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Many side gigs offer flexibility in terms of hours and workload, which is ideal for retirees looking to work on their terms.
Having a side gig allows retirees to build or replenish their emergency fund, thus providing a financial cushion for emergency expenses, such as medical bills or home repairs. This added security gives retirees peace of mind.
Side gigs provide mental stimulation and a sense of purpose. Retirees can stay engaged and active, which is important for both mental and emotional well-being.
Retirees often have a wealth of experience and skills that can be monetised in side gigs. Consulting, mentoring, or part-time teaching can be highly rewarding, both financially and personally, as they allow retirees to continue sharing their expertise.
Side gigs help reduce dependence on fixed retirement incomes, giving retirees more control over their finances. It provides a financial buffer, making them less reliant on market performance or the uncertainty of future government benefits.