Imagine yourself in retirement. Are you blissfully pruning your rose bushes? Roaming the globe without a care? Or perhaps knee-deep in family gatherings, dodging awkward small talk?
“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 and a desire for purpose and fulfillment…” – Matt Paulson, Founder of MarketBeat.com
But what if, instead of bingo or knitting, you ventured into the wild world of side hustles after your corporate shackles are finally off?
Congratulations! You’d be part of an elite club: over a quarter of retirees who have turned to side gigs for a pinch of excitement and an extra sprinkle of cash.
Retirement side hustles pay off
According to MarketBeat.com, American retirees are making a staggering average of $379 monthly—in other words, enough to cover that extra-large pizza or one horrifically overpriced novelty item each month.
Average Side Hustle Earnings: The State of the Hustle
In the fierce competition of side hustling, Utah takes the cake with an impressive $825 per month. Meanwhile, North Dakota appears to be playing in the kiddie pool, earning a measly $100 a month from their efforts. Apparently, the grass isn’t greener on the side hustle side—it’s just… prairie.
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Top 5 States by Earnings per Retiree:
- Utah – $825 per month
- Wyoming – $550 per month
- Colorado – $513 per month
- California – $476 per month
- Indiana – $460 per month
Bottom 5 States by Earnings per Retiree:
- North Dakota – $100 per month
- West Virginia – $164 per month
- Alaska – $200 per month
- Rhode Island – $236 per month
- Maine – $250 per month
How much do Washington retirees make from side hustles?
And what about our friends in Washington? What kind of fabulous earnings do they rake in through their side hustles? Well, brace yourself, it’s a jaw-dropping average of $293. Enough to buy a fancy new pair of Crocs or maybe even a full month’s supply of diet soda—if you’re careful!
Why Are Retirees Diving Into Side Hustles?
- Supplement retirement income: 47%
- Stay mentally engaged and active: 34%
- Pursue a passion or hobby: 10%
- Meet new people and build social connections: 9%
What Are the Most Popular Types of Retiree Side Hustles?
- Operating their own unique small business – 32%
- Crafting and selling homemade goods – 30%
- Trading or investing – 22%
- Freelancing – 15%
How Much Time Do Retirees Actually Spend on Their Side Hustles?
Surprisingly, not as much time as one would think. On average, they clock in around 10 hours and 24 minutes per week—talk about a part-time effort! Who knew being a retiree could be such a time-saver?
If You Enjoy Your Work, Is It Still Work?
According to a stunning 76% of retirees, their side hustles actually bring them happiness. In fact, a bold 19% are so enchanted by their hustle that they’re contemplating turning it into a full-time gig. You know, just for the thrill of it all!
