Aug. 20: Janet Gray Interview

August 20, 2026

A look at the pros and cons of side hustles in retirement with Janet Gray

Maybe you find you need a little extra money in retirement. Or, maybe you just miss the people you used to work with. Alternatively, you could be bored.

All of these, plus other possible factors, are reasons people seek “side hustles” and income-generating projects in retirement, explains Janet Gray, advice-only Certified Financial Planner, of Money Coaches Canada.

“Even before retirement, some people may want to be doing something in addition to work – and it’s not always just for the money,” she explains in a telephone interview with Save with SPP.

“Some need it, some don’t. Some are bored. But if they have shareable skills, they may find that the pay is nice,” she says.

Typically, when talking about retirees, any “side” money earned is earmarked for a specific purpose – a winter trip to somewhere warm, time at the cottage, or a new kitchen, she explains. Some golfers sign up as course marshals – “getting to order people around while driving a golf cart” – mainly to get some free rounds of golf in.

What prompts some retired people to seek additional income, she says, can be when they find they actually need the money for day-to-day expenses their retirement income doesn’t quite cover. Those who make the effort to draw up a realistic budget will be able to get a better handle on their spending, allowing them to see what “they need to spend versus what they want to spend,” Gray explains.

“A budget is essential, because it provides an analysis of your current spending habits,” she explains. “These days, people will want to spend money on travel, dining out, streaming and groceries,” she adds. With a budget you can make sure the “needs” are covered before you start spending on the “wants.”

Earning extra income of course makes having money for “wants” easier, but there are a few consequences to be aware of, Gray explains.

Practically all income earned from a part-time or freelance gig – or even from rental income, or dog walking – is taxable. And the added income could put you in a higher tax bracket, she warns.

But “it’s not just about income taxes,” Gray adds. If your gig income knocks your overall income above a certain threshold (around $95,000), you may begin to experience clawbacks in your Old Age Security (OAS) payments. Clawbacks for those receiving the Guaranteed Income Supplement (GIS) are steeper – 50 cents for every dollar earned above $5,000, she warns.

Another concern for seniors making part-time income is that once they begin making withdrawals from a registered retirement income fund as well they face a double jump in income (and a related increase in tax).

That said, there are lots of ways to earn extra money, Gray explains.

You might be renting out a room or a cottage. You could be dog walking. Perhaps you’re working in the hospitality sector. The possibilities are limitless, she says.

If you are self-employed, you need to get good at recordkeeping, she says. That’s because any expenses you chalked up in helping you earn income can be tax-deductible. “Your expenses must be logged,” she advises. “Be sure to keep your receipts.”

And if you make above a certain threshold of income ($30,000) you may be required to collect and remit GST and HST, another slightly tricky bit of paperwork and form-filling.

Gray agrees that we are seeing more seniors continuing to work these days than in previous generations.

“In the prior generation you could stay in one job for 35 years and then receive a good pension,” she explains. “These days, hardly anyone stays in one job that long.” Pensions, she adds, aren’t as common as they once were – making continuing to work later, or finding a gig job, more common.

Those continuing on in the workforce cite other benefits, she notes. A client of hers is 72 and works at a foundation. He’s enjoying a fine salary, good holidays, and has health benefits.

A lot of boomers, she adds, saw their jobs not as work but as their “identity,” making them reluctant to accede to the idea of being seniors and out of the workforce. Others worry about their kids, and want “to help the kids get their first home,” she explains. But overall, those staying longer at work – or doing gig jobs – enjoy feeling purposeful.

We thank Janet Gray for taking the time to speak with us again!

It’s very true that pensions in the workplace are far less common than they were in the past.

It’s one of the reasons the Saskatchewan Pension Plan was formed 35 years ago – to offer those without a company plan a way to save for retirement. SPP, a not-for-profit plan, invests contributor dollars in a low-cost, professionally managed and diversified pooled fund. When it’s time to turn savings into income, SPP members have such options as a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Janet Gray, Money Coaches Canada

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