6 Side Gigs That Can Help Boomers Quickly Catch Up on Retirement Savings
Written by
John Csiszar
Edited by
Gary Dudak
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When you’re in your 20s and 30s, it can be hard to accurately predict your future retirement savings because so many variables are involved. From the size and timing of your contributions to the return you achieve, the projected value of your nest egg can vary by tens or even hundreds of thousands of dollars.
However, by the time you’re in your 50s, you should have a much clearer picture of how your retirement kitty is stacking up. If you’re a boomer looking to quickly catch up on your retirement savings, you may have to pick up a side gig to boost your income rapidly. Here are some of the best options.
Consultant or Teacher
By the time you’re in your 50s, you likely have advanced knowledge in at least one industry, if not more. That knowledge can be extremely valuable when leveraged in the right way.
If your experience is in a hands-on area, like construction, you can hire yourself out as a consultant for companies that may need your expertise. If your expertise lies in a more academic area, you can likely get work as an online tutor or even a lecturer at a community college. Regardless of how you use it, you should be able to leverage your lifelong expertise into a profitable side gig.
Rental Real Estate
If you have extra room in your house that you don’t really need, one good option for boomers is to rent it out. Whether you share your common spaces with your tenants or partition your home for more privacy, this option could quickly bring in hundreds to thousands of extra dollars every month.
Another option, if you have the investable funds, is to buy a rental property. Under this scenario, you’ll want to be sure you can rent the property out for enough money to cover all your expenses and still put a little extra in your pocket. When you ultimately retire, you can either continue renting it out, if the cash flow is sufficient, or sell the property — hopefully at a gain.
Life Coach
Another profitable way to leverage the experience of your life is to pick up some hours as a life coach. While this can be a full-time, licensed occupation, there are no barriers to calling yourself a life coach and doling out advice.
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Of course, to be successful you’ll have to be able to attract and relate to clients, and your advice will have to carry weight. But if you’re able to translate your life experience into lessons that others can take and use to improve their own lives, you could earn some good money as you head toward retirement.
Pet/House Sitter
Probably one of the easiest side gigs you can pick up as a boomer is a pet or house sitter. This is particularly true if you know your neighbors and have a good reputation.
Most American households either have a pet or take vacation at some point during the year. This means there are likely plenty of opportunities for you to pick up some extra cash on a regular basis, all without exerting too much effort or having to travel very far.
Freelancer
If your talents are more artistic in nature, you can sell your skills quite readily in today’s job market.
If you’re a writer or editor, there are plenty of companies that need your assistance, and you can likely work from home on your own time. If you’re a photographer, you can earn a significant amount of money shooting weddings, head shots or even pet portraits. If you build a reputation, you can pick and choose your events, locations and rates.
Tour Guide
Are you passionate about museums, history or the great outdoors? Do you have knowledge and stories about local areas that others might find interesting? If so, you might find being a tour guide is right up your alley.
There aren’t many barriers to entry as a tour guide, although you’ll have to find a way to publicize your services and draw a crowd. But if you’re full of interesting anecdotes and are enthusiastic about your chosen tour subjects, word of mouth can spread fast. This can also be one of the most enjoyable side gigs you can get, as you’ll be doing something you enjoy every day.
Final Note
While not a “side gig,” one of the best ways to beef up your nest egg while you’re in your 50s is to take advantage of catch-up contributions in your retirement accounts. For 2024, the IRS allows individuals to kick in an additional $1,000 to their IRAs if they are 50 or over, for a total allowable contribution of $7,500.
Things are even better for those with a 401(k) plan, as the catch-up contribution jumps to $7,500 in and of itself, allowing for a total potential contribution of as much as $30,500. If you’re in a position where you can max out your contributions, including the catch-up provision, you’ll be taking a significant leap toward reaching your retirement savings goals.
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