NATIONWIDE — As retirees step into their golden years, many might picture themselves tending to gardens, embarking on long-awaited travels, or savoring precious moments with family. 

However, side hustles are on the rise. Driven by the need to stay mentally active or to supplement their retirement income, an increasing number of retirees are embracing side hustles as a means to secure their financial future.

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 income could translate to a national economy worth an astonishing $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 jobs.

When it comes to New York, seniors with a side hustle are making $389 on average.

In Pennsylvania, they’re making $369 per month on average. 

www.MarketBeat.com also explored the motivations behind this trend, asking retirees why they pursue side hustles:

To supplement retirement income: 47 percent

To stay mentally engaged and active: 34 percent

To pursue a passion or hobby: 10 percent

To meet new people and build social connections: 9 percent

As for the types of side hustles retirees engage in, the majority (32 percent) have launched their own small businesses. Crafting and selling homemade goods is another popular choice, with 30 percent of retirees involved in this activity. Additionally, 22 percent of retirees supplement their income through trading or investing, while 15 percent choose freelancing.

On average, retirees dedicate 10 hours and 24 minutes per week to these jobs. When asked what they find most rewarding about these activities, the respondents’ top answers were:

The additional income: 34 percent

The sense of purpose and fulfillment: 29 percent

The mental stimulation and engagement: 21 percent

The flexibility and freedom: 10 percent

The social connections and community: 6 percent

Perhaps most strikingly, an overwhelming 76 percent of respondents reported that their side hustles bring them happiness. 

Moreover, 19 percent of retirees are so motivated by their side hustles that they are considering turning them into full-time businesses.

“The retiree side hustle trend is a testamony to the evolving landscape of retirement,” Matt Paulson, founder of MarketBeat.com, said. “It’s no longer just about leisure; it’s often driven by the need for financial security, along with a desire for purpose and fulfillment. Retirees are showing that there’s no age limit to innovation and entrepreneurship.”

Story contributed by MarketBeat at www.marketbeat.com/originals/study-how-much-are-retirees-earning-from-side-hustles-in-2024/.