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Top side hustles to boost your income

Side hustles, also coined side gigs, are a great way to supplement the income received from a Government Pension or investment accounts. Other benefits of side hustles include increased social connections and incidental exercise. 

In fact, 28% of baby boomers surveyed by SunTrust already had a side hustle+. 

Starting a side hustle is a great opportunity to offset the rising cost of living and it’s now accessible to more Australians with the recent changes to the income threshold for Pension card holders. 

Here are some excellent side hustles that can generate extra income now.

1. Aged care support

A range of paid help can be provided to the elderly in aged care facilities including transporting the client to appointments or shopping, meal preparation, washing and ironing.  Other benefits include, working within a casual and flexible work schedule and an opportunity to socialise and make new companions. There are also medically trained roles for those with nursing or aged care experience. 

2. Pamphlet dropping

If you enjoy the outdoors why not earn money delivering catalogues or pamphlets to your neighbourhood letterboxes. Another wonderful opportunity to increase incidental exercise in your spare time and supplement income.

3. Dog walking

Now that people are heading back to the office more regularly, there are lots of lonely dogs looking for a walk or company. This could be a wonderful opportunity for dog lovers to get some exercise and earn extra retirement income.

4. Pet sitting

Taking care of a pets while the owners head away for a weekend or even a long holiday can generate a great income. The local dog park could be a great place to meet other dog owners and see whether anyone needs some help walking their dog or pet sitting their furry friend when they travel.

5. Babysitting/nannying

Those with childcare or parenting experience could gain a source of income from care giving services like babysitting. Busy parents are always looking for experienced babysitters to help provide care for their children. It could be as simple as providing a pickup service from the local primary school then bringing the children home from school, giving them a snack and supervising their homework. Or minding them on evenings when the parents go out for a date night. If a full day of work is preferred, caring for a local toddler one or two days a week when their parents are at work is an option. 

6. Rent out your spaces

There are plenty of ways people rent out extra space to those who need it. For example, listing an unused granny flat to rent out on Airbnb or Stayz. Alternatively, those that travel or visit family and friends frequently, could rent out the entire home for short-term holidays while away. Those that live in high density areas where parking spaces are scarce could even rent out an extra car parking space.

Are there any implications of earning retirement income?

Before starting a side hustle, it’s important to do some research about any tax implications and whether it will affect any entitlements or the age pension. 

If you’d like to know more about how we can help with your life after retirement chat to your adviser at your next appointment or call 1800 620 305 to book your next review appointment.

Disclaimer

+Source: Bankrate Side Hustles Survey, May 8-10, 2019. 

This is general information only and does not take into account your specific objectives, financial situation or needs. Seek professional financial advice, consider your own circumstances and read our Financial Services Guide, any relevant product disclosure statement & Target Market Determination, before making a decision. Call us or visit our website for a copy. 

Issued by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL No. 238430), wholly owned by Aware Super (ABN 53 226 460 365) whose trustee is Aware Super Pty Ltd (ABN 11 118 202 672, AFSL 293340).