5 High-Paying Side Hustles for Retirees Who Want To Boost Their Retirement Income

Side hustles have become a lifeline for millions of Americans in today’s post-pandemic economy. Inflation is high, costs remain elevated and more Americans are actively engaged in side gigs today compared with recent years.

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Civic Science reported that the percentage of Americans with a side hustle is on the rise. Data showed that as of April 2024, 26% of U.S. adults in the workforce have side hustles. That’s up from just 22% in 2021, which represents an 18% increase overall. The majority rely on side gigs as a secondary source of income but at the same time, a combination of side gigs has become a primary source of income for many workers.

If you’ve finally reached the magical time of your life where you no longer need to work full time, it doesn’t hurt to take on one (or more) side hustles either to keep busy or add some extra cash to your wallet — and fortunately, boomers have many options when it comes to lucrative, flexible side hustles.

Here are five side gigs for boomers who want to boost their income , per Sidehustles.com .

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Rideshare Driver

If you like driving and you have a vehicle in good working order, consider becoming a rideshare driver. You’ll pick up and drop off passengers at their requested destinations and get paid for each ride you complete. You can sign up to be a rideshare driver in your local area on platforms like Uber and Lyft. The best part of this side hustle is that you can switch on the apps when you want to work and shut them off when you don’t, offering flexible work on your time. You can expect to earn about $20 per hour depending on where you’re located.

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Transcriptionist

If your computer skills are sharp and you have a knack for fast typing, this is the retirement side gig for you. As a transcriptionist, you’ll need to be able to accurately and quickly type at least 40-50 words per minute. Most often, you’ll listen to audio recordings, such as lectures and interviews, and transcribe them into written documents. It’s possible to find and land a transcriptionist gig on freelance platforms like Fiverr and Upwork. You can expect to earn about $15-$25 per hour.

Life Coach

As a retiree, you likely have extensive life experience and lots of wisdom to share with others. These qualities and experience can be translated into a high-earning side hustle as a life coach. Life coaches provide guidance and support, helping others set and achieve their personal goals. You’ll conduct one-on-one coaching sessions with clients, either online or in person. You can expect to earn about $70-$200 per hour.

Consultant

If you have extensive career experience and a knack for solving problems, consulting could be a great side gig for you. For example, if you have a long career in marketing, you could be a consultant for a growing startup in need of advice and execution related to their advertising strategy. You can expect to earn about $50-$150 per hour depending on your level of expertise and industry.

Tutor

If you consider yourself an expert in a particular subject matter, taking on a tutoring side gig is a great idea. You’ll leverage your years of experience in a particular field and help shape the minds of those looking to become an expert just like you. You can find tutoring gigs on platforms like Tutor.com and Skooli. You can expect to earn about $15-$30 per hour.

This article originally appeared on GOBankingRates.com : 5 High-Paying Side Hustles for Retirees Who Want To Boost Their Retirement Income