According to a recent study by MarketBeat.com, the retiree side hustle economy is thriving. By surveying 3,000 respondents and analyzing publicly available data, the study found that retirees with side hustles earn an average of $379 per month. This side hustle income translates to a national economy worth $6 billion.
Notably, the earnings from these side gigs vary significantly across regions. Retirees in Utah lead the pack, earning a substantial $825 per month, while those in North Dakota bring in a more modest $100 monthly from their side hustles.
When it comes to Wisconsin, seniors here with a side hustle are making $342 on average, equating to a local side hustle economy worth $1,163,686,125.
As for the types of side hustles retirees engage in, the majority (32%) have launched their own small businesses. Crafting and selling homemade goods is another popular choice, with 30% of retirees involved in this activity. Additionally, 22% of retirees supplement their income through trading or investing, while 15% choose freelancing.
On average, retirees dedicate 10 hours and 24 minutes per week to their side hustles.
Seventy-six percent of respondents reported that their side hustles bring them happiness. Moreover, 19% of retirees are so motivated by their side hustles that they are considering turning them into full-time businesses.
