first, Freelancing/Consulting – this is using your career experience to help other companies or individual clients.
Next on the list, Online Tutoring or Teaching: You’ve got skills…I know you do, well teach them online.
Next…how about Pet Sitting or Dog Walking: Love animals, this is a pretty low-stress gig.
And next we have Bookkeeping and Financial Services: Good with numbers…many of us are not. Good opportunity for you here.
And then there’s: Virtual Assistant: this side hustle offers all kinds of remote work in a growing field…AI can’t do it all just yet.
Next, there’s Selling Handmade Goods/Crafts Online: If you’re the artsy, crafty type – sell your work online…or local farmers markets and street fairs are another outlet.
Another one here is Real Estate Agent: This one seems like more of a second act career to me – just make sure you get licensed in your state first and then put out your welcome mat.
Next up we have the classic Retail or Customer Service gig: Lots of part-time positions and flexible hours are out there if you want them.
Next on the list is Tax Preparation: Pretty seasonal work, but paid positions are available for seniors at many tax preparation companies.
And finally, number 10 on this list of side hustles: Rideshare or Delivery Driving: Love to drive? Lots of flexible hours and positions out there with this one.
Ok, that’s just one pretty narrow list— there are so many more side hustle opportunities out there.
So what do you think? Is it time to put your silver beast mode into action…side hustling Boomers are booming these days.
Alright, I’ll let you go find your next gig…
As always, thanks for joining me on the Silver Beast Podcast.
I’ll see you next time – well, that is, if you’re not too busy! Take care!