Who knew those pleasant diversions that helped you unwind from the rat race during your working years could actually make you money in retirement? Many seniors are finding success and satisfaction by turning their lifetime hobbies into profitable senior side gigs. Can you do the same?
Here’s the hidden truth about retirement: Just because you’ve stopped working doesn’t mean you have to stop earning money.
The senior side gig isn’t a new idea. A 2018 poll from Harris showed that 34% of the baby boomer gig workers were retired. For retirees, these small-time entrepreneurial ventures provide more than just a little extra cash. They offer a sense of purpose beyond your working years.
Can You Make Money From A Hobbie Turned Senior Side Gig?
Yes, you can. A 2022 survey reported that “30% of those with a side hustle said they need the extra money to cover basic costs.” In addition, per that same survey, “an average side hustle brings in $688 a month,” and “19.1% of side hustlers report that they make more than $1,000 a month.”
Where do all those side hustles come from? A Vistaprint survey revealed that 55% of respondents would like to convert a hobby into a side business. Retirees are often in the best position to turn this dream into a reality.
“One of the biggest trends we’re seeing in the gig economy for seniors is that they are turning decades of experience into digital income streams—coaching, consulting, mentoring, or even selling handmade products,” says Sophie Musumeci, CEO and founder of Real Entrepreneur Women in Sydney, NSW, Australia. “Tech has made it easier than ever to build trust online and serve from anywhere, on your own terms.”
Uniquely equipped to transform their hobbies into income, seniors have discovered that internet-based tools can ease them in that transition from idle pastime to revenue generation.
What Do You Need To Start A Senior Side Gig?
Perhaps the biggest need is an incentive. A 2024 Bankrate survey found baby boomers started side hustles to “fund discretionary purchases” 39% of the time. That’s slightly more than to “pay expenses for regular living expenses” (36%). Once you have the “why,” you next need to determine the “how.”
For many seeking side gigs, they often wonder whether they’ll have the time to manage them. Most people spend only five to 10 hours per week on their side hustle, according to Self. Of course, retirees have greater flexibility in this area, so it’s not as much of an obstacle as it would be for those still working. These statistics, though, reveal a side gig won’t require the same time commitment as a full-time job.
Beyond having the time, what else is necessary? Here’s a surprise: You may already have it.
For those not familiar with starting a business, these side hustles don’t have to be complicated. They can be as effortless as nudging an existing hobby to the next level or discovering value in the skills you already have. What are you already doing that makes you happy and helps you succeed?
“The first step is to identify your superpowers,” says Sam DeMase, career expert at ZipRecruiter in New York City. “Also, consider what you genuinely enjoy working on. Think about areas where you excel and have a lot of knowledge. The intersection of your superpowers and passions is the sweet spot.”
DeMase outlines four steps to starting a successful senior side gig:
- Don’t limit yourself when it comes to the type of skill you could potentially monetize. Consider what your strengths are, whether it’s your digital skills, or your creative capabilities.
- Familiarize yourself with what freelance skill sets are in demand right now. There is significant opportunity across the board. Graphic design, email marketing, project management, and web development are just some of the areas you may want to consider.
- Know your financial goals. Think about how much you want to earn from freelancing and how much time you are prepared to dedicate to it per week.
- Craft a business plan that includes your timeline, goals, target audience, marketing plan, and startup costs.
Senior Side Gig: How To Make A Lot Of Money When You’re Older
Retirees can get tripped up when they start a side hustle if they approach it like a twenty-year-old entrepreneur would: they’d focus on an exit strategy involving going public or at least generating revenue numbers with lots of zeroes behind them. Relax. You’re retired. “A lot of money” to you might be peanuts to a middle-aged venture capitalist. You’re at the point in your life when your focus should be on spending, not saving.
“Doing it just for the money” represents only one of the classic mistakes retirees looking to start a side hustle can make. For many, hitting that $1,000-a-month target might meet all the objectives they have. Still, it’s not impossible to score a higher take than that.
“The tangible benefits for retirees who pursue side gigs is working on something that’s meaningful to them while adding a substantial increase to their income,” says Musumeci. “I’ve seen women in their 50s and 60s earn $10,000 to $30,000 a month from home, doing what they love. These side gigs can become purpose-led income streams that offer both financial freedom and personal fulfillment.”
For most, however, it isn’t about how much you take in, it’s about how much to put in. The key to a successful senior side gig is to reduce risk. The biggest risk is the cost of doing business. You don’t want your costs to exceed, or even come close to, your revenues. How do you lower costs? As the saying goes, “don’t worry, there’s an app for that.” Easily accessible digital platforms can unlock significant profit potential. They can maintain smooth operations while keeping operating costs low.
“Many seniors are leveraging previously learned skills to new ventures,” says Mark Eid, co-CEO and co-founder of Acts Financial Advisors in McLean, Virginia. “They are offering specialized skills online through platforms like Upwork and Fiverr. Technology has significantly lowered the barriers to entry and has allowed seniors to participate as entrepreneurs from the comfort of their homes.”
If you’re captivated by the idea of starting something completely different in retirement, why not consider a side gig? Using your hobby as a launching pad makes the journey easier than you can imagine. Not only does the internet offer a seamless distribution opportunity, it also serves as a free resource library.
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