NJ retirees boosting retirement income with side hustles (2024 data)

It appears that retirees across the country are discovering a new trend to supplement their retirement income — the side hustle.

And while most retirees would rather enjoy their golden years by traveling and spending time with loved ones, an increasing number are embracing side hustles as a means to secure their financial future, according to a study conducted by MarketBeat.

In the report, the financial media company used internal data sources to obtain population data sets and surveyed 3,000 respondents based on age, gender, and geography to determine How Much Are Retirees Earning from Side Hustles in 2024?

"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, along with a desire for purpose and fulfillment. Retirees are showing that there’s no age limit to innovation and entrepreneurship," said Matt Paulson, founder of MarketBeat.com .

Retirees with side hustles earn an average of $379 per month. This side hustle income translates to a national economy worth an astonishing $6 billion, the report stated.

Retirees in Utah are the top, with a substantial $825 per month, while those in North Dakota bring in a more modest $100 monthly from their side hustles.

And in the Garden State , seniors that are retired here with a side hustle are making $411 on average, equating to a local side hustle economy of $183,293,368.

Below are some key findings from the study:

Why do retirees pursue side hustles?

• To supplement retirement income: 47%
• To stay mentally engaged and active: 34%
• To pursue a passion or hobby: 10%
• To meet new people and build social connections: 9%

What types of side hustles are retirees engaged in?

• Some have launched their own small businesses: 32%
• Crafting and selling homemade goods: 30%
• Some retirees supplement their income through trading or investing: 22%
• Freelancing: 15%

Top 10 states with high retiree earners

1. Utah: $825 monthly
2. Wyoming: $550 monthly
3. Colorado: $513 monthly
4. California: $476 monthly
5. Indiana: $460 monthly
6. Kansas: $450 monthly
7. Kentucky: $430 monthly
8. Florida: $429 monthly
9. New Hampshire: $425 monthly
10. New Jersey and Illinois: $411 monthly (tie)

This article originally appeared on Asbury Park Press: NJ retirees boosting retirement income with side hustles (2024 data)