3 Side Hustles for Retirees That Won’t Put You Over the Social Security Income Limit
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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Many Americans either already are or are planning to work part time in retirement. A recent GOBankingRates survey found that 38% of Americans plan to work part time in retirement to help them cover bills and living costs, and an additional 23% plan to work part time to help keep them occupied.
While a side gig can be a great way for retirees to pursue a new career, occupy their free time and earn extra cash, it’s important to keep in mind that if they are collecting Social Security, their side hustle income could affect their benefits.
According to the Social Security Administration, “If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2024, that limit is $22,320.
“In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2024, this limit on your earnings is $59,520.”
Here are some side hustle options that will likely keep Social Security benefits intact.
Copywriting
“Right now, there is a lot of opportunity for remote freelance or side gig work,” said Kim Gattis, senior vice president and manager of financial planning at UMB Bank.
One such side gig is copywriting, which pays an average of $37 an hour, according to ZipRecruiter.
Data Entry
Data entry jobs pay an average of $19 per hour, according to ZipRecruiter.
“A lot of work is still being outsourced due to a more flexible work-from-home environment that became more prominent during the pandemic,” Gattis said.
This can benefit retirees looking for part-time work they can do from anywhere.
Virtual Assistant
Retirees with administrative experience may consider working part time as a virtual assistant. This job pays an average salary of $24 an hour, according to ZipRecruiter.
“With a job like this, you can clearly set your weekly hours to ensure you enjoy your side hustle without it being a hindrance financially,” Gattis said.
Survey methodology: GOBankingRates surveyed 1,395 Americans ages 18 and older from across the country between Feb. 26 and Feb. 28, 2024, asking 12 different questions: (1) Do you have a specific retirement savings goal?; (2) Will you need to work part-time in retirement?; (3) In retirement, what type of housing/living situation would/do you prefer?; (4) How important is/was proximity to family and friends in choosing a location to retire?; (5) Are you considering downsizing in retirement?; (6) Do you plan to or did you move for your retirement?; (7) Where is your ideal location for retirement?; (8) Which of the following will you consider/did you consider when deciding where to live in retirement? (Select all that apply); (9) What is the MOST important factor in deciding where you want to retire?; (10) What are you looking forward to in retirement?; (11) How much do you plan to spend monthly in retirement (outside of housing/rent)?; and (12) Which of the following countries would you be most interested in spending your retirement? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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