Inflation cooling doesn't mean prices drop. Seemingly everywhere you go, prices are higher than we're used to: From the grocery store to apartment rentals and home prices.
So it comes as no surprise that many Americans are taking up side hustles to make some extra cash. Over one-third of Americans surveyed by Bankrate reported working outside their main source of income to earn more. On average, they reported making $891 extra each month from those side hustles. And a 2023 survey from LendingClub and PYMNTS found that 53% of those workers with a side job are considered middle- to high-income earners.
While there have been gains in salaries in recent years, that doesn't do much to help people in retirement living on a fixed income. Yes, there is a Social Security cost-of-living adjustment each year, but critics argue since the adjustment is based on broadly observed inflation, it doesn't account for costs specific to retirees. These factors can push retirees to look for side hustles — part-time work that can be done simply from home, using expertise and experience they've gained in their careers.
“The trend of having supplemental income is here to stay,” Alia Dudum, a money expert at LendingClub told Kiplinger. “With job instability becoming more prevalent — especially in the technology sector — more and more consumers are looking to control their destinies and find alternative sources of income that will provide stability should a life-altering event happen.”
There’s a lot to consider about a side hustle before you dive in. First, take stock of how much extra time and energy you actually have: You want to prevent burnout and get the biggest payday for your hard work.
You probably also want to enjoy your side job. The difficulty there is balancing the joy against earning extra income. For example, you might like to sell handmade knits but if you only sell one every month, this side hustle might not be worth your time.
Retirees may also seek part-time jobs as a way to fill time and make extra cash, and it's worth thinking about the balance of joy vs effort there, too, if you don't necessarily need the money. Part-time jobs or "side hustles" can help retirees find fulfillment and make use of their skills, but it shouldn't be to the detriment of your daily, retired life.
Finally, take into account tax and legal implications, including taxes around hobby income, and make sure there is no conflict with your employer’s policy about working externally.
To start your search, look at “part-time” and “remote” opportunities on job boards such as LinkedIn and Indeed. Some sites, like FlexJobs, exist specifically to find remote, flexible roles. You can also start your own small business, but the payoff may take longer.
For some concrete ideas, here are seven online side hustle ideas to consider:
1. Online tutoring
Pay it forward and teach the next generation. You can go the route of web platforms such as TutorMe where the pay is $16 per hour or Preply where English tutors, on average, charge $15 to $25 an hour.
You can also search for jobs from individual organizations on ZipRecruiter and other employment sites. One other option is to consider tutoring shops that are local to you — they may be in need of people who can tutor specific topics, so bring your interests and ask if there's an opportunity.
2. Freelance specialist writer
General purpose writers typically struggle to find well-paying contract jobs. Instead, tap your industry or subject matter expertise to apply for technical or specialist freelance writer jobs. This would be especially pertinent for retirees with decades of experience to draw from.
For example, we've seen listings for writing for a tech giant that pay $55 to $65 an hour. There are also part-time writing opportunities within marketing, which look for experience with copywriting and SEO.
There are also many part-time roles that include technical writing and training AI systems. Just be sure to look out for job hiring scams.
3. Freelance designer
If you’re artistic, consider looking for part-time design jobs through platforms such as Fiverr as well as job openings from individual companies. Again, these are opportunities that draw on some level of expertise, like knowing how to use Canva and Photoshop, or familiarity with website building and design.
For example, a company in Los Angeles was paying $30 an hour for a production artist to work 15 to 20 hours a week.
4. Turn creative hobbies into a side hustle
Want something totally different than your full-time gig? Consider turning a hobby into a money-making endeavor.
These can range from creating your own soaps or candles to jewelry, handbags, hats and more. You can sell them on platforms such as Etsy and eBay as well as Facebook Marketplace and other sites.
Go through your closet to see what your shopping habit could earn you. Consider selling your used designer clothing and accessories to websites such as Poshmark, ThredUp and Vestiaire Collective, formerly Tradesy.
Put photography skills to good use by selling your photos to stock image companies including Getty Images, Shutterstock and Adobe Stock.
If you like creating music, you can sell your beats — instrumental, shorter clips of music — to sites such as Beatstars and Airbit. These beats are sold to artists for remixing to create their own sounds.
5. Online data rater
Data is being collected everywhere, but someone needs to annotate data sets for artificial intelligence models to train on. As the deployment of AI becomes more prevalent, available jobs in this field will grow.
For example, Telus Digital hires internet raters, people who analyze and provide feedback on text, webpages, images and other types of data for search engines. According to its website, Telus says it helps companies test and improve machine learning models through its community of annotators and linguists. The pay is $12 to $14 per hour, with flex hours of up to 25 hours per week.
It requires a high school diploma or GED, English fluency, frequent Gmail and social media use, general knowledge of current events, computer experience and a smartphone with internet access.
6. Online customer service or chat support
U.S. companies have customers all around the world. Thus, 24/7 customer service or live chat assistance is essential. These jobs let you work from home with flex schedules. They typically have minimal requirements and also will train you on the job.
You can also look at places and functions that interest you, which will likely make the work more enjoyable. If you like helping people with finances, one bank, for example, listed an opportunity for a customer service associate who would work remotely 20 hours a week. If you like travel, we've seen travel agencies post listings for remote customer service jobs where training would be provided and you'd get access to discounted travel.
7. Part-time bookkeeping
Many smaller businesses do not have the resources to have an accounting department so they hire part-time bookkeepers or accountants. To attract the best candidates, several also allow remote working for this position. Pay ranges from $11 to $25 an hour or more, according to Upwork.
Whatever you end up doing, make sure the effort balances out the pay and/or joy you get from it. You don't want a side hustle to take over your life.
