6 Ways Boomers Can Make an Extra $10,000 a Year

Senior business woman at home

As baby boomers approach retirement, many are looking for ways to bolster their income. While some methods may be more traditional, like investing in real estate or becoming a rideshare driver, others are less conventional but equally lucrative. Here are six ways boomers can add an extra $10,000 to their annual income.

See: 26 Ways To Make $1,000 Fast – In a Week or Less

Find: 9 Ways To Make $200 (or More) a Day Running Errands

1. Rideshare or Delivery Driver

A popular choice for earning extra cash is driving for a rideshare or delivery app. “Rideshare drivers can earn up to $20 per hour plus tips,” noted Well Kept Wallet writer Josh Patoka, highlighting the flexibility and potential of this gig economy staple. Delivering meals, groceries, or packages can quickly add up, offering a part-time path to an additional $10,000 a year.

2. Freelancing Opportunities

The digital age has opened up a plethora of freelancing opportunities. From graphic design to virtual assistance, boomers can leverage their skills and experience. “Freelancing can be a lucrative option, whether online or locally,” Patoka wrote. This flexibility allows boomers to work on their terms while capitalizing on their expertise.

3. Donating Plasma or Participating in Medical Studies

An unconventional but viable option is donating plasma or participating in medical studies. Per Patoka, long-term donors can earn up to $100 per week, in addition to any money earned from working as a medical study participant. Both income streams not only contribute to a good cause but also provide reliable supplemental income.

Also: 100 Passive Income Ideas To Help You Make Money After a Layoff

4. Real Estate Investments

Investing in real estate, particularly through crowdfunded platforms, offers a way to earn passive income. “The potential annual return can range from 6-8% after fees,” stated Patoka. This method suits those looking for a hands-off investment strategy.

5. Peer Lending

Platforms like Worthy Bonds and Prosper Marketplace allow individuals to lend money directly to others. “Worthy Bonds offers a 5% average annual return with a minimum investment of $10,” according to Patoka. This approach to investment can yield steady returns for those willing to explore peer-to-peer lending.

6. Part-Time Employment or Side Gigs

For those preferring more traditional methods, part-time employment or side gigs can be a reliable source of extra income. As GOBankingRates previously reported: “Boomers can build wealth in 5 years by focusing on value and dividend yield in equities.” This approach combines the stability of a regular job with the potential for investment growth.

In addition, Babyboomers.com’s Julie Elledge emphasized the importance of smart financial planning. She suggested that boomers should focus on diversifying their income streams and managing their expenses wisely to ensure a stable financial future.

“Financial well-being extends beyond financial stability to include your belief that you can pay for your life. So someone who is wealthy but lives in fear of losing it all has a lower financial well-being than those who are poor and satisfied with their lives. Our sense of financial well-being may not be readily apparent because it lives in the shadows of our conscious awareness,” she wrote.

“Our relationship with money is complicated and multifaceted. We sabotage our own goals and budgets with impulse spending or we fail to plan at all.”

Editor’s note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates’ editorial team.

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This article originally appeared on GOBankingRates.com: 6 Ways Boomers Can Make an Extra $10,000 a Year