I'm 67, retired and was bored out of my mind until I found a side hustle to keep myself busy while earning extra cash. Here's how you can stay engaged in your golden years

Mental stimulation

Picking up a side gig or part-time work during retirement is more than financially rewarding, it can also keep you socially engaged. Work provides plenty of opportunities for social interaction, either with customers or coworkers.

It can also encourage a structured routine, helping to restore a sense of control and purpose. The American Psychiatric Association notes how some research indicates those who maintain a clear purpose experience less stress and greater resilience in challenging situations.

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Financial benefits

Living on a fixed or limited income can be stressful, especially if you’re trying to balance achieving your retirement goals with paying the bills. Getting a side gig can help ease some of this stress, giving you extra cash flow for expenses that the CPP won’t cover.

Even better, returning to work and finding a gig offering health benefits might cover reduce any prescription costs you may have.

While your CPP payments get adjusted annually the longer you wait to start collecting it (8.4% per year), for many seniors this may not be sufficient in the current cost of living crisis. A side hustle can help limit uncomfortable belt-tightening so you can have money to travel, spend time with family and cross off some of your bucket-list items.

Thankfully, if you choose to continue to work in some capacity after 60 (when you are eligible to receive CPP), you will not reduce how much you earn from the benefit. In fact, you could increase it by means of the CPP post-retirement benefit. The government will automatically pay you this benefit the following year and you’ll receive it for the rest of your life. However, CPP contributions will be cut off when you reach 70 years of age, even if you’re still employed in some capacity.

Preparing for the calm

If you’re nearing retirement and fearing a perceived boredom of life after your career, there’s still time to plan for a stimulating and fulfilling retirement. Let’s look at some ways you can prepare for the lifestyle change:

Experiment now, avoid trouble later: There’s no time like the present — why not pick up some different hobbies before you retire? If you find one or more that really interest you, make that your passion project once you finish work. Consider picking an activity that can involve social interaction via clubs or classes you can join. That way, you get the benefits of social engagement and mental stimulation.

Prepare a routine: Create a daily or weekly structured routine before retirement. In his 2022 TEDx Talk, Dr. Riley Moynes, author of The Four Phases of Retirement, says that phase two for retirees can bring on a sense of loss in identity and purpose. Avoid this by setting daily tasks and focusing on ways to keep yourself busy, ahead of time.

Stay near friends and family: If you’re able, retiring near friends and family can provide a nearby support network and help avoid social isolation and loneliness. If you and your spouse are retiring together, consider building a plan that keeps you both active, engaged and communicative with each other.

Sources

1. National Institute on Ageing: Perspectives ongrowing older in Canada: The 2024 NIA Ageing in Canada Survey survey, by Natalie Iciaszczyk; Gabrielle Gallant; Talia Bronstein; Alyssa Brierley; Dr. Samir Sinha (Jan 28, 2025)

2. American Psychiatric Association: Purpose in Life Can Lead to Less Stress, Better Mental Well-being (Dec 7, 2023)

3. YouTube: The 4 phases of retirement | Dr. Riley Moynes | TEDxSurrey (May 26, 2022)