Boomers Are More Likely Than Gen Z to Need Multiple Jobs

Side hustles aren’t just for young people. Boomers are more likely than members of Gen Z to be working a second job, according to an analysis of labor data from StartFleet, cited by Fortune.

In past decades, people in their sixties might have been ready to retire. But today’s economy is challenging for workers of every generation. Housing costs have skyrocketed. And while inflation has cooled since the pandemic, prices are still much higher than they used to be, making it even harder to quit working.

Of the Boomers nearing 65, two-thirds will have trouble making ends meet during retirement, according to a study from the Alliance for Lifetime Income, cited by the AARP.

New Era of Retirement

Some Boomers are “unretiring,” or coming back to work after finding retirement unaffordable, while others are delaying retirement. Others are choosing a “phased retirement” where they continue work but cut back on their hours and responsibilities.

Their kids are struggling to pay the bills too, hampering their ability to support their aging parents. “With wages not keeping up with the cost of living, very few families can do this now,” Lewis Maleh, CEO of recruitment agency Bentley Lewis, told Fortune.

Despite some Boomers having to take on second or third jobs, there is a silver lining: more seniors may be able to work from home, reducing the strain of a side gig on their time and finances.

Never Too Late

If you’re 50 and older, it’s not too late to save for retirement. You may be eligible for catch-up contributions, which allow you to contribute more than the standard maximum to workplace retirement plans or individual retirement accounts (IRAs).

Meanwhile, if you’re considering a side hustle, there are plenty of affordable options. Consider how you might generate income by sharing your expertise through online courses, tutoring, or consulting. Finding ways to build on your particular skills and strengths can be one low-barrier way to enhance your financial standing without requiring significant initial investment.

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