While millions of people still make a primary income working for just one company, the general economy has gotten far more diverse than that. There are plenty of opportunities for workers to engage in multiple streams of income at one time, whether they work full-time or not. While this is more common among younger workers in some categories, workers over the age of 50 can also engage in lucrative side hustles for older workers.
Interestingly, some side hustle categories actually have more participation from Baby Boomers than Millennials. That may be due to several reasons. For starters, Baby Boomers are simply more qualified to handle more side hustles at once due to professional experience. Also, side hustles may require more motivation.
Older professionals have learned the value of having multiple streams of income at one time. Younger generations certainly understand that jobs can come and go, but older generations have truly learned not just how the economy can change but also how frequently. They’ve lived through multiple recessions and know the power of diversifying their income just as much as they diversify their savings and investments. Side hustles let professionals keep money flowing even if one of those income sources has a downturn or slow time of year.
Side hustles also let older professionals apply skills that they have picked up along the way. If they’ve gotten financially comfortable enough to afford a nice vehicle, then driving for a ride share company is an easy way to make money while driving people around. For retirees, people working from home, or empty nesters, this can actually provide a badly needed source of socialization and conversation with others.
One huge benefit of side hustles for older professionals is actually retirement. Side hustles can help them save more for retirement, postpone actual retirement by working longer, or even working during retirement so they don’t draw so much on their savings and nest egg.
Many older professionals don’t actually have a formal retirement date where they suddenly stop working full-time only to sit around doing nothing all the time. Many use side hustles to set their own pace of life where they make money as they need or want but also take time to enjoy life and do the things that they want to do.