3. Your hobbies
Though most people think of retirement as an end to their working days, many seniors continue working in some capacity after they say goodbye to their careers. You could transition to part-time at your regular job if you enjoy what you do, or you could start a side hustle that’s more in line with your interests.
Renting out your home, car, or other belongings is one simple option that doesn’t require a lot of effort. But there’s virtually no limit to what you could do. You could drive for a ridesharing service, sell used or handmade items, walk dogs, build websites, or do just about anything else you can think of.
Think about what interests you the most and then decide how you’ll go about finding clients. If you work for a ridesharing service, for example, you may not have to try too hard to find customers because the app will do that for you. But if you’re operating a business on your own, you may need to market to your clients via social media or ads to draw customers in. Think about how much you’ll have to spend in order to operate your business to determine if it’s worth it for you.
Don’t forget about the taxes you’ll owe on your side hustle income too. If you’ve had the side hustle in previous years, you should have some idea of what to expect in terms of taxes. If not, use this worksheet to figure out what you might owe. Set this money aside in a separate savings account so you don’t accidentally spend it.