As retirees step into their golden years, many might picture themselves tending to gardens, embarking on long-awaited travels, or savoring precious moments with family. However, a new trend is transforming the traditional notion of retirement: the rise of the ‘side hustle.’ Driven by the need to stay mentally active or to supplement their retirement income, an increasing number of retirees are embracing side hustles as a means to secure their financial future.
According to a recent study by MarketBeat.com, the retiree side hustle economy is thriving. By surveying 3,000 respondents and analyzing publicly available data, the study found that retirees with side hustles earn an average of $379 per month, which translates to a national economy worth $6 billion.
When it comes to Washington state, seniors here with a side hustle are making $293 on average, equating to a local side hustle economy of $109,099,983. Another study found that in the Seattle metro area, residents aged 65 or older make up 14.5% of the total population but that overall, 21.1% of the Seattle metro’s over-65 population is still in the labor force.
The study states that over 1/4 of retirees take a post-retirement job for “a sense of purpose and fulfillment.” Retires said they pursue side hustles to:
⦁ Supplement retirement income: 47%
⦁ Stay mentally engaged and active: 34%
⦁ Pursue a passion or hobby: 10%
⦁ Meet new people and build social connections: 9%
As for the types of side hustles retirees engage in, the majority (32%) have launched their own small businesses. Crafting and selling homemade goods is another popular choice, with 30% of retirees involved in this activity. Additionally, 22% of retirees supplement their income through trading or investing, while 15% choose freelancing. An additional stuy on a similar topic found that the highest overall numbers of oer-65 workers includes delivery drivers and route salespeople, followed by retail sales, and janitors and building cleaners. School bus drivers, crossing guards and flaggers also have high concentrations of older workers.
On average, retirees dedicate 10 hours and 24 minutes per week to their side hustles. When asked what they find most rewarding about these activities, the respondents’ top answers were:
⦁ The additional income: 34%
⦁ The sense of purpose and fulfillment: 29%
⦁ The mental stimulation and engagement: 21%
⦁ The flexibility and freedom: 10%
⦁ The social connections and community: 6%
Perhaps most strikingly, an overwhelming 76% of respondents reported that their side hustles bring them happiness. Moreover, 19% of retirees are so motivated by their side hustles that they are considering turning them into full-time businesses.
