As the cost of living continues to rise, many seniors on social security benefits are struggling to make ends meet. The Social Security Administration predicts that beneficiaries will face a 8.7% cut in benefits if the trust fund is not replenished. With the average retiree living on a fixed income, finding ways to supplement their income has become a pressing concern. This raises the question: what are the best side hustles for seniors to offset social security cuts?
For many seniors, the thought of taking on additional work may seem daunting due to physical or health limitations. However, with the right mindset and skills, a part-time job or side hustle can be a convenient and rewarding way to bridge the income gap (SSA, n.d.). By leveraging their expertise, skills, and experience, seniors can create a stable financial foundation and maintain their quality of life.
1. Freelancing Skills You Never Knew You Had
Many seniors possess valuable skills that can be monetized through freelancing. According to the Bureau of Labor Statistics, in 2020, 13% of freelancers were 65 years or older (BLS, 2020). Skills like writing, graphic design, web development, and social media management are in high demand and can be done from the comfort of their own homes. With online platforms like Upwork, Fiverr, and Freelancer, seniors can connect with clients and start earning a steady income.
Even simple tasks like dog walking, house sitting, or meal preparation can be advertised on platforms like Rover or TaskRabbit, providing a unique opportunity for seniors to earn money from their surroundings.
2. Online Surveys and Research Studies
Participating in online surveys and research studies is another way seniors can supplement their income. Many reputable market research firms, such as Swagbucks and Vindale Research, pay individuals for sharing their opinions on various products and services (Swagbucks, n.d.). Seniors can sign up and complete surveys during their free time, allowing them to earn rewards without exerting themselves too much.
3. Renting Out a Spare Room on Airbnb3. Renting Out a Spare Room on Airbnb
For seniors with a spare room in their homes, renting it out on Airbnb can be a lucrative side hustle. According to a survey by InterNations, in 2020, 18% of hosts globally were homeowners over 60 years old (InterNations, 2020). This can help offset the costs of homeownership and provide a sense of community by interacting with travelers from diverse backgrounds.
To get started, seniors need to set competitive prices, create a cozy atmosphere, and ensure their home is stylish and clean (Airbnb, n.d.). By doing so, they can attract a loyal guest base and increase their earnings.
4. Selling Handmade Products
Selling handmade products is another way seniors can monetize their skills and hobbies. Whether it’s crafting jewelry, woodworking, or baking, seniors can utilize local craft fairs, social media platforms, or online marketplaces like Etsy to sell their creations (Etsy, n.d.). This allows them to stay engaged in creative pursuits while earning money.
Seniors can also teach their skills through workshops or classes, either in-person or online, generating additional income and imparting knowledge to aspiring artisans (Senior Corps, n.d.).
5. Delivering Food or Packages5. Delivering Food or Packages
Freelance delivery driving for companies like Uber Eats, GrubHub, or DoorDash can be an excellent option for seniors who enjoy socializing and staying active (Uber Eats, n.d.). They can sign up to be delivery partners, work flexible hours, and earn money while interacting with people in their community.
Seniors with vehicles can also become package delivery drivers for companies like Amazon Flex, which provides flexible scheduling and fair pay (Amazon, n.d.).
6. Tutoring or Mentoring
Many seniors possess extensive knowledge and expertise in various fields, making them an excellent resource for teaching and mentoring. According to AARP, nearly 30 million adults age 45-74 volunteer as mentors, with the number increasing by 24% in the last decade (AARP, 2019). Seniors can use online platforms like TutorMe or Chegg to offer their services, either individually or in groups, and get paid for their time and wisdom (TutorMe, n.d.).
In addition to teaching, seniors can also use their life experiences to write blogs, create YouTube channels, or podcast about topics they’re knowledgeable about, monetizing their content through advertising or sponsorships (Medium, n.d.).
