To make money at 60, leverage your experience through freelancing, consulting, or teaching in your field, or explore flexible part-time roles like pet sitting, house sitting, or seasonal work; you can also monetize assets by renting out space/cars or creating/selling crafts online, with options ranging from online tutoring to managing an e-commerce store, focusing on your skills and passions for flexible, rewarding income.
Whether you work as a freelance copy editor, occasionally drive for a rideshare company, or work part-time at a hardware store, there are now plenty of options for part-time, flexible work. This way, you can keep a stream of income while also maintaining some flexibility.
In addition to Social Security, you'll want to consider other income sources you have, such as pensions, part-time employment or rental property income. Depending on your situation, it may also make sense to purchase an annuity with a lifetime income benefit to provide some income protection throughout your retirement.
If you want to invest $10,000 over 10 years, and you expect it will earn 5.00% in annual interest, your investment will have grown to become $16,288.95.
Changing life without financial capital doesn't mean abandoning everything overnight. It's more about initiating a gradual transition, often through training, a new profession, or a light independent activity. The key is to harness resources available for free or state-funded to facilitate a safe transition.
Options for Investing for Retirement at Age 60
The best side hustles for seniors leverage life experience and offer flexibility, including consulting/tutoring, freelance work (writing, bookkeeping, virtual assistant), selling handmade crafts (Etsy), pet sitting/dog walking, and gig economy jobs (rideshare, delivery, mystery shopping), with options ranging from home-based (transcription, online courses) to active (tour guide, gardening).
If you're 60 or over
The 7-3-2 rule is a financial strategy for wealth building, suggesting it takes 7 years to save your first major financial goal (like a crore), then accelerating to achieve the next goal in 3 years, and the third goal in just 2 years, leveraging compounding and disciplined, increased investments (like a 10% annual SIP hike). It highlights how returns compound faster over time, drastically reducing the time needed for subsequent wealth targets, emphasizing patience and consistent, growing contributions.
At age 60, you can get various free or discounted services like free eye exams, discounted transit/movies/restaurants, free tax prep (AARP), and potentially free healthcare/food assistance (based on income/location), plus enjoy perks like discounted National Park passes and free college tuition at some public universities for residents. Benefits vary by location and income, so check local programs like SNAP or Area Agencies on Aging.
You can start an e-commerce business, sell digital products, become an influencer on social media, or develop online-based applications or platforms according to your skills and interests. Nowadays, age is no longer one of the obstacles for a person to remain active and creative.
6 Ways To Build Wealth in Your 60s
The $1,000 a month rule is a retirement guideline suggesting you need about $240,000 saved for every $1,000 per month in desired income, based on a 5% annual withdrawal rate (5% of $240k is $12k/year, or $1k/month). It's a simple way to set savings goals, but it doesn't account for inflation, taxes, or other income like Social Security, so it's best used as a starting point, not a complete plan.
You're not alone: In fact, recent research found that one in three people over the age of 60 will go through this experience.
Moynes refers to as the 3 D's: depression, divorce, and cognitive decline. This period can be incredibly challenging as retirees struggle to find a new sense of purpose and direction without the familiar structure of their careers.
About 40 percent of all U.S. households where the head of the household is between 35 and 64 are expected to run short of money in retirement, according to a 2019 report by the Employee Benefit Research Institute.
5 retirement mistakes to avoid