BEING able to live on retirement savings and benefits alone is not the case for millions of retirees.
Money problems don’t end in retirement, and for many retirees, the problems can get worse.
While working longer to save more can provide greater benefits, it’s not a viable option for everyone.
Additionally, working full time while claiming Social Security could push you above the income threshold and lower your payments.
Taking a hustle for a few hours a week might be your best bet.
Yahoo Finance rounded up some of the best jobs for retirees, and one was particularly lucrative.
Entertaining as a costumed character
During retirement, you begin to realize how much free time you have.
When weekends aren’t your only days to do things on your own, you can spend them earning extra money.
Running a costumed character service for parties and events can bring in between $175 and $225 per hour.
Offering services like face painting or story time can earn you even more money.
Thumbtack explained that costumed character services may charge by the hour or sell packages, and rates may increase depending on where the event is taking place and how many people will be there.
There are also peak periods, such as holidays, where you may charge more due to high demand.
Service charges and transportation costs may be factored into your price.
You can also get tax deductions for what you pay out of pocket to start your business.
Other side hustles
Another great side hustle for retirees is taking survey.
This can be done on their own schedule from the comfort of their home.
Financial expert Mike – who runs YouTube channel Your Driver Mike – shared how he made $1 per minute for an hour-long interview.
On the UserTesting site, it’s up to you what you want to take surveys on, but there are specific qualifications.
Researchers will approve or reject your application based on your knowledge and interest in the topic.
Once you’re approved, Mike said the process for setting up a time and date to take the survey was very simple.
He spoke with the interviewer on Zoom and didn’t even have to turn on his camera.
The survey company made its payment via PayPal seven days after the survey was completed.
Another side hustle for retirees is selling your old things online.
Once you reach retirement age, chances are you have a huge collection of things that you no longer use.
Mona Mejia was able to earn $9,000 a week after spending three years building her business selling online through the Poshmark app.
Although it takes a while to start earning that much, you can easily earn a few hundred dollars even when you’re just starting out.
A thrifty entrepreneur quit her job as an engineer at 24 and now earns $170,000 a year from her favorite hobby.
Also, a freelancer quit her job to work full-time on $15,000 a month while working less.