Hi Over 64ians!

Many of you are juggling the need to protect your own future. If you had to choose between giving financial support or creating new income streams, what would you do? Let us know in the response form below!
-The Editors

The Hidden Costs of Helping Your Kids Financially

Retirement is supposed to be a time to enjoy the fruits of your labor, but for many seniors, it’s turning into a second round of financial responsibility—this time for their adult children. Whether it’s covering rent, paying off student loans, or helping with unexpected expenses, many retirees find themselves dipping into their own savings to support their kids. But is it worth it? And more importantly, can you afford it?

A Growing Trend with Big Consequences

A recent study found that nearly 60% of parents are providing some level of financial support to their adult children. That number jumps even higher for those with children in their 20s and 30s. With rising housing costs, student loan debt, and economic uncertainty, younger generations are struggling to gain financial independence, leaving many retirees feeling obligated to step in.

But here’s the problem: every dollar you give to your kids is a dollar you won’t have for your own future. Many seniors underestimate how long they’ll need their savings to last, and once that money is gone, it’s incredibly difficult to replace.

The Hidden Costs You Might Not See

1. Delaying Your Own Financial Security

   • Many retirees dip into their retirement accounts early to help family, not realizing that those funds were meant to last 20-30 years. This can lead to needing to work longer, reduce spending, or even rely on government assistance later.

2. Jeopardizing Healthcare & Long-Term Care Needs

   • As healthcare costs rise, particularly for long-term care, financial strain now could mean fewer options down the road when you need medical support the most.

3. Creating Dependency Instead of Independence

   • While supporting children financially can feel like the right thing to do, it sometimes enables financial dependence rather than encouraging responsibility and self-sufficiency.

4. Strained Family Dynamics

   • Money and family rarely mix well. Helping one child might cause resentment among siblings, and what starts as a temporary loan can turn into an expectation that puts stress on your relationship.

How to Set Financial Boundaries (Without Feeling Guilty)

If you’re supporting your children financially, you’re not alone—but there are ways to help without sacrificing your own retirement security.

✅ Set Clear Limits – If you want to help, decide on a specific amount or timeframe, and stick to it.

✅ Encourage Financial Independence – Instead of direct handouts, help them budget, save, or find additional income sources.

✅ Prioritize Your Own Retirement – Before giving money, ask yourself: Will this impact my ability to cover my own expenses in 10 years? If the answer is yes, it’s time to reconsider.

✅ Consider Alternative Ways to Help – Offering financial guidance, helping with job networking, or even letting them temporarily live at home can sometimes be more valuable than money.

Bottom Line: Secure Your Own Oxygen Mask First

Supporting your kids is natural, but your retirement savings are meant for you. If your financial help is putting your future at risk, it may be time to rethink how and when you give. The best gift you can give your children? A financially secure, stress-free retirement where they don’t have to worry about supporting you later on.

Read more on this topic here.

Would You Rather?

Best Side Hustles for Retirees

Retirement is supposed to be about relaxation, but let’s be honest—extra income never hurts. Whether you want to pad your savings, cover rising costs, or just stay active and engaged, picking up a side hustle can be a great way to earn money without sacrificing flexibility.

The good news? You don’t have to go back to a full-time job to make a meaningful impact on your finances. Here are some of the best side hustles for retirees that allow you to work on your own terms.

1. Consulting or Freelancing (Use Your Experience!) 💼

You spent decades building valuable skills—why not get paid for them? Many retirees find consulting, coaching, or freelance work to be a great way to stay involved in their field while working part-time.

• ✅ Great for former teachers, business professionals, and industry experts

• ⏳ Set your own hours and take on only the clients you want

• 🏠 Can be done remotely or in person

Where to start? Check out platforms like Upwork, or Fiverr, to offer your services.

2. Selling Handmade or Vintage Items Online 🛍️

Love crafting? Have a collection of old baseball cards, antiques, or books? Selling on Etsy, eBay, or Facebook Marketplace can be a fun way to turn a hobby into a business.

• 🎨 Great for creative retirees or collectors

• 💻 No need to leave home—list and sell from your computer

• 💰 Can start with little to no upfront investment

Pro tip: Find niche markets that interest you—vintage items, handmade gifts, or even digital downloads.

3. Pet Sitting & Dog Walking 🐶

If you love animals, pet sitting and dog walking can be an enjoyable and profitable side gig. Websites like Rover and Wag! connect you with pet owners looking for reliable caregivers.

• 🐾 Get paid to spend time with dogs and cats

• 📅 Flexible schedule—you choose the jobs you accept

• ❤️ No special skills required, just a love for animals

Fun fact: Some retirees make over $1,000 per month watching pets part-time.

4. House Sitting & Short-Term Rentals 🏡

If you like traveling (or just want free lodging), house sitting is an easy way to make money while staying in great locations for free. You can also rent out a spare room (or your entire home) on Airbnb or Vrbo to earn passive income.

• ✈️ Perfect if you want to travel on a budget

• 🔑 No major responsibilities—just watch over the house

• 🏦 Extra income without the commitment of a full-time job

Where to look? Try TrustedHousesitters.com for house-sitting gigs or Airbnb if you have a spare room.

5. Teaching & Tutoring (Online or In-Person) 🎓

If you have a teaching background (or just enjoy helping others learn), online tutoring is a great side hustle. Websites like VIPKid, and Wyzant, allow you to teach from home on your schedule.

• 📚 Great for retired teachers, but open to anyone with expertise

• 🎶 Teach subjects like English, math, or music

• ⏰ Flexible hours—work as much or as little as you want

Bonus: Some retirees make $20-$40 per hour tutoring online.

6. Gig Economy Jobs (Drive, Deliver, or Help Out Locally) 🚗

If you don’t mind driving, services like Uber, Lyft, or DoorDash can be a great way to make money on your own time. Prefer helping people? Try TaskRabbit for odd jobs like furniture assembly, grocery shopping, or handyman work.

• 🏃 Work whenever you want—no commitments

• 🔨 Perfect for active retirees who like being out and about

• 📲 Easy to get started—just sign up and start accepting gigs

7. Blogging, Writing, or YouTube ✍️

If you have knowledge to share (or just love talking about a passion), consider starting a blog, writing articles, or making YouTube videos. It takes time to grow, but it can turn into a passive income stream through ads, sponsorships, or book sales.

• 🖋️ Perfect for retirees who enjoy writing or storytelling

• 🌍 Can be done 100% from home

• 💵 Potential to make money while you sleep

Where to start? Platforms like Medium, Substack, or YouTube allow you to monetize content over time.

The Bottom Line: Work On Your Terms

Side hustles in retirement aren’t just about making money—they’re about staying engaged, social, and fulfilled. Whether you want to use your professional skills, explore a passion, or just make some extra cash, there’s a perfect side hustle out there for you.

Would you ever try a retirement side hustle? Or do you already have one?