It used to be that once you worked for 30 years at the same company and were ready to retire, you would simply punch out and collect your pension. Retirement today looks a lot different, and unfortunately, many people on the cusp of full retirement age or in the baby boomer generation are not financially prepared.
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According to the Transamerica Center for Retirement Studies, about 60% of boomers are now retired and many of them are struggling financially. Another study found that most retirees have inadequate financial resources for retirement, while more than one in four older workers are nearing retirement “without a penny in savings,” according to CBS News.
Boomers with little or no retirement savings will have to rely heavily on Social Security in retirement, which is problematic. As of January 2025, the average monthly Social Security retirement benefit is estimated to be around $1,976, according to the Social Security Administration. That’s barely enough to cover the average rent for a one-bedroom apartment in the United States, which is estimated to be about $1,554 a month.
Fortunately, boomers who need a boost in income have several options. Here are four ways they can make extra money without having to find a new full-time job.
A GOBankingRates survey found that 38% of Americans plan to work part-time in retirement to help them cover bills and living costs, and an additional 23% plan to work part-time to help keep them occupied.
A side gig is a great way for retirees to earn extra money — but you need to be careful if you collect Social Security. If you are under full retirement age for the entire year, the SSA deducts $1 from your benefit payments for every $2 you earn above the annual limit. For 2025, that limit is $23,400. In the year you reach full retirement age, the agency deducts $1 in benefits for every $3 you earn above a different limit, which is $62,160 in 2025.
If you have already reached FRA, or aren’t worried about the deductions, here are a handful of good side gigs that can help you earn extra income:
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Copywriting: Plenty of copywriting opportunities exist for freelance or remote workers. This gig pays an average of $37 an hour, according to ZipRecruiter.
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Data entry: A lot of this work is being outsourced to remote workers. You can expect to earn an average of $19 an hour.
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Virtual assistant: Retirees with administrative experience should consider working part-time as a virtual assistant, where the average pay is $24 an hour.
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Lead generation specialist: Companies and business development teams hire these specialists to find, qualify and generate leads. It’s a gig that pays an average of $31.86 an hour.
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Consultant: If you have built up expertise in an area with heavy demand you can earn an average of $100 an hour as a consultant. This typically involves reviewing an organization’s processes and providing advice on how to improve them. There is a particularly high demand for IT consultants.
