There are dozens of reasons why a side hustle during retirement is a good idea. Perhaps you’re falling short at the end of the month? Or maybe something unexpected has cropped up like an adult child returning to the nest? Or perhaps you just need something to keep you busy.
Whatever the reason, life is unpredictable and with living costs remaining stubbornly high, side hustles are becoming increasingly popular amongst boomers as revealed by Bankrates latest survey which said 24 per cent of people between the ages 59 and 77 have a business on the side.
The best part is that with the advent of technology there are hundreds of websites and apps out there designed to help you bring in an income with very little effort at all.
Yahoo Finance’s top five side hustles are:
Earn a passive income renting out a room or your car
If you have the space, renting out a room through a platform such as Airbnb is a great way to earn a tidy sum with very little effort. You can also go bigger and rent out your entire home to rake in even more cash.
Furthermore, if you have a second vehicle at home or aren’t using your primary car too often, then Uber Car Share is also an excellent option to make some extra dough.
In both cases, make sure you have the correct insurances in place to ensure you are covered. There may also be local restrictions on short term rentals so it’s worth doing your research to avoid any nasty surprises.
Provide a child care service
If you love kids then providing a reliable child care service to busy families might be the answer. Working mums and dads always need an extra hand whether its babysitting so they can get a night off or lifting their children to their various after school extra murals.
Care.com is a great place to start looking for this type of work where you will have to supply your credentials and upload a profile in order to land those jobs.
Become a relief teacher or tutor
If you’re a veteran teacher you may enjoy the benefits of relief teaching without all the planning and background work that goes normally goes into a teaching job. Relief teachers are always in high demand and the money is good too.
Had enough of the classroom? Then tutoring one-on-one would also be a great option. Tutor jobs can be found through a wide range of websites such as Smarthinking, Skooli and Tutor Doctor.
Sell your unwanted stuff
If you’re not the sentimental type or in need of a declutter, then why not sell your surplus stuff through the various online marketplaces that are now available.
Websites such as Facebook, eBay and OfferUp all make it easy to sell your stuff online but its important to be aware of scammers and be wary of giving your home address out to strangers. If money needs to change hands make sure you are in a public place or someone is at home with you.
This is the perfect side hustle if you enjoy driving, have a reliable vehicle and enjoy meeting new people on a daily basis.
Since Uber, there are now numerous other rideshare options to drive for including Uber Eats, Lyft and Door Dash.
A major benefit with this option is that you can set your own schedule only working the hours that suit you.
According to the latest research conducted by specialised recruiter Robert Half, more than half of Australian employers (58 per cent) have hired someone who retired in the past year.
This in light of a crippling skills shortage across multiple industries. The reasons employees will choose retirees during the hiring process are:
So if you’re looking to go back to work even on a part time or casual basis to fill the coffers a bit, now’s the time to strike.