4 Ways Boomers Can Make Extra Money Without Finding a Full-Time Job
Written by
Vance Cariaga
Edited by
T. Woods
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It used to be that once you worked for 30 years at the same company and were ready to retire, you would simply punch out and collect your pension. Retirement today looks a lot different, and unfortunately, many people on the cusp of full retirement age or in the baby boomer generation are not financially prepared. In fact, many don’t even have a penny in savings.
Boomers with little or no retirement savings will have to rely heavily on Social Security in retirement, which is problematic. As of June 2025, the average monthly Social Security retirement benefit is estimated to be around $2,002, according to the Social Security Administration. That’s barely enough to cover the average rent for a one-bedroom apartment in the United States, which is estimated to be about $1,554 a month.
Though the average amount of retirement savings for those aged 65 to 74 is estimated to be around $609,230, with a median of just $200,000, keep in mind that individual savings can vary widely. If you are a retiree and find your savings to be below average and need a boost in income, worry not, as you have several options. Here are four ways you can make extra money without having to find a new full-time job.
Side Hustle
A side gig is a great way for retirees to earn extra money, but you need to be careful if you collect Social Security. If you are under full retirement age (FRA) for the entire year, the SSA deducts $1 from your benefit payments for every $2 you earn above the annual limit. For 2025, that limit is $23,400. In the year you reach full retirement age, the agency deducts $1 in benefits for every $3 you earn above a different limit, which is $62,160 in 2025.
If you have already reached FRA, or aren’t worried about the deductions, here are a handful of good side gigs that can help you earn extra income:
- Copywriting: Plenty of copywriting opportunities exist for freelance or remote workers. This gig pays an average of $37 an hour, according to ZipRecruiter.
- Data entry: A lot of this work is being outsourced to remote workers. You can expect to earn an average of $19 an hour.
- Virtual assistant: Retirees with administrative experience should consider working part-time as a virtual assistant, where the average pay is $24 an hour.
- Lead generation specialist: Companies and business development teams hire these specialists to find, qualify and generate leads. It’s a gig that pays an average of $31.86 an hour.
- Consultant: If you have built up expertise in an area with heavy demand you can earn an average of $100 an hour as a consultant. This typically involves reviewing an organization’s processes and providing advice on how to improve them. There is a particularly high demand for IT consultants.
Online Reseller
As previously reported by GOBankingRates, you can earn an average of $40 an hour reselling items on platforms such as eBay and Craigslist, or apps like Poshmark. The key is to find bargains on items you have expertise in and then resell them at a profit.
Advertise on Your Car
Some companies are willing to pay you just to put their ads on your car, which means you earn money for doing something you do anyway. You can earn hundreds of dollars a month just for driving around. One good resource to find information is the CarVertise website.
Rental Income
Renting out a room (or remodeled basement or garage) is a popular way to earn passive income. Just make sure you properly vet all applicants. It’s also wise to consult with a legal/property management expert who can create a lease that covers all the bases.
Caitlyn Moorhead contributed to the reporting for this article.
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