Retirement is often viewed as a time to unwind, but it doesn’t have to mean stepping away from fulfilling or rewarding work. Many retirees see it as a chance to explore new interests and generate extra income. Choosing the ideal side hustle can bring both personal satisfaction and financial benefits, whether your goal is to boost your retirement funds, stay active, or pursue a passion. Here are several options worth considering:
Bookkeeping
Freelance bookkeeping is well-suited for retirees with experience in administration, finance, or accounting. Small businesses frequently need help managing billing, account reconciliations, and financial records. These roles often offer flexible hours that can easily fit your schedule. Pay typically ranges from $11 to $25 per hour, depending on your experience. Working 10 to 15 hours per week can bring in around $800 to $1,000 monthly, especially if you serve multiple clients.
Bookkeepers organize and document transactions such as invoices, purchases, payments, and sales, entering these into the company’s general ledger to prepare financial statements like income statements or balance sheets.
Strong attention to detail and knowledge of accounting software and Excel are advantages. Some positions require an associate’s degree or relevant experience. Note that bookkeeping focuses on recording financial data, while accounting interprets and reports on that data.
Tutoring
Tutoring is a fulfilling way to share your expertise and give back. Whether you’ve been a classroom teacher or have specialized knowledge, tutoring can benefit learners of all ages.
Online platforms like Tutor.com, Wyzant, and Preply make it easy to get started, while retired teachers might enjoy teaching English through programs like Cambly or VIPKid. These platforms offer remote work with flexible hours and minimal prep time. Local tutoring centers are also an option for those who enjoy in-person mentoring.
According to Preply, online tutors earn on average about $18.30 per hour, with rates ranging from $10 to nearly $39 depending on the subject. Consistent schedules can bring in up to $1,000 extra monthly.
House-Sitting
If you enjoy travel and want to keep expenses low, house-sitting can be a rewarding choice. This involves caring for someone’s home and sometimes their pets while they’re away, giving homeowners peace of mind.
Websites such as TrustedHousesitters and Nomador connect you with opportunities worldwide, though many require a paid membership. Be sure to check visa requirements before accepting international assignments, as some countries restrict entry for unpaid work like house-sitting.
Many arrangements offer free lodging and utilities rather than direct payment, but paid house-sitters typically earn between $13 and $18 per hour. Charging around $15 per hour or a weekly rate of $200 to $250 can yield about $1,000 a month from a few assignments.
Airbnb Hosting
For some retirees, an empty nest provides an opportunity to earn extra income by hosting guests on Airbnb. If you have a spare room or a second property, hosting can be enjoyable and profitable.
Airbnb data shows the average U.S. host earned approximately $14,000 in additional income in 2023. Seniors are actually the fastest-growing group of hosts, offering well-maintained homes and hospitality experience appreciated by guests.
Listing your space is straightforward—you create a profile with photos and descriptions, set your rates, and decide when to host. Airbnb also offers protection plans like AirCover for peace of mind. You can choose to rent short-term or long-term, though local regulations may have restrictions or requirements to review. Clear guest rules such as quiet hours help ensure a smooth hosting experience.
Side hustles aren’t just for the young. They offer retirees opportunities to stay engaged, productive, and independent. The best side hustles provide financial rewards along with structure, community, and ongoing learning.