Is your nest egg feeling the strain? Here are 10 realistic ways seniors can secure some extra income
As the cost of living continues to rise, many seniors find their retirement savings and Social Security benefits can’t cover their daily expenses.
According to a January 2024 AARP survey, more than half of seniors are concerned about outliving their nest eggs.
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Many older Americans are rejoining the workforce to make ends meet and reap other benefits, like increased social interaction.
Remote job opportunities for seniors
Thankfully, the changing nature of work — including the growth of remote jobs and the gig economy — is empowering a new class of senior workers who have numerous options for earning money and maintaining a healthy work-life balance.
Here are some ideas for those looking to work largely from home.
1. Freelance writing or editing. Freelance writing or editing offers flexibility and can be done from anywhere. Websites like Upwork and Fiverr provide platforms where seniors can find writing gigs. According to Payscale, freelance writers earn an average of $27 per hour. Working 20 hours a week at $30 per hour could provide an extra $2,400 of pre-tax income per month.
2. Tutoring. Tutoring is a fulfilling way to share knowledge and help students succeed. Seniors can tutor subjects they excel in, such as math, science, or languages. Online platforms like Tutor.com or local businesses often seek experienced tutors. The average pay for tutors is about $24 per hour, according to a search of opportunities on Indeed, making it a worthy part-time job.
3. Bookkeeping. Seniors with a background in finance or accounting can offer bookkeeping services to small businesses. This role can often be performed remotely. Bookkeepers typically earn between $18 to $25 per hour. Flexible hours and the ability to work from home make this a desirable job for retirees.
4. Consulting. Leveraging years of professional experience, seniors can offer consulting services in their field of expertise. Consultants can work on their terms and set their rates. According to Glassdoor, consultants can earn anywhere from $50 to $150 per hour, depending on their expertise.
5. Customer service representative. Customer service roles are increasingly remote, allowing seniors to work from home. Companies like Amazon and Apple frequently hire remote customer service agents. The Bureau of Labor Statistics reports the median hourly wage for customer service representatives was $19.08 in May 2023.
6. Virtual assistant. Virtual assistants provide administrative support to businesses or individuals remotely. Tasks can include managing emails, scheduling appointments, and handling social media. Indeed estimates virtual assistants earn an average of about $23 per hour, with flexibility to work from home and set your own hours.
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In-person job opportunities
One of the chief benefits of picking up work in your later years is the chance to get out of the house and socialize. Here are some ideas with that in mind.
1. Pet sitting or dog walking. Animal lovers can turn their passion into a low-stress job by offering pet sitting or dog walking services. Websites like Rover.com connect pet sitters with pet owners. Pet sitters earn an average of $16 an hour, according to opportunities searched on Indeed, and dog walkers can expect an average of about $19 per hour. This job provides both income and the benefit of physical activity.
2. Driving for ride sharing platforms.: Driving for Lyft or Uber can provide flexibility and income. ZipRecruiter recently reported on Uber drivers’ average annual pay by state, finding the income ranges from about $21,000 in Florida to $33,000 in Alaska. Remember, however, that driving for ride-share companies carries risk, including vehicle wear and tear, exposure to accidents and potentially long hours.
3. Retail work. Part-time retail positions can be ideal for seniors who enjoy interacting with others. Many retailers offer flexible hours and employee discounts. The BLS says the median hourly wage for retail salespersons was $16.19 in 2023 – not the highest pay around, but it’s a job that combines additional income with social interaction.
4. Teaching or substitute teaching. Retired educators can return to the classroom as substitute teachers or part-time instructors, allowing them to stay engaged with the educational community and earn money. Indeed reports substitute teachers earn on average about $160 per day, but that figure varies depending on the location and school district.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
