We know – Americans today are scrambling for ways to boost their income, especially when it involves preparing for retirement or trying to stay afloat through retirement. And according to Insuranks, 9 in 10 Americans are currently working a full-time job and side hustle.
Sure, there’s a wide variety of side hustles you can pick up, depending on your own experience, interests and abilities. But if you’re looking for easy side hustles that can earn you over $20k a year, all from the comfort of your home, we have the perfect list for you!
5 side hustles with the potential to pay over $20,000 extra each year
If you’re wondering where we sourced this data from, it’s time to turn toward our old friend, Upwork. In 2023, it compiled a list of some of the most popular freelancing jobs on the site, and has exposed that these 5 side hustles can earn you at least $20k a year for just 15 hours of work a week:
But how does this work exactly? Well, let’s say you earn $30 an hour as a writer, work 15 hours a week, and work 48 out of 52 weeks in a year.
(That accounts for those four weeks of holidays and vacations, don’t worry!)
You’d work 720 hours total in a year and would make around $21,600 a year total, before taxes.
And if you’re already using these skills for your 9-5? It’s definitely worth exploring side hustles that allow you to flex those muscles even more, develop further skills, and can add some additional income to your weekly/monthly/yearly budget.
Why these side hustles can be so beneficial for those thinking about retirement
At Earn Money in Retirement, we take side hustles pretty seriously. Why? Because they bode pretty well for the struggling state of retirement for people all across the nation.
If you’re preparing for retirement? Having this additional income is a great way to pad your retirement savings. But, furthermore, if you’ve already wondered how you’ll keep financially stable through retirement? Building this kind of side hustle now can mean that, once you retire, you’ve already got the nooks and crannies of this side hustle specifics ironed out and, better yet, have built the kind of trust and authority to make earning a breeze.
It’s also a pretty easy and lowkey way to make this additional income happen, that won’t ruin your chances of exceeding in your full-time profession!
If you’re already retired? These side hustles are easy enough to start up, and we mean it. Maybe you have a little experience with one of these side hustles from your previous career. But if you don’t? It’s likely you have the time to do one of the many free courses or take advantage of the free resources available today to get you the basics, so you can get started.
More so, it’s an easy way to keep your finances stable in retirement. If you’re worried about maxing out your Social Security or running out of your savings? Having this additional padding to your income can make a real difference. Especially when you don’t have to leave the house, can easily factor it into your schedule, and don’t have to expend great amounts of energy to complete them!
Plus, it can be pretty inspiring to try something completely new in your second chapter of life!
What to consider before taking on a side hustle
Aside from the potential earnings, there’s just a few things you’ll want to consider before leaping into one of these home-based side hustles. Because even if you’re only working those 15 hours a week, it’s easy to lead yourself to burnout or cause unnecessary stress …
- Your hobbies, passions and existing skill set CAN work to your benefit
When it comes to picking a side hustle that works for you, there’s a number of ways you can go about finding the right one. You can use it as an opportunity to explore a passion or hobby that doesn’t relate to your day job – to give you some variation in your work – but if you’d prefer, you can use some of the skills from your regular job to make that extra money. It’s a great way to fill out that resume too!
- Time management is KEY
There’s no way to avoid that your side hustle WILL eat into your free time, even if you’re only doing an average of 15 hours a week. It’s best to plan out a designated time for side hustle work as well as time to rest and recharge, to help you find a healthy balance that’s actually sustainable. Some choose to do their side hustle in the evenings or weekends, to replace an hour or two here and there from time spent scrolling, but you may have to do some trial and error to find a system you like!
- Loop your employer into your plan
If you’re still working? We recommend letting your employer know about your plan in case they consider it problematic. For example, if you’re doing similar work? Your employer may actually have a rule about this, which is why it’s important to turn to the employee handbook and let your employer know what’s happening.
Who knows – you may even be given a few tools of support if you’re lucky! Maybe they’ll have some resources you can use … and maybe it’ll even lead you toward a raise or promotion, if they’re impressed by what they’re hearing you now can do!
- Consider the tax implications for extra income
Be sure to keep a record of your earnings and hang on to any tax documents for the jobs completed. All earnings are considered taxable income, which means it’s important for you to stay on-top of these tax implications and documents, ready for tax time. If you’re already in retirement and are wondering how to maximize your earnings, we recommend speaking with a financial advisor or planner to help you get clear on exactly how tax will affect your income.
At Earn Money in Retirement, we know just how important it is for Americans to achieve financial stability, both pre and post retirement. And we sure hope this list of side hustles that can earn you over $20k a year from home will help give you actionable, realistic ways to break into the side-hustle lifestyle.
But if you’re looking for more ways to earn in retirement, other side hustles that have skyrocketed income, or just inspiration for how to live your best, most stable life? Explore our website today for our full list of articles, tips and tricks and how-to’s.
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