This High-Paying Side Gig Is One Of The Best For Retirees

There's no denying the difficulty of great change. Big transitions in life are always accompanied by some growing pains, and the shift from commuting to the office every weekday to enjoying well-earned down time in retirement can be particularly jarring. This comes both in lifestyle differences and on the financial side of things. Fortunately for retirees with business experience, a lucrative opportunity with tremendous flexibility is firmly in the cards. Business consulting, in particular, can easily yield a three-figure hourly rate for those with experience in the field!

As seniors continue to protect their retirement accounts from rising inflation, almost 70% of Americans worry that they'll never be financially ready to retire, according to Intuit. But working into retirement with the help of a flexible side gig is a great way to alleviate this concern while keeping yourself busy.

Consulting is a great option for all kinds of business pros. In particular, as you prepare to retire, circling your contacts and putting out feelers may be a fantastic way to ease into this new lifestyle while also helping steady your finances. Indeed estimates that those who've spent their careers working in HR, business management, entrepreneurship, or other corporate roles can expect to earn upwards of $100 per hour providing business consulting services or even executive coaching to private clients. These jobs capitalize on your existing knowledge and require little to no monetary investment or demanding setup stages, allowing you to dive right into the work and start earning.

Numerous other forms of gig work can be valuable to retirees, too. But no matter the approach you take to easing out of the working life and augmenting your finances, there's more to consider than just the commitment you make to clients or an employer. Minimizing your tax liability in retirement is always a good idea, so you may want to account for that when configuring your working arrangements. If you haven't yet reached full retirement age but are taking Social Security benefits, your income will offset the benefit you receive from the government. Per the official Social Security website, for every $2 you make over $23,400 in 2025, your benefit will be reduced by $1. Moreover, the IRS has warned that Social Security benefits are actually taxable assets, although many recipients won't pay any income tax on those checks from the government. If you've been contributing to Roth accounts, specifically, your tax burden each year could very well be near or at zero when the spring rolls around.

The same can't be said for retirees who engage in regular work, even if it's at a sporadic pace. If you're earning $100 or more per hour and bring in thousands in regular income each month, you should expect to see a tax filing that resembles the experience you've had as a regular worker throughout your life. Balance, strategy, and lots of planning are therefore essential to making this effort truly worth your while.