Studies show that 40% of retirees look for ways to make extra money in retirement. Side hustles give retirees a great chance to add to their retirement savings while staying active and achieving their goals. Your retirement consultant in Fresno CA will explore how these flexible earning options help seniors keep their minds sharp, stay connected with others, and remain financially stable.
Studies show that 86% of business professionals want to work after retirement, and consulting and freelancing stand out as profitable side hustles. Retirees can use their professional expertise to create the perfect mix of flexibility and income potential.
Professional networks play a vital role in consulting success. Smart consultants keep their professional connections active and build new relationships through industry events and online platforms. Most successful consultants find their first clients through their professional networks built over years.
Retirees are discovering new ways to earn money from their hobbies. The digital world now provides endless possibilities to monetize creative work and share expertise on different platforms.
Creative entrepreneurs in retirement can explore these marketplace options:
Etsy and Amazon Handmade for crafts and handmade items
Amazon Kindle Direct Publishing for writing and publishing
Online course platforms for sharing knowledge
Digital product marketplaces for downloadable content
Success in hobby monetization comes from starting small and growing steadily. Many retirees sell their handcrafted items at local farmers’ markets first, then move to online platforms.
Teaching through online courses offers huge potential. Retirees can turn their professional knowledge or hobby expertise into structured learning experiences. This helps them reach students worldwide while keeping their schedules flexible. They can share their wisdom and build recurring revenue at the same time.
Managing a retirement side hustle needs a good grip on your finances and lifestyle choices. Tax planning is a vital component, and retirees must factor in the 15.3% self-employment tax rate. They should also make quarterly tax payments to stay clear of penalties.
Money experts suggest this simple 50/30/20 rule to handle your side hustle income:
50% goes to your basic needs
30% is yours to spend as you like
20% should land in your savings and investments
Your Social Security benefits need close attention. Earning more than $22,320 in 2024 could reduce your benefits if you haven’t reached full retirement age. The system deducts $1 for every $2 you earn above this amount.
Good planning and management can turn these side hustles from simple money makers into fulfilling second careers. Successful retirees find the right balance between work and free time. Their side jobs add value to retirement instead of taking it over. When retirees choose opportunities that match their interests and manage their finances well, they can create steady income streams that bring both financial security and personal fulfillment throughout their retirement years.
We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to see how we can help you Retire ”Your Way!”
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