Should you retire? Should you keep working? Must you keep working, for financial reasons?
These are important questions, especially for the 55-plus population approaching the “traditional” age of retirement, and the 65-plus population who are still defined as “retirees,” even if an increasing number are still working.
But the neat divisions between working and retiring are disappearing, and one of the reason is the prevalence of the “side hustle,” a money-making venture that can co-exist with both employment and retirement. As reported here, almost 40% of working Americans report having a side hustle — a staggering 80 million people.
Half of Millennials, and almost half of Gen X and Gen Z, report earning some income on the side. What’s interesting, from the SuperAging perspective, is that 1 in 4 Baby Boomers also claim to have a side hustle.
Not surprisingly, money is the big reason: either helping with living expenses, contributing to savings, paying down debt, or a combination of all of them.
With inflation an issue, more side hustlers are struggling to make ends meet: about 10% of them in 2021, double that in 2022. But that leaves over 70% who are not struggling to make ends meet. The income from the side hustle pays down debt and/or boosts savings, but also throw off other benefits. In fact, “more personal freedom” was cited by 31% as the primary motivation for having a side hustle.
Read the full article for more interesting stats about why people are undertaking side hustles, how much they can earn, and how much time it takes.
Then check out this companion article from the same website, on the best side hustles for “retirees” — which we take to mean SuperAgers. They list over 20 possibilities, from flea market flipping to pet sitting all the way up the food chain to consulting. What we like here is the range, and the way the list might challenge or provoke you into thinking about new possibilities. We’ll try to dig up more stats on how many people are doing what.