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Side hustles for people over 50 are becoming increasingly common.
Many older people (myself included) are finding that their retirement savings aren’t enough to make ends meet.
The rising cost of living makes it necessary for many of us to supplement our retirement income.
Side gigs can help boost your retirement savings and provide an excellent way to meet new people, learn new skills, and earn extra money.
Whether you’re looking to turn a hobby into a lucrative side hustle or simply need a little extra spending money, there are numerous opportunities out there for you.
In this post, I’m going to give you several examples of side hustles for people over 50 and better.
I’ve also included tips on how to get started, the tax implication for people in the United States and Canada, and a deep dive into side-hustles you probably never thought of before!
Disclaimer
The blog post “Side Hustles for People Over 50” is intended for informational purposes only and does not constitute financial, legal, health, or any other kind of professional advice.
While research has been conducted to provide accurate and up-to-date information, readers should not rely on this content for making legal, financial, or health decisions.
It is recommended that individuals consult with appropriate professionals for advice tailored to their specific circumstances.
Taxable Income on Side Hustles for People Over 50 in the United States
Seniors in the United States engaging in side hustles should be aware of several important tax considerations to ensure they remain compliant with IRS regulations and optimize their tax situation.
Here are key points to keep in mind:
Self-Employment Taxes
If you’re earning income from a side hustle, you may be considered self-employed.
This means you are responsible for paying self-employment taxes, which cover Social Security and Medicare. For 2024, the self-employment tax rate is 15.3%.
Estimated Quarterly Taxes
Self-employed individuals are required to pay estimated taxes quarterly.
This helps cover your income tax and self-employment tax obligations. Failure to pay these estimated taxes on time can result in penalties.
Deductions and Expenses
One of the benefits of self-employment is the ability to deduct certain business-related expenses, which can lower your taxable income. Common deductions include:
- Home office expenses (a portion of your rent/mortgage, utilities, and internet if you have a dedicated home office space).
- Supplies and materials.
- Travel and meal expenses related to your business.
- Marketing and advertising costs.
- Education and training relevant to your side hustle.
Record-Keeping
Keeping accurate records is crucial for tracking income and expenses.
Maintain receipts, invoices, and any documentation related to your side hustle. Consider using beginner-friendly accounting software or apps to keep your records organized.
Form 1099
If you earn more than $600 from a single client or platform, you should receive a Form 1099-NEC (Nonemployee Compensation) from them.
This form reports your earnings and is also sent to the IRS. Make sure the information matches your own records.
Retirement Contributions
Earnings from a side hustle can be used to contribute to retirement accounts such as a SEP-IRA, SIMPLE IRA, or a Solo 401(k).
Contributions to these accounts can be tax-deductible, providing a dual benefit of saving for retirement and reducing taxable income.
Impact on Social Security Benefits
According to the Social Service Agency at www.ssa.gov, “In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit.
In 2024, this limit on your earnings is $59,520.
We only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year.”
For more detailed information, read Receiving Benefits While Working.
State and Local Taxes
Remember that state and local taxes may also apply to your side hustle income. Check with your state and local tax authorities to understand your obligations.
Healthcare Costs
If your side hustle income makes you ineligible for Medicare or affects your Affordable Care Act (ACA) subsidies, you may need to budget for higher healthcare costs.
Professional Help (Financial)
Consider consulting a tax professional or accountant, especially if your side hustle income is substantial or if you’re unsure about your tax obligations.
They provide personalized advice and ensure you take advantage of all available deductions.
Seniors in the U.S. should be aware of their self-employment tax obligations, the need for estimated quarterly tax payments, available deductions, and the importance of meticulous record-keeping.
Understanding the potential impact on Social Security benefits and considering contributions to retirement accounts are also key considerations.
Seeking professional advice can help navigate these complexities and optimize tax outcomes.
This blog post is not meant to take the place of professional financial assistance. Please read the disclaimer above.
Keeping Track of Your Earnings and Expenses
Side hustles are a great way to earn extra money, but it’s important to remember that you still have to pay taxes on those earnings.
This is true wherever you live.
But don’t let that stop you from getting started!
I was a little daunted when I started this blog, but I quickly realized how easy it really is to keep track of my earnings, expenses, and make sure my taxes are paid on time.
The trick is finding a good, easy, software program.
To be honest, you could just use an Excel spreadsheet. But you really have to be diligent in tracking all of your expenses (keep those receipts!) and your earnings.
Tax Software to Keep Track of Side Hustles for People Over 50
I’ve listed a variety of bookkeeping software and online apps that are great for small businesses below. My favorite, however, is called Shoeboxed.
Shoeboxed
I love Shoeboxed for all kinds of reasons. For one thing, it’s perfect for small and even ultra-small businesses.
If you’re anything like me, saving, scanning, and organizing business receipts is a pain. Keep in mind that even a small business selling homemade jewelry is still a business.
For more information on Shoeboxed, read:
If you earn income through a side hustle, you’re still responsible for paying taxes on that income.
That means you have to be organized!
Here’s what’s really cool about Shoeboxed:
- You can actually send your paper receipts directly to the company and they will deal with them for you.
- You can try it FREE for 30 days.
- You can choose to upload your receipts with their scanner app (so easy!)
- Once your receipts are uploaded, Shoeboxed makes it easy to track your expenses.
- The receipt scanner allows you to choose up to 15 standard categories for filing taxes.
It’s perfect for solopreneurs and small business owners who want an affordable option for bookkeeping.
Read more about Shoeboxed: Shoeboxed: An Easier Way to Navigate Tax Season!
When tax-time rolls around you won’t be running around trying to get your receipts or income reports in order!
Other bookkeeping programs you might like include:
- Wave
- Zoho Books
- FreshBooks
- Quickbooks
- Xero
- Sage Business Cloud Accounting
- Kashoo
- ZipBooks
- Sunrise
- OneUp
- Bench
Remember, even if you don’t earn any money in the beginning, you may still be able to claim expenses, as long as your side hustle is considered a business.
Visit IRS.gov for more information.
Best Gigs and Side Hustles for People Over 50
Side hustles for people over 50 run the gamut from having a part-time job to selling digital products online.
One of the best ways for older adults to earn extra income is by leveraging their years of experience. Have you heard of transferable skills?
Transferable skills encompass all the things you’ve learned in your lifetime. They tend to be associated with resume building, but if you think back on the skills you’ve developed over time, you can use them to your advantage with a side hustle.
As you look through the following 49 gigs and side hustles for people over 50, don’t be too quick to dismiss some of them.
Some of the side hustle options below may require a course or certain licensing to get started.
There are different ways of starting a side hustle, but the most important thing is that it should be something you really enjoy.
1. Independent Consultant
With years of expertise in your field, becoming an independent consultant can be a very lucrative side hustle.
You can offer your services to businesses that need guidance in your area of expertise, whether it’s marketing, finance, or business development.
2. Life Coaches and Mentors
Older adults have a wealth of knowledge to share, making life coaching a good side hustle.
By guiding younger generations and professionals, you can help them navigate their career paths and personal growth.
3. Utilizing Extra Space
If you have a spare room or an entire home that’s not in use, renting it out can be a fantastic way to earn additional income.
Platforms like Airbnb and Vrbo make it easy to list your space and start welcoming guests.
4. Spare Room Rentals
Empty nesters can take advantage of their extra space by renting out a private room to travelers or students.
This not only provides extra cash but also offers social interactions with different people.
5. Storage Space Solutions
If you have extra space in your garage or basement, consider renting it out as storage space.
Many people are looking for affordable places to store their belongings, making this an easy and passive income source.
6. Pet Sitting and Animal Lovers
For animal lovers, pet sitting is a great way to spend time with furry friends while earning money.
Services like Rover connect pet owners with reliable pet sitters, offering flexible hours and good pay rates.
7. Dog Walking and Pet Sitting
Walking dogs and pet sitting are in high demand, especially in urban areas.
This side hustle provides a regular income stream and allows you to stay active.
Get certified in pet first aid as a way to add value to your services.
8. Event Services
From face painting at birthday parties to offering costumed character services at local events, there are many fun and creative ways to earn money.
These gigs often require little more than a background check and some business cards to get started.
9. Tour Guide
If you know your city well, becoming a tour guide can be a lucrative side hustle.
Offering walking tours or even a generic-sounding walking ghost tour can attract tourists and history buffs alike.
10. Bounce Houses and Party Rentals
Renting out bounce houses for birthday parties or providing entertainment like face painting and costumed characters can be a fun and profitable side hustle.
11. Soap Making For Sale
Making and selling handmade soap can be a rewarding side hustle for those over 50.
Crafting soap allows you to experiment with different scents, colors, and ingredients, catering to niche markets like natural and organic products or specialty blends for sensitive skin.
Selling your creations at local fairs, farmer’s markets, or online platforms enables you to connect directly with customers who appreciate quality, handmade goods.
12. Jewelry Making
Whether designing with semi-precious stones, metals, beads, or recycled materials, hand-made jewelry can tell a story and appeal to a specific market segment.
Selling through local craft fairs, online platforms, or social media provides opportunities to connect with customers directly.
13. Digital Art
Selling digital art is a great way to earn extra income.
The best part is that you don’t have to be a graphic designer to do it! I like to use Canva to create unique designs that can be sold as digital art.
14. Printable Journals for Etsy Sales
Selling printable journals on Etsy offers many benefits. The best part is that it allows for passive income, as designs can be sold repeatedly.
Etsy’s platform provides built-in marketing tools and access to a large customer base, making it easier to attract buyers.
Creating printable journals is one of many great gigs and side hustles for people over 50.
15. Freelance Writing
If you’re a creative type with a passion for writing, why not try freelance writing?
There are many platforms online that allow users to setup an account and sell their services.
These days, freelance writing can mean a variety of things. You could write blog content, articles, and web content for businesses and individuals.
Fivver and Upwork are two online freelancer platforms to try.
16. Tutoring
Are you especially good at something? Is everyone asking you to help you with that one thing that you do so well?
Why not become a tutor?
Tutor.com is a great way to start.
17. Photography
Earn money as a photographer by offering your services for weddings, portraits, or sell stock photography online.
You can even create and sell prints of your work online.
18. Gardening Services
You might love gardening, but not everybody does. Some people may not have the physical strength or health to maintain a lush garden anymore.
Others, including small businesses, might need a little help keeping their storefront looking pretty and presentable.
If you have a green thumb, start marketing yourself as a gardener.
19. Sell Handmade Crafts
Are you into knitting, crocheting, pottery, soap making, or anything of the sort? If so, there’s a whole market out there looking for your wares.
There are many ways to sell your own crafts. You can choose one, or several, market bases. For example, you could sell your crafts on Etsy while also selling at local markets.
20. Baking Business
Do you love the squeals of delight when you present someone your freshly baked goods? Baking is a great business idea, especially if you have a special talent for it.
It may be hard to compete with bigger bakeries, but you could niche down by selling custom-made things like wedding cakes.
21. Publish and Sell eBooks
Publishing and selling eBooks involves creating a digital version of your book and distributing it through online platforms like Amazon Kindle, Apple Books, or Google Play Books.
The process includes formatting your manuscript to meet platform guidelines, designing a cover, and setting a price.
Once published, marketing is crucial to attract readers, and sales can be tracked through the platform’s analytics tools.
22. Create and Sell Online Courses
Creating and selling online courses involves developing educational content on a specific topic, typically in video format, and distributing it through platforms like Udemy, Teachable, or Coursera.
This process includes outlining the course, recording lectures, and creating supporting materials like quizzes and assignments.
After uploading the content, you set a price and market the course to attract students.
The platform provides tools to manage enrollments and track sales performance.
23. Become a Virtual Assistant
Being a virtual assistant involves providing administrative support to clients remotely.
Tasks may include managing emails, scheduling appointments, data entry, and handling social media.
To start, you need a reliable computer, internet connection, and good communication skills.
You can find clients through freelancing platforms like Upwork, Fiverr, or through networking.
Setting competitive rates and delivering quality service are key to building a successful virtual assistant business.
24. Interior Design Consulting
Being an interior design consultant involves helping clients create functional and aesthetically pleasing spaces.
This includes understanding their needs, creating design plans, selecting furniture and decor, and sometimes overseeing the implementation.
To start, you need design knowledge, creativity, and good communication skills. You can find clients through networking, social media, or platforms like Houzz.
Offering personalized service and staying updated with design trends are crucial for success in this field.
25. Life Coach
Being a life coach involves helping clients achieve their personal and professional goals through guidance and support.
This includes assessing their needs, setting achievable goals, and developing action plans.
To start, you need strong communication skills, empathy, and often certification from a recognized coaching program.
26. Car Detailing
Car detailing involves thoroughly cleaning and restoring a vehicle’s interior and exterior to like-new condition.
This includes washing, waxing, polishing, vacuuming, and cleaning upholstery.
To start, you need quality cleaning products, tools, and attention to detail.
You can attract customers through word of mouth, social media, or local advertising.
27. Event Planning
Event planning involves organizing and coordinating all aspects of events such as weddings, corporate meetings, and parties.
This includes selecting venues, arranging catering, managing guest lists, and overseeing event logistics.
To start, you need strong organizational skills, creativity, and the ability to manage budgets. You can find clients through networking, social media, or event planning platforms.
Providing personalized service and attention to detail are key to succeeding in the event planning industry.
28. Become a Personal Shopper
Being a personal shopper involves helping clients select and purchase clothing, accessories, or other items based on their preferences and needs.
This includes understanding their style, offering recommendations, and sometimes accompanying them on shopping trips.
To start, you need a good eye for fashion, strong communication skills, and knowledge of current trends. You can find clients through networking, social media, or personal shopping platforms.
29. Fitness Trainer
Being a fitness trainer involves helping clients achieve their health and fitness goals through personalized exercise programs and guidance.
This includes assessing their fitness levels, designing workout plans, and providing motivation and instruction.
To start, you need a strong knowledge of exercise science, good communication skills, and often certification from a recognized fitness organization.
You can find clients through gyms, social media, or fitness platforms.
30. House Sitting
House sitting involves taking care of someone’s home while they are away.
Responsibilities can include tasks like watering plants, collecting mail, and ensuring the security of the property.
To start, you need reliability, trustworthiness, and good communication skills.
You can find opportunities through house-sitting websites, social media, or local advertisements.
31. Home Staging
Home staging involves preparing a house for sale by enhancing its appeal to potential buyers.
This includes decluttering, rearranging furniture, and adding decor to highlight the home’s best features.
To start, you need a good sense of design, creativity, and understanding of real estate market trends.
32. Music Lessons
Giving music lessons involves teaching students how to play musical instruments or improve their singing skills.
This includes assessing their current abilities, providing instruction, and assigning practice exercises.
To start, you need proficiency in the instrument or voice you teach, patience, and good communication skills.
You can find students through local advertising, music schools, or online platforms. Tailoring lessons to meet individual goals and fostering a supportive learning environment are crucial for success as a music instructor.
33. Blogging
Blogging involves creating and publishing content on a specific topic or niche regularly.
This includes writing articles, creating visuals, and engaging with readers through comments and social media.
To start, you need expertise or passion in your chosen topic, good writing skills, and consistency in posting content.
Read this post to help get you started: How Long Does it Take to Learn WordPress?
34. Social Media Management
Social media management involves overseeing and optimizing a business or individual’s social media presence to increase engagement and reach their target audience.
To start, you need a strong understanding of various social media platforms, content creation skills, and the ability to analyze data.
35. SEO Consulting
SEO consulting involves advising businesses or individuals on optimizing their websites to improve search engine visibility and organic traffic.
This includes conducting audits, keyword research, and providing recommendations for on-page and off-page SEO strategies.
To start, you need a deep understanding of search engine algorithms, analytical skills, and the ability to interpret data from tools like Google Analytics.
36. Graphic Design Services
If you have a knack for design, offering graphic design services can be a highly lucrative side hustle.
37. Seamstress
Clothing alterations involve making adjustments to garments to achieve a better fit or desired style.
This includes tasks like hemming pants, taking in or letting out seams, and resizing garments. To start, you need sewing skills, knowledge of different fabrics, and attention to detail.
You can attract clients through word of mouth, social media, or partnerships with local clothing stores.
38. Translation Services
Translation services involve converting written text or spoken words from one language to another while preserving the meaning and context.
This includes translating documents, websites, or audio/video content.
To start, you need fluency in at least two languages, cultural knowledge, and excellent writing skills in both languages.
39. Podcasting
Podcasting involves creating and publishing audio content on specific topics for an audience to listen to on-demand.
This includes planning episodes, recording, editing, and promoting the podcast.
To start, you need a microphone, recording software, and a hosting platform.
You can attract listeners through social media, podcast directories like Apple Podcasts, or collaborations with other podcasters.
I actually had a podcast called Supernatural Pet Sightings. It was great fun, unfortunately, it does take a while before you start making money.
If, like blogging, you’re in it for the long game, you can go far. Otherwise, you might get frustrated and quit before you have a chance to make any money.
40. Voiceover Work
Voiceover work involves providing a voice for various projects such as commercials, audiobooks, animations, or podcasts.
This includes reading scripts, recording voiceovers in a professional studio or at home, and editing audio files if necessary.
To start, you need a clear and expressive voice, good pronunciation, and the ability to interpret scripts effectively.
You can find opportunities through voiceover agencies, online platforms, or networking with producers and content creators.
Delivering high-quality recordings, meeting deadlines, and adapting your voice to suit different projects are essential for success in voiceover work.
41. Tech Support
Tech support involves providing assistance and troubleshooting for technical issues related to software, hardware, or digital services.
This includes diagnosing problems, guiding users through solutions, and resolving technical issues either remotely or on-site.
Do you have a knack for helping people with computer problems? You may need a degree or diploma to find work in this field.
However, there’s nothing stopping you from hanging out your shingle as the local computer guru.
This could be a great way to earn a little money on the side.
42. Real Estate Agent
Being a real estate agent involves helping clients buy, sell, or rent properties.
This includes understanding market trends, conducting property searches, arranging viewings, and negotiating deals. T
To start, you need a real estate license, strong communication skills, and knowledge of local housing markets. You can find clients through networking, referrals, or online platforms.
43. Handyperson Services
Handyperson services involve providing a variety of maintenance and repair tasks around homes or businesses.
This includes fixing plumbing issues, repairing electrical fixtures, painting, assembling furniture, and general handyman work. T
o start, you need skills in various trades, tools for different tasks, and reliability. You can find clients through word of mouth, local advertising, or online platforms.
44. Teach Art Classes
Being an art teacher involves instructing students in various aspects of visual arts, such as drawing, painting, sculpture, and more.
This includes planning lessons, demonstrating techniques, and providing constructive feedback. To start, you need a strong background in art, teaching certification or relevant experience, and creativity.
You can find opportunities in schools, art studios, community centers, or through private lessons.
45. Teach Photography
Being a photography teacher involves educating students in the principles and techniques of photography, including camera settings, composition, lighting, and editing.
To start, you need expertise in photography, teaching credentials or experience, and proficiency with photographic equipment and editing software.
You can find teaching opportunities in schools, community colleges, art centers, or through private lessons and workshops.
46. Sell Collectibles
Selling collectibles involves identifying valuable items, researching their market worth, and marketing them to potential buyers.
This includes showcasing items through online platforms, auctions, or specialized marketplaces like Etsy or eBay.
Providing accurate descriptions, ensuring authenticity, and building a reputation for trustworthiness are crucial for successfully selling collectibles.
47. Transcription Services
Transcription services involve converting spoken language into written text.
This includes transcribing audio or video recordings, interviews, meetings, or dictations accurately and efficiently.
48. Personal Chef
Being a personal chef involves preparing meals for clients in their homes, tailored to their dietary preferences, health goals, and culinary tastes.
This includes menu planning, grocery shopping, cooking, and sometimes cleaning up afterward.
To start, you need culinary skills, creativity in menu creation, and the ability to adapt recipes. You can find clients through word of mouth, referrals, or platforms specializing in personal chef services.
Be sure to take food safety courses and consider sharpening your skills through continuing education courses, etc.
49. Senior Transportation Services
A senior transportation service provides safe and reliable transportation for elderly individuals who may need assistance getting to medical appointments, grocery shopping, social outings, or other destinations.
This is a great business idea for anyone looking for a full-time career. Be your own boss and read this post on how to get started: 9 Important Steps to Start a Transportation Business for the Elderly
Maximizing Your Financial Goals
Having a side hustle is not just about making extra money; it’s also about achieving your financial goals.
Whether it’s boosting your retirement income, saving for a vacation, or simply covering the rising cost of living, a side gig can make a significant difference.
Retirement Savings
Boosting your retirement savings is one of the best reasons to start a side hustle.
The extra income can be set aside to ensure a more comfortable and financially secure retirement.
Make Your Side Hustle Money Work For You
There are many ways to save or invest money earned from a side hustle. You might consider tax-advantaged retirement accounts (Roth IRA, Traditional IRA, or Solo 401(k), if you’re American.
In Canada, you might invest your side hustle money into a tax free savings account, high interest savings account, or a registered retirement savings plan.
The point is to get the most from your hard-earned side hustle. Use that money to pay off debt first, and then consider ways to save, earn interest and avoid paying high taxes on it.
I’m not a qualified financial planner. Please consider talking to certified financial planners for the best money-saving advice.
Summary
Starting a side hustle is a great way for older adults to stay active, engaged, and financially secure.
With the right approach and a little creativity, you can find the perfect side gig that suits your interests and expertise.
Whether you’re looking to make some extra cash or start a new chapter in your professional life, the opportunities are endless.
At this stage in life, it’s important to have fun while enjoying your side hustle. The best part? You don’t have to answer to anybody but yourself!
