Freelancing to supplement retirement income

The rapid growth of the digital world has given birth to the boom in freelancing jobs. The availability of freelance work has been a way for retirees to supplement their income without leaving home. Why take a part-time job that requires expense and pressure when you can avoid all of that in the world of freelance.

When businesses or individuals have assignments where they do not want to retain the employment of a full-time employee, they choose to hire an independent contractor. These independent contractors are considered freelancers.


While freelancers enjoy freedom and flexibility in their choice of assignment and working hours, they do not earn any of the benefits packages of full-time employees. Freelance jobs take on all shapes and sizes. Jobs can range from a few hours per day to on-going weekly assignments.

There are employers that would welcome the work and life experience that retirees offer. According to Sara Horowitz, author of “The Freelancer’s Bible”, “A career’s worth of experience and insight is a highly sought-after commodity, especially for companies looking for help in a project or guidance on a strategic decision.” Those interested in becoming a freelancer can find work on crowdsourcing websites like,, and

Freelancing gives retirees the opportunity to make new contacts and supplement their income; however, financial advisors caution retirees to consult an accountant or tax advisor to help you understand the tax implications of working for yourself. “A lot of people who come to freelancing after a long career in a traditional workforce don’t recognize how much responsibility comes with freelancing,” Horowitz says. “Freelancers not only need to do the work, they also need to do their own taxes, their own marketing and their own networking.” While freelancers receive full payment for their jobs, that full payment has not been taxed. Freelancers also will need to consider how they will management many of these tasks normally provided by an employer. Freelancers are responsible for self-employment tax, in addition to federal and state taxes, and for seniors currently earning Social Security Benefits, they should be aware that any income earned will affect your benefits under the program.

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