Twenty/20
As labor shortages continue and employers seek out ways to attract workers, one population they’ve recently turned to is retirees. One-fifth of retirees say a previous employer has recently asked them to return, and 34% have considered going back into the workforce given current job opportunities, according to a September 2021 Resume Builder survey of 700 retirees.
If you’ve recently retired and are keen to dive into a new project but aren’t sure full-time work is for you, there are plenty of side hustles you could pick up. That extra cash could come in handy if what you’ve stowed away in retirement doesn’t fully cover all of your expenses or you’re looking to be a little more comfortable.
Here are five side hustles for retirees to consider.
Tutor in a subject matter you know
By the time you’ve reached retirement, you’ve likely accrued a great deal of knowledge in one or multiple fields. “If someone’s a math wiz or computer wiz,” says side hustle expert Michelle Jackson, “offering their services through online tutoring” could be a good way to pull in some money. There are multiple sites on which you can dive in:
- TutorMe lets tutors offer their expertise online in subjects ranging from aerospace engineering to the Polish language to philosophy. Tutors pick their hours and earn $16 per hour, according to the site. Librarian Sara DeSantis made $25,000 through the site in 2020.
- Varsity Tutors is another site offering kids and adults online tutoring in subjects like United States history, trigonometry, and the GREs. Tutors have the flexibility to choose their hours here, too, and can make between $15 and $40 per hour, according to Sidehusl.com.
- Lessonface offers online tutoring in music and language. If you play a killer jazz piano, know how to use an electric drum machine, or speak Japanese fluently, for example, consider offering your services. One harmonica instructor is offering 30-minute lessons for $25, and an American Sign Language teacher is offering 30-minute lessons for $50. Lessonface tutors pay a 15% or 4% fee per lesson, depending on how students found them.
How much money do I need to start investing?Many experts recommend the 50-30-20 rule. Learn more here.
Pick up some bookkeeping
Bookkeeper is the most popular part-time job for people over the age of 55 in the country, according to a 2020 Choice Mutual Insurance Agency study. If you have the background for it, it’s worth looking into.
Bookkeepers make a median hourly rate of $20 per hour, according to the Bureau of Labor Statistics. Consider looking for part-time bookkeeping gigs on sites like Upwork and FlexJobs.
Rent out your used baby equipment
“Since a lot of people in this group are grandparents,” says Kathy Kristof, founder and editor of Sidehusl.com, they’ve likely accumulated baby equipment like cribs and high chairs for when their grandkids come over. “Well, you can rent all of that stuff out through a site called BabyQuip.”
The site lets people who have baby equipment they’re not using rent it out to, say, traveling parents who don’t want to lug theirs around when they’re on vacation. A crib in Boston is going for $30 per day, for example, and a stroller in Atlanta is going for $15 per day. The site takes a 20% fee off every rental.
“If you already have that stuff,” says Kristof, “you might as well make it work for you.”3:36Alissa Quart: Avoid making 4 side hustle mistakes
Video by Stephen Parkhurst
Pet-sit
The pet lovers out there can consider offering services on sites like Rover, Care.com, or PetSitter.com. You can sign up to watch dogs at your own home, stay with a pet overnight at their owner’s home if they’re away, or do drop-in visits throughout the day.
Pet-sitters charge an average of $25-$30 per day, according to Thumbtack.
“I know people who have semi-retired who have turned Rover into a five or six figure income because they’re willing to have a lot of dogs at the same time,” says Kristof.
Rent out your space
“You tend to have assets when you’re in this age demographic,” says Kristof, and one among them is a home. Whether you own an apartment in the city or a house in the suburbs, there are plenty of opportunities for you to rent out your space and make some extra cash. “For that house-rich, cash-poor senior, this is an amazing option,” she says.
Sites like Peerspace and Splacer let you rent out your space by the hour for events like meetings, holiday parties, and bridal showers. Spaces currently listed include a studio in Saint Paul, Minnesota, for $125 per hour and a loft in Brooklyn, New York, for $150 per hour. Peerspace charges a 15% fee on every booking and Splacer charges a 17% fee.
If you’re looking for a regular renter, sites like Silvernest let you list your extra room, help you find a roommate, and include background checks on potential housemates. Renters make $12,000 per year on average, according to the site.
And if you love media and the movies, Giggster lets you rent out your space for films, commercials, and photo shoots. The site stipulates that you must own your home to rent it, and it charges a 15% fee from every booking.
Kristof herself rents her house out on the site. “My house earns $300 an hour,” she says. “Not half bad.”
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