By Nancy Collamer
A secondary hustle can be lucrative, fun, and add purpose to your retirement years
This article is reproduced with permission from NextAvenue.org.
If inflation and the gyration of the stock market have you worried about your financial security in retirement, you’re not alone. As many as 71% of baby boomers recently surveyed by Bankrate said they were behind on saving for retirement.
One way to increase your income after retirement is to work on the side – a flexible job that can be part-time, casual or seasonal. Along with the financial benefits, side gigs can add fun, interest, and purpose to your retirement years.
To help you learn more about good side gigs for retirees in 2023, I turned to two experts: Toni Frana, Career Services Manager at FlexJobs, and Kathy Kristof, Founder of SideHusl.com.
Here are their 6 recommendations:
1. Professional Services Advisor
Consulting has long been a popular second-line career for retirees. But Kristof says a fragile economy and new technologies have made consulting opportunities stronger than ever. “Right now, many companies are hesitant to hire full-time employees,” Kristof notes. “So they rely more on consultants.”
Also see: These hustles can make $100,000 a year
To find consulting opportunities, you can go it alone or search one of the many online consulting platforms, like Maven or Zintro. Assignments range from one-off hourly consultations to multi-month engagements.
Pay varies greatly depending on your expertise and industry, but most professionals command at least $50 per hour, with some earning north of $500 per hour. Notably, many high-paying positions no longer require a college degree.
According to data collected by SideHusl.com, the best college elective jobs are in technology, logistics, construction, marketing, landscaping, and design, but other sectors are also open to graduates. non-universities. “Your reviews and experience will matter far more than your education,” says Kristof.
2. Tutor or instructional designer
Demand for tutors skyrocketed during the pandemic and hasn’t abated since. “The difference is that there is now a demand for virtual and in-person tutors,” says Kristof. Tutors are needed for children and adults, in everything from reading to coding; Spanish to SAT preparation.
You don’t need teaching credentials to land a job (although that helps), as long as you’re well versed in the subject. To find clients, you can tap into your network to find leads, join a local tutoring service, or sign up for one of the many online tutoring platforms.
Starting rates for online tutors are between $15 and $20 per hour, but as Kristof details in this blog post, 3 Best Tutoring Sites, it’s possible to earn a lot more: SAT Tutors in affluent suburbs can earn $200 an hour or more.
In addition to tutoring, Frana says FlexJobs has a demand for instructional designers, people who develop training materials, programs and programs for organizations and businesses. Successful instructional designers typically have some experience in adult learning, combined with strong technical skills and familiarity with online learning platforms.
Read: ‘I don’t need the money anymore. If I like a project, I do it. Seniors find satisfaction in self-employment
3. Editor, writer and content writer
The growth of blogs and business websites has created a growing market for freelancers with strong writing and editing skills. For example, Penguin Freelancers, which is operated by one of the largest publishing houses in the world, offers lists of freelance editors and proofreaders for over $30 per hour.
FlexJobs currently has hundreds of postings for a variety of flexible writing gigs, including technical writers, content developers, and grant writers. If you want to learn more about online writing gigs, check out this SideHusl.com article, Where to Find Writing or Editing Jobs.
4. Online Art Seller
Traditionally, most artists and artisans depended on local fairs and galleries to sell their work. But increasingly, they are taking advantage of technology to increase their sales and expand their reach.
“The number of online platforms where you can make money selling your art and crafts has exploded,” says Kristof. A few examples: On Society6 or RedBubble, you can have your artwork printed on items like notebooks, mugs, and T-shirts.
They process orders and you earn a commission or royalty for each item sold. If you’re a good artist, you can sign up for Turning Art, a site that works with corporate clients who want to buy or rent artwork for their office buildings.
Or if you prefer craft items, you can go to a site like Etsy (ETSY). Whichever platform you use, be sure to read their terms and conditions carefully so you’re clear on how you’ll get paid — and how much the site takes to manage your listing, transactions, and payment processing.
5. False juror
If you’re a fan of legal drama, you might enjoy a quick stint as a mock juror. Lawyers pay mock jurors to review their case summaries, so they can get a better idea of potential pitfalls in their legal arguments. You won’t earn much (one company, Online Verdict, pays mock jurors $20-$60 per hour and another, Jury Test, pays $5-$50 per trial), but it could be an intriguing way to earn a few dollars.
6. Clinical trial participant
Kristof suggested a side gig that has both risks and rewards: clinical trials of drugs and cosmetics. You can browse scheduled tests on sites like Labcorp Drug Development (formerly known as Covance) or Princeton Consumer Research, and if you find something that matches your health, risk tolerance, or age, then you can decide whether you wish to register.
“They’re always looking for people with existing conditions, like eczema or diabetes,” Kristof notes, “but there are lots of other studies as well.” Compensation varies wildly: Low-risk, short-term studies average $25 to $100 per hour, while studies involving invasive procedures and overnight stays can earn thousands of dollars.
Read next: Here are the most lucrative (and satisfying) side businesses
Clearly, this option isn’t for everyone, but if you want to learn more, read Clinical Trials: High Pay but Risky.
Nancy Collamer, MS, is a semi-retirement coach, speaker, and author of “Second-Act Careers: 50+ Ways to Profit From Your Passions during Semi-Retirement.” Download her free manual, “25 Ways to Help You Identify Your Ideal Second Act” from her website at MyLifestyleCareer.com (and you’ll also receive her free bimonthly newsletter).
This article is reproduced with permission from NextAvenue.org, (c) 2022 Twin Cities Public Television, Inc. All rights reserved.
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