We’re excited to bring you another piece from The O55 Report—made for people 55+ who want practical ideas and real solutions.
If you’ve ever caught yourself thinking, “It’s too late for me to earn extra money,” you’re not alone. In fact, 2023 AARP survey found that 20% of adults over 50 rely on some form of gig or side work to supplement their income. And the number is growing every year.
Why? Because retirement isn’t what it used to be. Costs are rising, savings aren’t stretching, and many of us simply want the satisfaction of staying useful and active.
The good news? You already have what it takes to build a side income. Experience, reliability, and life skills are in demand right now—more than ever.
Why Side Income Matters at This Stage
Inflation is real. According to the Bureau of Labor Statistics, prices have jumped nearly 20% since 2020. Extra income isn’t a luxury; it’s a cushion.
Retirement gaps exist. Fidelity’s 2024 retirement survey shows that the “average” 65-year-old has about $232,000 saved—yet experts estimate you need $1 million or more for a comfortable retirement.
Purpose = Health. Studies published by the National Institutes of Health show that older adults engaged in meaningful work live longer, healthier lives.
Top Side Income Paths for 55+
Leverage Your Professional Skills (Consulting & Freelancing)
You’ve spent decades building skills— turn them into a part-time income stream?
Platforms like Upwork and FlexJobs regularly post remote gigs in project management, HR, bookkeeping, and customer support.
According to PayScale, freelance consultants in the U.S. often earn between $25–$75/hr.
Online Tutoring & Teaching
Education has gone digital, and age is an advantage here—students (and parents) love experience.
Tutoring in math, reading, or even English as a Second Language (ESL) is huge.
Sites like Preply pay anywhere from $15 to $40/hr.
Teachable lets you design and sell lessons on anything from cooking to career coaching.
The Care Economy (Local, Flexible Work)
According to the U.S. Census Bureau, 1 in 5 Americans will be over 65 by 2030. This has created a booming need for:
Companion care
Driving older adults to appointments
Pet sitting, house sitting, or light errands
Platforms like Care.com connect you with families looking for help with companionship, errands, or light household support. If you love animals, Rover makes it easy to earn by dog walking or pet sitting.
Many report earning $200–$500 a month with just a few clients
Turn Hobbies Into Income
The things you already enjoy doing could become your next income stream.
Etsy is perfect for selling crafts, handmade goods, or even digital products.
Creative Market allows you to upload art, fonts, or templates for others to purchase.
Hobby sellers often make anywhere from $100 a month to a few thousand, depending on consistency and demand.
Flexible Gig Apps
If you had an extra 5 hours this week, you could explore short, flexible jobs. Gig apps are worth exploring.
Instacart can deliver groceries locally on your own schedule.
TaskRabbit, you can take on small tasks like assembling furniture, running errands, or light repairs.
According to Statista, about 59 million Americans freelanced in 2023—and these apps are a growing part of that.
You don’t need to try all five options at once. The key is to pick one path that feels natural for your lifestyle and test it out.
Maybe it’s sharing your skills online, maybe it’s walking a neighbor’s dog, or maybe it’s finally selling that hobby you’ve been perfecting for years.
Friends,
I know stepping into something new at this stage of life isn’t always easy. For many of us, money feels tighter than ever, and the idea of starting fresh can feel overwhelming. But I’ve seen it firsthand—when you take that first small step, things begin to shift.
Side income isn’t about chasing riches—it’s about giving yourself room to breathe, making choices with confidence, and finding purpose in this new chapter.
Remember: you are not behind. You are right where you need to be, and the years ahead are still full of possibilities.
As the old saying goes:
“It’s never too late to be what you might have been.”
Here’s to building not just income, but freedom, peace of mind, and a future you can be proud of.
With you every step,
Mike Bridges
Founder, The O55 Report
Until next time,
Small moves. Big results.