Many Americans face challenges in saving for retirement due to various circumstances, such as low income or lack of access to workplace retirement plans. For these individuals, side gigs can serve as vital income sources to enhance retirement savings and secure financial stability.
Here are four effective side gigs that anyone can pursue, regardless of background or skill level:
Tutor
Tutoring remains a popular side hustle due to its flexibility and demand. Whether it’s math, standardized test preparation, or specialized subjects like software development, skilled individuals can earn around $20 per hour. Investing just five hours per week can yield approximately $5,200 annually—nearly enough to max out an IRA.
Consultant
For those with specialized knowledge, consulting offers lucrative opportunities. Average hourly rates can reach up to $48, enabling you to max out an IRA with only three hours of work per week. This flexibility makes consulting a compelling option for supplemental income.
Audio/Video Transcriptionist
The demand for transcriptionists is growing, with pay ranging from $15 to $22 per audio hour. Platforms like TranscribeMe! allow freelancers to start quickly and easily. Committing about seven hours a week can help you reach IRA contribution limits.
Virtual Assistant
Virtual assistants provide administrative support and have varied skills, including social media management and bookkeeping. Pay typically ranges from $18 to $21 per hour, and with consistent work, maxing out an IRA is achievable with less than $140 per week.
These side gigs not only provide financial security but also create pathways to enrich your retirement funds. Explore these opportunities and take charge of your financial future today!
Source: GOBankingRates
