I'm 67, retired and was bored out of my mind until I found a side hustle to keep myself busy while earning extra cash. Here's how you can stay engaged in your golden years

Mental stimulation

Picking up a side gig or part-time work during retirement is more than financially rewarding, it can also keep you socially engaged. Work provides plenty of opportunities for social interaction, either with customers or coworkers.

It can also encourage a structured routine, helping to restore a sense of control and purpose. The American Psychiatric Association notes that some research indicates those who maintain a clear purpose experience less stress and greater resilience in challenging situations.

Your expertise has value. If you find work in your old field — let’s say through consulting or freelancing — you have an opportunity to both refine your skills and pass on what you’ve learned. Sharing and growing your knowledge can be gratifying, and you can make a few extra bucks while you're at it.

The richest 1% use an advisor. Do you?

Wealthy people know that having money is not the same as being good with money. WiserAdvisor can help you shape your financial future and connect with expert guidance . A trusted advisor helps you make smart choices about investments, retirement savings, and tax planning.

Try Now

Financial benefits

Living on a fixed or limited income can be stressful, especially if you’re trying to balance achieving your retirement goals with paying the bills. Getting a side gig can help ease some of this stress, giving you extra cash flow for expenses that Social Security won’t cover.

Even better, returning to work and finding a gig offering health care benefits might cover some gaps left by Medicare.

While your Social Security payments get adjusted annually through a cost of living adjustment (COLA), for many seniors this may not cover increased costs. A side hustle can help limit uncomfortable belt-tightening so you can have money to travel, spend time with family and cross off some of your bucket-list items.

Just beware of the rules about earning income from work while receiving retirement benefits. If you’re collecting Social Security while below full retirement age (66 or 67, depending on when you were born), you may be subject to a benefit deduction after reaching a certain threshold. Once you reach full retirement age, however, there will be no more

Preparing for the calm

If you’re nearing retirement and fearing a perceived boredom of life after your career, there’s still time to plan for a stimulating and fulfilling retirement. Let’s look at some ways you can prepare for the lifestyle change:

Experiment now, avoid trouble later: There’s no time like the present — why not pick up some different hobbies before you retire? If you find one or more that really interest you, make that your passion project once you finish work. Consider picking an activity that can involve social interaction via clubs or classes you can join. That way, you get the benefits of social engagement and mental stimulation.

Prepare a routine: Create a daily or weekly structured routine before retirement. In his 2022 TEDx Talk, Dr. Riley Moynes, author of “The Four Phases of Retirement,” says that phase two for retirees can bring on a sense of loss in identity and purpose. Avoid this by setting daily tasks and focusing on ways to keep yourself busy, ahead of time.

Stay near friends and family: If you’re able, retiring near friends and family can provide a nearby support network and help avoid social isolation and loneliness. If you and your spouse are retiring together, consider building a plan that keeps you both active, engaged and communicative with each other.