Who couldn’t use a few hundred more dollars each month? Savvy seniors are finding innovative ways to supplement their retirement income. While it’s not unheard of for seniors to work part-time jobs, the types of jobs seniors are leveraging are impressive. By turning to the internet, mobile apps and online sales tools, many seniors are creating lucrative streams of income.
Uber, Airbnb, Freelancing and Online Sales
While it’s easy to assume Grandma and Grandpa aren’t app- or internet-savvy, nothing could be farther from the truth. Currently, over 400,000 seniors are turning to the self-employed gig economy as a stream of income. While this percentage is low compared to millennials, it is steadily on the rise. This includes driving for Uber or Lyft or renting out an extra room on Airbnb or 50+ Freebird Club. However, seniors are also working on freelance gig sites offering a service or skill, or selling crafts or products on Etsy or eBay.
The Income Earned Is Used for a Variety of Retirement Purposes
Seniors who live comfortably often use their new income stream to travel or invest in their hobbies. For some, the extra money simply provides breathing room in their budget. However, many seniors truly rely on their additional income to pay for their costs of living. Even if you haven’t experienced it firsthand, Social Security, pensions and retirement savings rarely keep up with the rising cost of living. Even seniors who can make ends meet often worry about how long their money must last. Working part-time helps provide financial peace of mind.
Social and Emotional Benefits of the Share Economy
While a secondary income stream is often the primary motivating factor, it’s impossible to ignore the social and emotional benefits of the share economy. Driving for Uber or Lyft is an excellent way to meet new people and increase social interaction. Renting out a spare room or guest house provides seniors who enjoy hosting the opportunity to show travelers the highlights of their hometown.
On the flip side, the share economy empowers seniors who can’t drive a cost-effective means of transportation. Renting Airbnb and other room share makes travel more comfortable and cost-effective.
Flexibility Is a Big Draw to the Freelance Community
Another advantage of the freelance and share economy is its flexibility:
If you sell your arts and crafts online, you can easily pause them at any time.
If you rent out a spare room, you can rent only when it is convenient for you.
Driving Uber or Lyft allows you to drive any hour of day or night, for as few or as many hours as you prefer.
If you sell gigs or services online, you can also pause them anytime you wish.
Retirement is a big transition, but you can remain connected and have a sense of purpose and fulfillment in a shared economy and maybe earn a little extra spending money, supporting the kind of quality of life you have been working towards.
If you would like to explore additional ways to improve your financial security in your retirement years, please reach out to schedule an initial consultation. Whether you are retired, soon to retire or retirement is many years away, we will create a retirement plan designed to help you live comfortably in your golden years.
Linden Oak Wealth Partners offers fee-only financial advising customized for women, in particular, women in transition. Our goal is to create an environment where financial planning is efficient, simplified and easy to understand. We want clients to feel empowered and engaged every step of the way. Please contact us to schedule an initial consultation today.
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