From Yahoo Finance: 2025-04-14 11:02:00

Many baby boomers are not financially prepared for retirement, with inadequate resources and a lack of savings. Social Security benefits may not be enough to cover basic living expenses, leading some retirees to seek additional income through part-time work or side gigs.

For those nearing retirement without savings, options for earning extra income include copywriting, data entry, virtual assistant work, lead generation, and consulting. These gigs offer average hourly rates ranging from $19 to $100, providing a way for retirees to supplement their income and cover expenses.

Some retirees plan to work part-time in retirement to help with bills and occupy their time. However, those collecting Social Security benefits need to be mindful of income limits set by the SSA, which can result in deductions from benefit payments based on earnings above specified thresholds.

To boost retirement income, retirees can consider side gigs like reselling items online, renting out a room, or participating in car advertising programs. These opportunities can provide extra cash without requiring a full-time commitment, allowing retirees to maintain financial stability in retirement.

Read more: 4 Ways Boomers Can Make Extra Money Without Finding a Full-Time Job