In the current climate of rising inflation, everyone, not least retirees, seeks ways to make money and bolster their income. Traditionally considered a younger person’s sphere, the world of side hustles is teeming with opportunities for older individuals. Additionally, these endeavours can offer a solution to the loneliness plaguing 1.4 million UK seniors, as reported by Age UK, by providing new social connections and purpose.
- Side hustles aren’t solely for the younger generation, and retirees could greatly benefit from these opportunities
- Engaging in side hustles could help mitigate feelings of loneliness often experienced by older people
- As moneyzine.com points out, potential side hustles for retirees include Airbnb hosting, renting out possessions, pet sitting, tutoring, consulting, and participating in market research.
- Each hustle presents opportunities for social interaction, and some even allow retirees to draw on their life skills or expertise
- Certain platforms can provide a simple route into these side hustles, from Airbnb and Fat Llama, to MyTutor.co.uk and Research Helper
Make Money From Unused Assets
Renting out unused space in your home through Airbnb has become a popular side hustle. It not only brings in extra income to help offset the costs of living but also opens up avenues for making new acquaintances. The web is awash with advice to help retirees get their hosting businesses up and running.
Renting Out Possessions
If you have tools languishing in your shed or other unused items, you can make money them by renting them out through platforms like Fat Llama. This ‘sharing economy’ reduces the financial strain for everyone involved and can also lead to mutual connections.
Turn Hobbies into Profitable Income
Pet Sitting or Dog Walking
Platforms like Rover.com offer the opportunity to pet owners in need of pet care services. Retirees with a love for animals can turn this passion into a profitable venture by offering their services here, making money while meeting like-minded people.
Retirees are often a repository of wisdom and skills, and platforms like MyTutor.co.uk provide an outlet to pass on this knowledge. Whether a skilled mathematician or an avid reader, seniors can earn by tutoring others, thereby positively impacting the next generation.
Sell Your Photos Online
Are you a keen photographer? As well as sharing your photos with family and friends, and maybe your local photographic club, you may also be able to make some extra money selling your images online. There are many platforms that you can choose from, including iStock and Shutterstock. Do some research to choose one that suits you best, considering factors such as the customer base and how much the website will pay you for your photos – after all you are looking to make money as well as share your fabulous images.
Leverage Past Experiences
The experience that retirees bring to the table is an invaluable asset. Businesses, especially younger leaders, often seek insights from experienced individuals to make informed decisions. Consulting work allows retirees to share their expertise without the commitment of a full-time role, making it an ideal side hustle.
Engaging in Market Research
For those who may not possess specific marketable skills, participating in market research could offer an easy income source. Platforms like Research Helper facilitate this, providing retirees the chance to contribute to market trends while socialising and forming new connections.
Is it Time to Consider a Side Hustle in Your Retirement?
Clearly, retirees stand to gain significantly from these ventures, whether it’s combating loneliness, forming new social bonds, or making money and supplementing their income. Embracing the digital age and the sharing economy, the older generation have the opportunity to redefine retirement and enjoy a more social and financially stable life.
Of course, key is to start your retirement pension planning as early as possible too. You may still want to get involved in retirement side hustles but if you’re in a financially stronger position you may be able to limit these and really pick and choose what you want to do.