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Actually, for some people it is fun. My good friend, who is 67, became an Uber driver a few months ago, just for the fun of doing it - not because of the money. She only does it when she is in the mood to drive around. I'd never want to do it, but she tells me that she really enjoys it.
My Mom drives for Lyft, and it's for the money, but she LOVES it.
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I have been talking about retirement and employment with many of my friends, neighbors, and family recently and I have been shocked by how many of them have nearly run out of money and are trying desperately to get a full-time job.
Many of them are in their late 60s and 70s. A number of things happened to them that has caused an urgent need to get a full-time job. These include:
1) Their spouse died and they no longer have his/her Social Security and or Pension or Annuity check. And they did not buy life insurance to make up for the difference.
2) They were told by friends (or Dave Ramsey) that the stock market returned 9% a year so they took out that amount in withdrawals, instead of the conservative 3-4% recommended figure.
3) They did not budget their money and overspent.
4) They had huge emergency expenses, such as medical costs without a Medicare supplement.
Do you think the people I know who are trying to get back into the workforce in their 70s due to poor financial planning or emergencies are all that unusual? Do you think it is possible for someone in their 70s to get another full-time professional job in their field? Any advice or observations?
highly unusual. In the case of your number one you might want to tell them about SS spousal benefits.
My Mom drives for Lyft, and it's for the money, but she LOVES it.
We just used Uber and Lyft while on vacation a couple of weeks ago, when we wanted to have a few drinks and not have to drive our own cars. I got to BS with a couple of the drivers, and they said they love it. They make their own hours, and make a decent living.
Probably just like driving a taxi cab, but a little less restrictive.
We just used Uber and Lyft while on vacation a couple of weeks ago, when we wanted to have a few drinks and not have to drive our own cars. I got to BS with a couple of the drivers, and they said they love it. They make their own hours, and make a decent living.
Probably just like driving a taxi cab, but a little less restrictive.
Of course it depends on a persons personality. If you're outgoing and like to drive then why not? Personally, I wouldn't enjoy it because I'm more of an introvert and don't really like to drive.
supposedly uber drivers in ny get about 20 an hour . but with traffic the way it is and fares under 20 bucks and 25% going to uber there is not much there. perhaps if it is a place with not much traffic , but i have used ubber in ny , savannah and Chicago and the fare is very low for the time spent . according to a study they tend to clear about 9.21 an hour .
according to market watch .
Maybe driving for Uber isn’t so profitable. For the drivers, at least.
'
When accounting for the ride-sharing company’s commissions and fees, vehicle expenses and a modest health insurance package, Uber drivers end up earning just $9.21 in hourly wages, according to a new study from the Economic Policy Institute, a left-leaning nonprofit think tank based in Washington, D.C.
supposedly uber drivers in ny get about 20 an hour . but with traffic the way it is and fares under 20 bucks and 25% going to uber there is not much there. perhaps if it is a place with not much traffic , but i have used ubber in ny , savannah and Chicago and the fare is very low for the time spent .
My Mom makes about 2K a month, which is more than her SS. She likes to drive, and that money makes a huge difference in her quality of life, plus it gives her people to talk to, and that means she doesn't call me to give me a blow-by-blow accounting of her trip to the supermarket.
Win win.
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does that include gas , maintenance and mileage on the car ?
a new study shows they take in about 25 bucks an hour .
uber takes 8.33
vehicle expenses average 4.77 an hour
.90 cents an hour for fica and medicare
balance is 10.21 with out subtraction for medical benefits
No, but even if you do, in my Mom's case she went from destitute to comfortable.
I would imagine those costs are also deductible on your taxes too.
My Mom never made $25 an hour in her life, so.... those vehicle expenses seem a tad high, but either way, it's a net positive.
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