- Over 1/4 have side hustles, including retiree side hustle, for ‘a sense of purpose and fulfillment’.
- Retirees in Utah earn the most from side hustles ($825 pm).
- Interactive map showing America’s 150 most popular 2024 Labor Day events.
As retirees step into their golden years, many might picture themselves tending to gardens, embarking on long-awaited travels, or savoring precious moments with family. However, a new trend is transforming the traditional notion of retirement: the rise of the side hustle, particularly the retiree side hustle. Driven by the need to stay mentally active or to supplement their retirement income, an increasing number of retirees are embracing side hustles as a means to secure their financial future.
Exploring the Benefits of a Retiree Side Hustle
According to a recent study by MarketBeat.com, the retiree side hustle economy is thriving. By surveying 3,000 respondents and analyzing publicly available data, the study found that retirees with side hustles earn an average of $379 per month. This side hustle income translates to a national economy worth an astonishing $6 billion.
Notably, the earnings from these side gigs vary significantly across regions. Retirees in Utah lead the pack, earning a substantial $825 per month, while those in North Dakota bring in a more modest $100 monthly from their side hustles.
Interactive map showing side hustle earnings per state (click on ’embed’ to host on your site)
MarketBeat.com also explored the motivations behind this trend, asking retirees why they pursue side hustles:
- To supplement retirement income: 47%
- To stay mentally engaged and active: 34%
- To pursue a passion or hobby: 10%
- To meet new people and build social connections: 9%
As for the types of side hustles retirees engage in, the majority (32%) have launched their own small businesses. Crafting and selling homemade goods is another popular choice, with 30% of retirees involved in this activity. Additionally, 22% of retirees supplement their income through trading or investing, while 15% choose freelancing.
On average, retirees dedicate 10 hours and 24 minutes per week to their side hustles. When asked what they find most rewarding about these activities, the respondents’ top answers were:
- The additional income: 34%
- The sense of purpose and fulfillment: 29%
- The mental stimulation and engagement: 21%
- The flexibility and freedom: 10%
- The social connections and community: 6%
Perhaps most strikingly, an overwhelming 76% of respondents reported that their side hustles bring them happiness. Moreover, 19% of retirees are so motivated by their side hustles that they are considering turning them into full-time businesses.
Matt Paulson, Founder of MarketBeat.com, explains, “The retiree side hustle trend is a testament to the evolving landscape of retirement. It’s no longer just about leisure; it’s often driven by the need for financial security, along with a desire for purpose and fulfillment. Retirees are showing that there’s no age limit to innovation and entrepreneurship.”
FAQs
Q: What is a side hustle for retirees?
A: A side hustle for retirees is a part-time job or business that helps supplement their retirement income. Many retirees choose side hustles to stay mentally engaged, pursue passions, or secure financial stability in their golden years.
Q: How much do retirees typically earn from side hustles?
A: On average, retirees earn $379 per month from side hustles, according to a recent survey. However, this amount varies by region, with retirees in Utah earning the highest at $825 per month.
Q: What are the most popular types of side hustles for retirees?
A: The most popular side hustles for retirees include running small businesses (32%), crafting and selling homemade goods (30%), trading or investing (22%), and freelancing (15%).
Q: Why do retirees pursue side hustles?
A: Retirees pursue side hustles for several reasons, including the desire to supplement their income (47%), stay mentally active (34%), pursue hobbies (10%), and build social connections (9%).
Q: What benefits do retirees find in their side hustles?
A: Retirees report several benefits from their side hustles, including additional income (34%), a sense of purpose and fulfillment (29%), mental stimulation (21%), flexibility (10%), and social connections (6%). 76% of retirees also say their side hustles bring them happiness.
