5 Ways Millennials Can Make Extra Money Now To Save for Retirement

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For millennials, retirement looms large. Coming of age during tumultuous economic times, from the 2008 recession to the pandemic, has left many of the generation unable to imagine themselves carefree in their later years. One study, cited by CNBC, suggested that around 38% of millennials born in the 1980s would have insufficient retirement savings by the time they reach the age of 70. 

Fears of Social Security benefits running out have caused many millennials to panic, leading them to seek money-making side hustles that can help them save without sacrificing their careers. Here are five ways millennials can make extra money now to save for retirement.  

Freelancing

Millennials with extra time on their hands can consider freelancing in order to make a little more money for retirement. Whether it’s freelance writing or freelance photography, the side hustle can prove worth the time and effort.

According to Upwork, the salary for a freelancer can range from $31,000 to $275,000, depending on the type of work. Many platforms offer guidance on how to find a freelancing job and how to showcase individual skill sets to attract employers. 

Consulting

In addition to freelancing, millennials can earn extra cash by consulting. The generation often possesses a wealth of knowledge and experience across a wide range of topics.

Offering to be a consultant can help a person save for a house, and can usually be done from home. The good thing about consulting is that it leverages an existing expertise or skill set. The information doesn’t (in most cases) need to be learned; it just needs to be taught to someone else. 

Tutoring

With academics becoming as competitive as youth sports, parents are eager to hire a knowledgeable tutor for their student. As reported by Tuitioned, tutors are usually paid between $25 and $80 per hour, depending on the subject matter.

Millennials can also pair up with an online platform to help ensure they have customers. The platforms, however, do take a sizable portion of the fee. Tutors with a decent number of clients can begin to work on referrals, rather than relying on a company.

Ridesharing

When traditional 401(k) plan savings aren’t enough, millennials may have to turn to the gig economy to beef up retirement savings. One way millennials can do this is by signing up with a rideshare company.

As reported by GigWorker, rideshare drivers using Lyft or Uber make approximately $13 to $14 per hour before tips. More laws are also being passed across the nation to help keep drivers and riders safe.

Podcasts

Finally, millennials looking to boost their retirement savings can consider creating a podcast.

Podcasts have increased substantially in popularity. According to The Podcast Host, there are over 4.5 million podcasts in the world. An astounding 70% of people have listened to at least one podcast.

This means there is a captive audience, just waiting for someone to say something that resonates with them. Podcasting in general is a huge business, sparking brand deals and generating income to help millennials reach retirement goals sooner rather than later.

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