Two-fifth (41%) of retired Americans feel they cannot support their ideal retirement and many think that having a side gig could help them achieve this, according to survey results announced today by D.A. Davidson & Co., an employee-owned financial services company. According to the survey, 60% of retired Americans wish they had a side gig to supplement their retirement savings; 92% don’t have one.
“The definition of — and classic timeline for — retirement is changing,” Andrew Crowell, a financial advisor and the vice chairman of wealth management at D.A. Davidson., said in a press release “While many retirees might picture never working again, a side gig in retirement can be a fun and meaningful way to stay engaged in the community while supporting a more ideal retirement overall.”
More than Money
Among the survey respondents who have a side gig, 93% said they enjoy their job. And more than half (55%) of the respondents with a retirement side gig said they took it on in order to participate in an activity that they find mentally or socially stimulating.
“Having commitments outside of the house is crucial in retirement — they can keep the mind sharp and energized,” Crowell said.
The next most common reasons for a retirement side gig are financially motivated: 20% of respondents want to pay off debts, and 17% want to financially support their more ideal retirement lifestyle.
Common side gigs Crowell has seen among his clients include working a part-time job, selling a craft that was created as a hobby, and freelance writing.
Pre-Retirees Contemplate Retirement Side Gigs
Among Americans age 50 and older who are currently working, 63% have considered pursuing a side gig once they retire, the survey also found.
“Throughout our careers and especially as we near retirement, it’s important to constantly evaluate what we want our retirement to look like, as this can — and probably will — change over time,” Crowell said. “Some may find it helpful to stick to a schedule or have an extrinsically motivated goal to work toward, both of which side gigs can support, while bringing in some additional income.”
This survey, conducted online by Big Village, was fielded on March 20-25 among a nationally representative sample of 1,008 U.S. adults 50 years of age and older. D.A. Davidson Companies offers a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Greater Los Angeles, New York, Omaha and Seattle, the company has approximately 1,600 employees and offices in 30 states.
