As you get closer to retirement, you might be looking for ways to stretch income from your 401(k) or Social Security.
Many people in their 60s pick up a side hustle either in their last years of full-time work or just after they've retired to ensure they stretch those dollars. Baby boomers, or those born between 1946 and 1964, make up 28% of people who have a side hustle, according to a May 2019 Bankrate survey of 2,550 adults.
Older people don't necessarily need to "replace all their income," says side hustle expert Kevin Ha. "They just need to make a little bit of income" to supplement what's already coming in. And side hustles are a great way to do that.
Here are five side hustles to consider for people in their 60s, whether they have already left the full-time workforce or are preparing to retire.
"You tend to have assets when you're in this age demographic," says Kathy Kristof, founder of Sidehusl.com. "Many people in this category are house rich and cash poor." Renting out your house can be a way to turn that "house rich into really rich."
It's also a great way to earn a passive income. Kristof herself rents out her home for $300 per hour. Here are a few good websites to do so:
- Giggster: This site lets people doing photoshoots or shooting commercials or films rent out your space for an hourly rate. A home in Los Angeles is currently going for $150 per hour, while a beach house in Fort Lauderdale, Florida, is going for $500 per hour. Hosts on Giggster must own their properties, and the site charges a 15% fee on the final payout.
- Peerspace: This site lets you rent out your space for events ranging from office meetings to bridal showers. A loft in Detroit is going for $50 per hour and a townhouse in Nashville, Tennessee, is going for $200 per hour. Peerspace charges hosts a 15% service fee.
- Silvernest: If you're interested in renting out a spare room in your house regularly, consider listing it on Silvernest, a site for finding long-term roommates. The site is "really geared toward empty nesters," says Kristof, and offers liability coverage for your home and background checks on renters. A basement space in Germantown, Maryland, is currently renting for $1,000 per month and a small ranch home in Brockton, Massachusetts, is renting for $900 per month. The site charges a 5% monthly fee.
"If you really like watching little kids and you aren't burned out just doing that for your grandchildren," says Kristof, consider picking up a side gig driving kids to and from school. "It's kind of a lower-maintenance child-care option."
Sign up on sites like Kango, where drivers make between $15 and $35 per hour, Zum, where drivers make $20 or more per hour, or HopSkipDrive, where drivers make $10 to $30 per hour, according to Sidehusl.com.
Video by Stephen Parkhurst
By 60, you may have accrued a full career's-worth of knowledge about a certain industry or role. "If you have established yourself in any field," says Kristof, "law, medicine, science, PR, marketing ― there are dozens of consulting companies that invite you to sign up, list your specialties, and charge professional hourly rates."
Sign up or submit your resume to be considered as an independent consultant on sites like GLT Consulting Services, The Braintrust Consulting Group, Maven, Zintro, or SMA Consulting. "We're talking about $100 to $500 an hour for your consulting," says Kristof.
If you're looking for an easy side hustle that will help you get out of the house, "there are lots of these little micro apps where you get paid $5 or $6 to go to a little place and take a picture," says Ha. "A lot of companies do this for audit purposes."
Apps that offer such assignments include Field Agent, EasyShift, and Gigwalk. Users are asked to go to local stores, take photos of products, ensure they're priced correctly, and review their promotions.
Finally, if you're not sure what side hustle you want to pick up, try perusing sites that offer various services to see if there's something you could offer as well.
Fiverr, for example, offers "primarily online services," says Kristof. "So if you can build websites, if you do personal training, if you can do almost any sort of writing ― almost any service you can think of you can do it through Fiverr." One proofreader on the site is charging $75 to $200 per project, for example, and a resume writer is charging $160 to $380 per project. Fiverr charges sellers a 20% service fee.
Video by Stephen Parkhurst
Another site to consider for miscellaneous opportunities is TaskRabbit. "With TaskRabbit, a lot of the services are in person," says Kristof. "So if you want to sign up and be a personal shopper for people, or if you want to wrap presents at Christmas time," these and other gigs are an option.
Taskers on the site charge as much as $17 to run errands, and crafters who help with creating photo albums or interior design charge as much as $80 per hour. Taskers pay a $25 registration fee, according to Sidehusl.com.
"You set your own rates, you set your own availability, and they basically market and collect for you," says Kristof. "So it's a pretty good deal."
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