More seniors continue working
Hudson says she originally started selling baked goods for her church, but the funds now help support her in retirement, as her fixed income isn’t enough to cover her expenses.
She’s not the only retirement-age person working to support themselves — over one-fifth of Americans aged 65 and older continue to work, according to a LendingTree analysis of U.S. Census Bureau data.
Pew Research Center findings also show this cohort has nearly quadrupled in size since the mid-1980s. This is partially driven by the aging baby boomer population, but there may be other factors. Social Security raising the full retirement age from 65 to 67 could be one reason — those who want full benefits may have to wait just a little longer to claim them. Americans these days also tend to be healthier and have higher education levels than in the past, Pew says, which can make it easier to extend their working years.
Other seniors like Hudson, however, may simply wish to boost their income.
"The older consumer’s dollar buys less than it did just a few years ago," Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, told Moneywise last year.
Johnson says Social Security benefits are modest, only replacing about 30% of one's earnings during working years. Meanwhile, the costs of housing, health care and insurance have seen increases in recent years — and inflation continues to take its toll on everyday expenses.
However, many working seniors aren’t necessarily unhappy at their jobs. Workers aged 65 and older are more satisfied at work than their younger colleagues, Pew research shows, and are also more likely to be self-employed. Many say they find their job enjoyable and fulfilling, while fewer find the work stressful.
“I've been doing this for so long and it's something I've always wanted to do," Hudson told Fox 13 News.
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If your income isn’t enough to cover your daily expenses or you’d like a little boost to give you some breathing room in your budget, consider what kind of side gigs might work best for you.
Like Hudson, perhaps you too have a passion or hobby that you could monetize — such as crochet or knit projects, or even freelance writing.
Or, you can make use of things you already own, such as renting out a spare room in your home. In the process, you can declutter and sell any old clothes or electronics on Poshmark and eBay.
You can also get into the investing game using just your spare change from your everyday purchases. Or, if you’re willing to put some more funds toward your portfolio, look into investing in shares of vacation or rental properties without the responsibility of being a landlord.
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