This article was reviewed by Chris Singer, CFP®.
What You’ll Learn in This Article:
- Why more Canadian retirees are choosing to start side hustles
- The personal and financial benefits of working in retirement
- Side hustle ideas that align with your interests, skills, and lifestyle
- How to choose a retirement side hustle that feels purposeful (not stressful)
- Key financial and legal considerations before you get started
- How to balance flexibility, fulfillment, and freedom in your next chapter
Retirement looks a little different these days. For many Canadians, retirement is no longer about slowing down; it’s about choosing how to spend your time with more freedom, more flexibility, and yes, for some, even more ambition.
If you’ve been toying with the idea of starting a side hustle (yes, that’s what they call a supplementary income stream now) in retirement, you’re in good company. A 2023 survey found that 15% of Canadians aged 65 and older are still working—mostly by choice, not necessity. Why? Because modern retirement isn’t just about kicking back. It’s about staying active, connected, and fulfilled. Trends show that more and more Canadians want their golden years to be full of excitement, and with the right plan, there is nothing stopping you!
Whether it’s launching a passion project, consulting in your old industry, or finally taking a creative risk you never had time for, a retirement side hustle can bring purpose to your next chapter (and a little extra income along the way).
Curious what that could look like for you? Keep reading for inspiration, ideas, and key things to consider as you explore the side hustle that might just become the highlight of your retirement.
Why More Retirees Are Starting Side Hustles
In the past, retirement was seen as the end of work. Today, it’s often the start of something new. Something chosen.
For many successful professionals, retirement opens the door to pursue things that once felt out of reach: business ventures that never made financial sense in your 30s, creative ideas you shelved for more “practical” paths, or simply work that aligns with your values.
Yes, additional income is a perk. But for many retirees, the biggest win is mental stimulation, social connection, and the satisfaction of building or contributing to something that matters.
And with Canadians living longer than ever, retiring at 65 could mean 20+ years of possibility ahead. What will you do with yours?
Retirement Side Hustles That Bring Purpose and Profit
- Consulting: Put your decades of expertise to use on your own terms. Pick your projects, set your schedule, and stay sharp in a field that brought you joy.
- Teaching or Tutoring: Whether online or in-person, there’s always demand for experienced voices in everything from business skills to creative arts.
- Creative Ventures: Writing, painting, woodworking, photography, you name it! Retirement is the perfect time to explore your creative side. Bonus: Many creative hobbies can become profitable with the right audience.
- Nonprofit Work: Align your time with a cause close to your heart. Many organizations need part-time strategic help or mentorship.
- Freelance or Gig Work: From digital services to project-based support, the gig economy isn’t just for twenty-somethings.
- Start a Niche Business: Always dreamed of launching a business? Now is your chance—but go in with your eyes wide open. Running a business requires both large financial and time commitments, which could derail your other retirement plans.
How to Choose the Right Retirement Side Hustle
With so many opportunities and different types of side hustles to choose from, it can feel a little overwhelming deciding what to do. That’s completely normal! For decades, your career path has been clear. Retirement is a big change, and choosing how you want to spend that time can seem strange (and exciting!). So, when the choices seem endless, these questions can help you narrow in on the right fit:
- What do you love doing so much that you lose track of time?
- What skills do people often ask you for help with?
- Are there causes or communities you want to be more involved in?
- Do you want something structured or more flexible?
- Are you looking for creative expression, social connection, or just a bit of fun money?
Remember, you don’t have to go all in right away. You can always test the waters and explore different ideas to see what feels best before fully committing yourself. That in itself is part of the joy of retirement—the freedom to change your mind and the freedom to try new things.
What to Consider Before You Dive In
A retirement side hustle has so many benefits–a sense of fulfillment, social connection, additional income, and a daily purpose–but there are a few important things to think about before you get started:
- Why: Why are you doing this?
- Taxes: Even a small side income can have an impact on your tax bracket.
- CPP/OAS & Pension Timing: Your income may affect when and how you draw from government and private retirement benefits.
- Licensing or Legal Requirements: Some fields—especially consulting, product sales, or coaching—may require specific permissions or insurance.
- Time and Energy Balance: Your hustle should support your lifestyle, not take it over. Think about what you want to save energy for—travel, grandkids, volunteering?
Speaking with a financial advisor about your retirement side hustle ideas in advance is a great way to ensure you are optimizing your cash flow and protecting yourself from tax implications.
New Retirement Isn’t About Slowing Down. It’s a Redesign.
Today’s retirees aren’t just playing golf and planning vacations (though there’s room for that too). They’re launching businesses, mentoring others, writing books, and starting nonprofits. Retirement is no longer just an exit; it’s a reinvention.
If you’re dreaming about your next chapter and wondering how a side hustle might fit into it, we’re here to help. Whether you’re still a few years out or already enjoying retirement, now is the perfect time to start planning.
Because the best kind of wealth isn’t just financial. It’s having the freedom to spend your time doing what you love.