Side-Hustles to Improve Retirement Income

No matter how financially ready you may be for your retirement there is always a small part of you that wants to strengthen your financial security, or things may have changed and you need to supplement the income you are getting in retirement.
However, even if it was possible you may not want to go back into full-time work, so what do you do? Here are some ideas that do not require a full-time commitment and can still provide a significant addition to your income.

Freelance Writing and Editing

Freelance writing jobs are extremely popular among all age groups today– all thanks to the technology that allows it. Whether you wish to write a novel, e-books, blog posts, articles or copywriting, there are plenty of companies that are looking for freelance writers.

An interesting development is that companies are now looking for people who can write from real-life experiences and tell a ‘story’, rather than provide researched pieces. This gives an edge to older writers who have a lot of life experience under their belts.

You can also choose to pick editing projects online if you are comfortable with grammar and accuracy and adding the “wow” factor where it is missing.

Ghostwriting is another popular form of freelance writing that allows you to make some extra money for your monthly expenditures and allows you the flexibility you wish to have in your retirement phase, especially if you have deep expertise in a particular area.

Translation

If you are fluent in any language apart from English, translation jobs are a lucrative side-hustle for you. These jobs are in high demand across the world and many organisations and companies are looking out for translators and interpreters who can work as freelancers. These gigs are flexible and offer good pay while keeping you busy in your free time post-retirement.

Rideshare

Rideshare is a very popular side hustle. It allows flexible timings, offers good pay and lets you work with different kinds of people. If you are looking for a job with these benefits, check up on various rideshare companies in your city.

Pet Sitting

Love animals? Well, this side-hustle is for you! Pet-sitting is becoming increasingly popular and in high demand. Pet-sitting involves you to take care of the pet either at your home or the owner’s home. This side-hustle allows you the flexibility you seek in your retirement phase. If you wish to earn more money, you can also choose to dog-walk along with pet sitting. Pick the service based on your lifestyle and energy levels.

You should note that the demand for pet sitting is seasonal and also virtually disappears if your city is in lockdown and owners are at home, looking after their own pets.

Tutoring, Coaching, and Mentoring

One does not need to have a teaching background to become a coach or tutor. The field of tutoring and coaching has been buzzing with people wanting to learn different things– from routine academics to life coaching, the world is your oyster here. All you need is to be well-versed in a field or subject and have the ability to break it down into easier parts to allow others to learn.

Apart from coaching, you can also choose to mentor students and professionals on certain subjects that you are an expert on. For example, if you are a fitness enthusiast, you can become a fitness and wellness coach for corporates in your city. Alternatively, if you have a corporate background, then you can mentor your younger counterparts to excel in their careers.

Coaches, tutors and mentors may appear to be similar but are different. To become a coach or tutor, you need to have the required skill or education. However, to become a mentor, you need to work with your experience and help your mentees find their solutions.

Consulting

Most new-age retirees the world over prefer to take up flexible consulting jobs post their retirement. This side-hustle allows them to have flexible times and use their knowledge and expertise in specific domains to make some extra money. This is extremely fulfilling and also very popular in the 50+ age group.

As a matter of interest, the hourly rate for consulting is likely to be much higher than the rate for a full-time employee.

Baking, Cooking, and Selling

If you have always found baking or cooking as your go-to comfort, it may be a good time to turn it into a side-hustle business venture.

Baking or cooking and selling your baked goods and delicious recipes is a very lucrative side-hustle. You could take party orders, home deliver, set up your own stall at local fairs or supply to local retailers such as patisseries or delicatessens.

For this venture, however, always be aware that there will be food preparation health and safety regulations you must comply with.

Local Tour Guide

If you live in a city popular for its tourist attraction or considered to be a holiday destination, you could use your time and knowledge about your city to become a tour guide in your free time. There are multiple websites and apps where you can sign up or set up your own social media page and begin offering your services independently. Portals like Airbnb allow individuals to offer fun experiences for tourists too.

Party Planner

If organizing and throwing a party has always been your forte, it’s time to use your passion and skill as a side-hustle. You can set up your own party planning venture and offer a range of services including theme selection, booking and arranging vendors, decoration and post-party cleanup.

You could offer your services to birthday parties, gender-reveals get-togethers, baby showers, corporate events, fundraisers and lots more. This side hustle is fun and can get you lots of moolah!

Freelance Photographer

If you love photography or have been good at it for some time, freelance photography is your kind of side-hustle. All you need to do is put your skill to use with children’s or pet photography at parties or events like weddings. You can choose pay per hour gigs or charge per event.

You can also upload photographs clicked by you on stock image websites where people can buy your photographs for a certain rate. This side-hustle is great for retirees who are looking for flexible jobs to make some extra money for their expenses.

Mystery Shopper

Does getting paid to shop sound exciting to you? Well, that’s a legit side-hustle that you can sign up for! Mystery shoppers get paid to shop and give feedback on their shopping experience. Their feedback helps companies improve their sales teams. Although in the beginning, mystery shoppers don’t get high pay, the longer you are in it, the more you can make from this flexible job. Also, isn’t shopping a fun enough reason to head out and make some money?!

When you are looking up the right side-hustle for you, always remember to take all important factors like your physical health, time availability and prior commitments into account. Happy Side-Hustling!

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