Retirees Earn Up to $20,000 Per Month With One Side Hustle | Entrepreneur (2024)

FAQs

Are retirees earning $20,000 per month with one side hustle? ›

Retirees Are Earning Up to $20,000 Per Month With One Fully Remote Side Hustle Quitting your day job doesn't mean you can't have an additional — and extremely lucrative — income stream.

Americans continue to find ways to make money outside of their primary sources of income. More than a third, 36% of U.S. adults have a side hustle, according to a new Bankrate survey of 2,332 people. And they're making a sizable chunk of extra change. The average side hustler is bringing in $891 per month.

What Is the Average Retirement Income? The average monthly retirement income adjusted for inflation in 2023 is $4,381.25, according to a 2022 U.S. Census Bureau report.

Take your estimated monthly expenses (be sure they're realistic) and divide that number by 4% to figure out how much income you'll need in retirement. For example, you'll need $1.25 million ($50,000 ÷ 0.04) going into retirement if you estimate that you'll need $50,000 a year to live comfortably.

1. Freelancing. Freelancing is a tried-and-true way to earn extra money and deserves a top spot on any list of easy side hustle ideas. Freelancers deliver work on a per-project basis for one or more clients and you can schedule it in your spare time.

Seniors spend a significant amount of money in retirement and can benefit from earning extra income. Besides traditional options like stocks and bonds, retirees can explore real estate, notary work, consulting or online courses for passive or part-time income.

Selling digital products is one side hustle that can be explored by everyone. Digital products are items that you can easily sell online without having to meet the customers. It ranges from online courses to eBooks and many more. To be able to sell digital products, you have to understand some skills.

Key Findings. More than half (54%) of Americans say they've adopted a side hustle to supplement their primary source of income in the last 12 months. Gen Zers are most likely to take on a side gig (71%), but millennials are close behind (68%). Nearly one-third of baby boomers say they've taken on a side hustle.

How much an hour is 2k a month? ›

$2,000 a month is how much an hour? If you make $2,000 a month, your hourly salary would be $11.54.

The average retirement savings for all families is $333,940, according to the 2022 Survey of Consumer Finances. The median retirement savings for all families is $87,000. Taken on their own, those numbers aren't incredibly helpful. After all, not everyone who is the same age will retire at the same time.

The $1,000 per month rule is a guideline to estimate retirement savings based on your desired monthly income. For every $240,000 you set aside, you can receive $1,000 a month if you withdraw 5% each year. This simple rule is a good starting point, but you should consider factors like inflation for long-term planning.

Frequently asked questions (FAQs) How much can you make from a side job before you need to pay taxes? The IRS states that anyone making $400 or more in net income from a side hustle must file an annual tax return and pay income taxes.

Retiring on $6,000 per month is likely enough to live comfortably in many parts of the U.S. Considering budget, climate and other lifestyle factors, you can home in on the ideal location to spend your golden years.