We recently conducted a survey of 3,000 retirees to uncover how much income they’re generating from side hustles.
The results are quite interesting, and we've highlighted the key findings below.
Key Findings
Top 5 States by Earnings per Retiree
- Utah - $825 per month
- Wyoming - $550 per month
- Colorado - $513 per month
- California - $476 per month
- Indiana - $460 per month
Bottom 5 States by Earnings per Retiree
- North Dakota - $100 per month
- West Virginia - $164 per month
- Alaska - $200 per month
- Rhode Island - $236 per month
- Maine - $250 per month
Top 5 States Where Retirees Make the Greatest Contributions to the Local Economy
- California - $898,837,800
- Texas - $470,541,100
- Florida - $449,805,300
- New York - $371,849,800
Bottom 5 States Where Retirees Make the Lowest Contributions to the Local Economy
- North Dakota - $3,730,522
- Alaska - $7,054,029
- Vermont - $11,773,246
- Rhode Island - $12,431,715
- West Virginia - $14,100,988
Disparities Across Regions
There is a significant disparity in earnings from side hustles across different states.
For example, retirees in North Dakota earn an average of $100 per month from their side hustles, while those in West Virginia and Alaska earn $164 and $200, respectively.
The earnings potential varies widely, suggesting that economic conditions, availability of opportunities, and even the cost of living may influence how much retirees can earn from their side hustles.
Contributions to the Local Economy
The cumulative effect of retirees engaging in side hustles has a considerable economic impact.
For example, in West Virginia, retirees generate over $14 million per month through their side hustles, which indicates the significant contribution of this demographic to the local economy.
Study Implications
On a national scale, the retiree side hustle economy is a vibrant one.
The data from our study highlights the importance of supporting retirees in their entrepreneurial endeavors, as they are not only securing their financial futures but also playing a vital role in their communities.
Given the economic impact of retiree side hustles, there may be opportunities for local governments and community organizations to provide more support to this demographic.
This could include offering resources for starting small businesses, access to marketplaces, or financial planning services to maximize the benefits of these side hustles.
