Looking for ways to make extra money in retirement or as you near retirement? You’re not alone! About 1 in 4 baby boomers already have a side hustle. Side Hustle Nation has been sharing side hustle ideas and success stories for over a decade, and here are our top picks for side hustles for retirees. Let’s dive in!
1. Flea Market Flipping
Enjoy finding great deals? Flea market flipping is a classic buy low, sell high side hustle that’s perfect for seniors with a flexible schedule. It can also turn into a significant income stream. For example, Jack and Joan Ferrell of Florida have sold around $17,000 worth of inventory in the past month and aim to reach $250,000 in total sales for the year. They source items from various platforms like classifieds apps, estate sales, and liquidation closeouts, and resell them for a profit, often on eBay.
Side Hustle Nation Approved
Free Flipping Workshop
4.5
- Low startup costs
- Simple business model
- Can multiply money quickly
- Can be time-consuming to source inventory
- Difficult to store and ship bulky items
2. Pet Sitting
Having a furry friend around can be beneficial for both your mobility and mood. Websites like Rover.com connect pet owners with trusted caregivers, with boarding rates typically ranging from $30 to $60 per night.
3. Backyard Nursery
If you have a green thumb and love gardening, consider starting a backyard nursery as a rewarding side hustle. Pastor Craig Odem from Tennessee turned his passion for plants into a profitable venture, selling around $10,000 worth of plants annually. He advertises locally and on platforms like Facebook Marketplace and even shares his journey on YouTube through the Savvy Dirt Farmer channel.
4. Consulting
Do you have expertise in a particular field? Consulting can be a lucrative side hustle option, especially if you have a skill or knowledge that others are willing to pay for. For instance, offering training and support for popular software tools like Salesforce can lead to significant earnings. The demand for qualified training in various software tools is on the rise, presenting opportunities for knowledgeable individuals to capitalize on their expertise.
Brad Rice is a prime example, earning over $200,000 per year part-time by providing consulting services for Salesforce.
5. Product Licensing
Product licensing is a lucrative side hustle where you sell your product ideas to major companies, who then pay you royalties for each sale. This business model eliminates the need for upfront manufacturing or marketing costs and allows you to leverage the distribution networks of established brands. For example, Nate Dallas earned $300,000 from Mattel by licensing an idea for a Pictionary spin-off, all while working as a dentist.
6. Rent Out a Spare Room
For some, being an empty-nester means peace and quiet, but for others, it’s an opportunity to generate extra income. If you have a spare room to spare, consider renting it out on Airbnb. Rates can vary depending on location and amenities, with some hosts earning around $100 per night hosting business travelers or tourists.
7. Real Estate
Real estate investing offers a variety of options, from purchasing rental properties to taking on fixer-upper projects. While real estate can be a significant investment, it can also provide a means to preserve wealth in retirement and generate ongoing cash flow. Platforms like Arrived offer passive real estate investment opportunities, allowing individuals to invest in income-generating properties with minimal upfront costs.
8. Walking Tours
If you have a passion for your city and enjoy meeting new people, consider offering unique local tours. Whether it’s urban hiking tours or specialized experiences like guided meditations, there’s a market for authentic and engaging tours that showcase your expertise and passion.
9. Part-Time Remote Work
If starting a business from scratch feels daunting, part-time remote work can be a flexible and rewarding alternative. Platforms like FlexJobs offer a wide range of remote job opportunities across various industries, allowing individuals to supplement their income without committing to a full-time job.
10. Acquiring a Business
Reducing the risk of starting a new business can be achieved by acquiring an existing profitable business. With options like SBA financing, individuals can purchase established businesses with a track record of success, enabling them to step into a thriving operation without the uncertainties of a startup.
11. Loan Signing Agent
Loan signing agents play a crucial role in the home buying process, guiding borrowers through their mortgage documents and ensuring all signatures are in place. This side hustle can be lucrative, with agents earning up to $100 per hour by completing loan signings for new home buyers.
12. Surveys
Online surveys remain a popular side hustle option, allowing individuals to earn rewards by sharing their opinions on various products and services. While the pay may not be substantial, dedicated users can earn gift cards, cash, and other rewards by participating in surveys, watching videos, playing games, and shopping online.
13. HopSkipDrive
HopSkipDrive offers safe and reliable transportation services for kids, with caregivers setting their own schedules and earning competitive rates. This side hustle is ideal for individuals with caregiving experience and a good driving record, providing a rewarding opportunity to support the community while earning extra income.
14. Podcasting
Podcasting presents a unique side hustle opportunity for individuals looking to share their knowledge and expertise with a broader audience. With low startup costs and the potential for significant sponsorship revenue, podcasting can be a profitable venture for retirees seeking a creative outlet.
15. Childcare
Providing childcare services can be a fulfilling and lucrative side hustle for retirees. Platforms like Care.com connect caregivers with families in need of childcare support, offering opportunities to earn competitive rates while engaging with children and supporting working parents.
16. Grocery Deliveries
Delivering groceries through platforms like Instacart can be a convenient and flexible side hustle for seniors. With the ability to choose your shifts and accept orders based on your availability, grocery delivery services offer an accessible way to earn extra income while helping others.
17. Virtual Bookkeeping
Remote bookkeeping is a high-demand side hustle option, especially for individuals with a finance or accounting background. By offering bookkeeping services remotely, retirees can earn competitive rates while leveraging their financial expertise to support businesses.
18. Loan Draw Inspections
Loan draw inspections involve verifying the progress of construction projects to ensure compliance with funding agreements. This side hustle can be lucrative, with inspectors earning an average of $65 per inspection and generating consistent monthly income by working a few days a week.
19. Online Business
Starting an online business, such as a niche website, can be a profitable side hustle for seniors with specialized knowledge or interests. By sharing expertise through a website or blog, individuals can earn revenue through advertising, affiliate partnerships, and sponsored content.
20. Handyperson Service
Offering handyman services can be a lucrative side hustle for individuals with repair and maintenance skills. By providing services like home repairs, installations, and maintenance, handypersons can earn competitive rates and help homeowners with their property needs.
21. Become a “Granfluencer”
Embrace social media as a “granfluencer” by sharing your life experiences and wisdom with a broader audience. By creating engaging content on platforms like Instagram or YouTube, granfluencers can attract followers, collaborate with brands, and monetize their online presence.
What Side Hustles Should Seniors Avoid?
While there are numerous side hustle opportunities available, seniors should be cautious when considering certain options. Avoiding network marketing companies, low-paying microtasks, and “done for you” e-commerce stores can help retirees steer clear of potential pitfalls and focus on more lucrative and sustainable side hustles.
What’s the Best Side Hustle for Seniors?
The best side hustle for seniors depends on individual interests, goals, and financial needs. Whether you’re looking for extra spending money, a creative outlet, or a significant income source, there are plenty of side hustle options to explore. By choosing a side hustle that aligns with your skills and passions, seniors can find fulfillment and financial success in retirement.
Illustration: Side Hustle Show Cover Art
