July 27, 2017

Thinking of driving Uber or Lyft in retirement? Read this first

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Image Courtesy of Lyft

After an unfortunate confluence of circumstances that led to her being out of work due to a long illness, Carleen Nicholson, 65, of Dover, N.H., found herself needing extra income. Then her son committed suicide and Nicholson began isolating herself. Eventually, she knew she had to do something. So for “money and sanity,” Nicholson began driving for Uber, the nation’s largest on-demand ride-hailing service. Words to the wise: The amount you’ll take home as an Uber or Lyft driver, after expenses, might be less than you think. While the desire to earn money is an obvious reason to start driving for Uber, its rival Lyft, or both — especially in retirement — there are other reasons. Keeping yourself occupied is a big one. Feeling useful is another, particularly for retirees. And, like Nicholson, you may want to get behind the wheel to interact with people. These may explain why more than half of Uber and Lyft drivers are 51 or over, according to a recent survey . Interestingly, more Uber drivers are over 50 than under 30; Uber has joined with AARP to offer $35 sign-up bonuses to drivers older than 50.

But some words to the wise: The amount […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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