Did you know that roughly 79 percent of Americans are behind or feel that they are behind in their retirement savings? This is an appalling number considering the cost of living and healthcare costs are on the rise in America. More and more aging adults are not looking for actual retirement, rather partial retirement. And if they aren’t looking for partial retirement income, they are looking for ways to boost their income and retirement savings in their 50s.
This means that more and more people are looking for ways to retire from their typical 9-5 job but still want to make an income someway, somehow.
Luckily, there are several options seniors have to make extra cash in retirement. Here are some of the best ways to add to your income in your 50s and even in retirement.
If you are very fond of books, picking up a gig at your local library as a library assistant is a solid choice for a side hustle. Hardly any creative work or manual labor is involved, and you get to surround yourself with thousands of pages of good reading material. Not to mention, the hours are flexible too.
Just because you retire doesn’t mean that your skill set also retires. In many cases, retirees make fabulous hires for freelance work in the industry they previously worked in. It’s a win-win opportunity for a company/employer only looking for an expert for a short-term project, and the retiree also looking for a short-term project and a little extra cash.
Dog Walker or Dog Sitter
If you are physically active and enjoy the company of a furry friend, investigate the options for walking and caring for dogs in your local neighborhood. Try visiting the Nextdoor website to discover your neighborhood’s social network. Let your local network know that you are newly retired and looking for a little side gig to boost income. Not only will you make some extra money, you will get good exercise at the same time!
Signing up or listing yourself as an available substitute teacher in your area is a great way to socialize and make money. Many school districts are short on qualified substitute educators, so some school districts don’t require a teaching certificate anymore. If the qualifications for being a substitute teacher are more than what you want to put in, consider being a teacher’s aide instead. You can assist with setting up equipment, grading papers and helping with general classroom control.
There are countless parents in need of a tutor for their children and looking to hire both during the year and over the Summer. This is meaningful work that makes a difference in someone’s life and is very appreciated among parents and their kiddos. Often, being a tutor allows you to make your own schedule.
This side hustle isn’t one that will have you raking in mass amounts of cash, but it does come with perks. There are perks to certain secret shopper assignments and the choice of assignments is greater today than ever. Find the assignments that are right for you at mystery shopper companies and get to earning free meals from restaurants and earning more money!
Know anyone in your network or neighborhood that always seems rushed and consistently busy? If so, those are likely the people that desperately need a trusted personal assistant. Being a personal assistant can range in a wide variety of tasks such as delivering groceries or running other errands like dropping off dry cleaning. Offering to be someone’s personal assistant for routine errands is a great option for extra cash.
Uber or Lyft
Working as a part-time driver for a driving service such as Uber or Lyft is a great way to earn some extra cash. Not only does being a driver put more money in your pockets, this particular side hustle allows you to make your own schedule. When it comes to finding a flexible side hustle in your golden years, an Uber or Lyft driver is a great avenue to travel down!
When it comes to preparing for retirement and earning a few extras bucks to make the process easier, there are so many options available! Picking up a side hustle is just one of the many ways people in their 50’s can boost their retirement nest egg and prepare to live comfortably in retirement.
About Our Guest Contributor: Danielle K. Roberts is a Medicare insurance expert and co-founder at Boomer Benefits, where her team of experts help baby boomers with their Medicare decisions nationwide.