Those in their 50s might be looking toward retiring and wondering if they have enough money to live a comfortable life. Picking up a side gig might be a way to make more money in the golden years.
Doing this extra work could be beneficial for many reasons beyond money. Here are some advantages to picking up a side gig as a senior, according to career experts.
Generate More Money During Retirement
Experts recommended that savvy seniors find a gig that can last long into their retirement. The good news? This gig doesn’t have to be especially labor-intensive.
“Maybe, for example, you turn your guest house into a short-term rental, and your side gig is maintaining that rental (or maybe you hire someone else to do that!),” Steve Schwab, CEO of Casago, recommended. “This is something that can allow you to keep earning money even after you stop working, which can be instrumental in supporting your retirement lifestyle.”
Build a Rainy Day Fund
A retirement fund is meant to support seniors in their day-to-day lives, so having a side gig can help pay for those unexpected expenses that might come up.
“Oftentimes, cars and homes break down the older they get,” Dawn-Marie Joseph, the founder and president at Estate Planning & Preservation, highlighted. “Having extra money that can cover these costs in retirement can help protect your income.”
Keep the Brain Engaged
Money isn’t the only reason to get a second job. According to Sam DeMase, a career expert at ZipRecruiter, many seniors enjoy having an additional gig simply to keep them busy.
“Whether you’re solving a problem, learning how to use a new tool, or even leveraging existing skills, having a side gig can help to make you feel more fulfilled, all while allowing flexibility in your schedule.”
Make New Friends
A second job can be a great way to meet people, which can make the retirement years even more fun.
“Whether you’re attending a skill-building course or participating in a networking event, taking on a new professional pursuit can help you build new relationships and give you a greater sense of community,” DeMase commented.
Save for a Family Member’s Education
Some people in their 50s might have a lot of younger people in their family. A side gig can help contribute to a college fund for younger family members.
“Utilizing a side gig to save money for a family member’s education can be another good reason to start one in your 50s,” Joseph pointed out. “Using the extra money to help build your family’s generational wealth can be worth it.”
Pave a Path to Entrepreneurship
For some in their 50s, their careers are just getting started. Their career in their 20s and 30s might not be interesting anymore, and the side gig they get in their 50s might be the start of a new career they’re passionate about.
“By 50 years old, we can actually enjoy our career,” Steven Lowell, career coach and reverse recruiter at Find My Profession. “Gone are all the social pressures of work being a lifestyle, and now we can take a breath and go after something we truly love without worrying who approves of it.”
Source – https://www.gobankingrates.com/money/side-gigs/reasons-start-side-gig-in-your-50s/