In a recent article for WDC News 6, Michael Boggiano, Managing Partner at Wealthcare Financial, weighs in on the growing trend of retirees turning hobbies into side income. While the appeal is clear, staying active while supplementing retirement funds, Boggiano highlights key factors retirees should consider before diving in.
He notes that hobby income is often unpredictable and typically lacks the benefits or consistency of traditional part-time work. “If you’re relying on the income to make ends meet, having a Plan B in place is crucial,” he says. Without a broader financial strategy, retirees may risk more than they realize.
Boggiano also cautions that when a hobby turns into a business, it can bring new pressures, including deadlines, paperwork, and taxes, sometimes at the expense of the joy that made the hobby worthwhile in the first place.
