Driving for Uber as Retirement Gig?

[LoneRanger]

So as I approach the possibility of retiring earlier than usual (at age 56 or 57), likely later this year or next, I'm kicking around what to do with all the Spare Time that will become available, something that would bring some money in but not full time and not a rigid schedule.

Driving for Uber or Lyft or similar comes to mind. Curious as to if after paying the commercial rate auto and liability insurance you have to carry, if there is money in it, especially if you wouldn't be covering the late night weekend bar scene ride requests, which I would not want to cover even though that may be where the best earnings are for Uber driving.

Also need to check out the new tax laws as far as if I did this I'd buy a car for it, something like a 2 yr old (lease turn-in, program car, etc) Ford Fusion or equivalent to use for the "contract Uber driver" business.

If I could clear decent profit doing it part time flex hours, it could be a go. Strictly supplemental to a defined benefits monthly pension and whatever I draw out of a personal 457k.

 

[Quattro Pete]

Look into grocery delivery services as well. It would allow you to get some exercise (running through grocery isles ), and you don't have to deal with drunk/misbehaving passengers, and the condition of your car is probably less important.

 

[LoneRanger]

Originally Posted by Quattro Pete
Look into grocery delivery services as well. It would allow you to get some exercise (running through grocery isles ), and you don't have to deal with drunk/misbehaving passengers, and the condition of your car is probably less important.



Thanks for the heads-up on that possibility, hadn't thought of that. I have a rapport with someone who retired from my profession last year and now is full time safety coordinator for a regional grocery chain. Although it would be vendor/supply businesses doing such deliveries, he might be able to point me in the right direction opportunity wise speaking.

 

[JohnnyJohnson]

One of the things you may want to consider if you have a 401K that your company contributes to is how much are you going to give up in 401K earnings if you retire early. Does your company have a matching contribution? My old company matched up to 8% of your contribution. Also do you have a Roth IRA.

I retired at 62 and I've never considered going back to work and haven't had a need to. Every thing I have has been paid for since I was 50 and my 401K and ROTH were both funded at the Max.

 

[dblshock]

Just get a CDL I'm home nights, 4 days on 4 off, never unload, 90% drop & hook, $100mo.BCBS $2000 deductible health ins. life ins. free 3% ira, paid vacation and personal days...live where ever you like jobs like this galore.

You should see my contemporaries, they mostly look like me 50-60's

 

[Pelican]

Most important of all, if you care about income, is to find out your cost per mile. That includes: gas, insurance, maintenance and depreciation. You may want to add your labour cost (you should) to realize if it is economically viable. Very few uber drivers do this.

 

[Wolf359]

Originally Posted by LoneRanger
So as I approach the possibility of retiring earlier than usual (at age 56 or 57), likely later this year or next, I'm kicking around what to do with all the Spare Time that will become available, something that would bring some money in but not full time and not a rigid schedule.

Driving for Uber or Lyft or similar comes to mind. Curious as to if after paying the commercial rate auto and liability insurance you have to carry, if there is money in it, especially if you wouldn't be covering the late night weekend bar scene ride requests, which I would not want to cover even though that may be where the best earnings are for Uber driving.

Also need to check out the new tax laws as far as if I did this I'd buy a car for it, something like a 2 yr old (lease turn-in, program car, etc) Ford Fusion or equivalent to use for the "contract Uber driver" business.

If I could clear decent profit doing it part time flex hours, it could be a go. Strictly supplemental to a defined benefits monthly pension and whatever I draw out of a personal 457k.


Just what is a decent profit? I think you end up making around $10-15 or so an hour after expenses or less. I think the average hour is about $25 and then your cut as a driver is close to $20, but gas, insurance and maintenance also cuts into it so now you could be down to the 10-15 range depending on how busy your city is.

https://www.marketwatch.com/story/this-is-how-much-uber-drivers-really-make-2018-05-15

https://www.fool.com/retirement/2018/06/27/how-much-money-can-you-really-make-driving-for-ube.aspx

https://www.bloomberg.com/opinion/a...n-pay-that-s-just-above-the-poverty-line

You're basically running your own small business and doing the work of a small businessman for something just barely above the minimum wage. Even a job at Whole Foods pays $15/hour these days.

 

[Astro14]

The economics of Uber are elusive. I use them extensively, but when I see what the driver is making, it's easy to see how some folks are actually losing money by being drivers. Controlling cost and being choosy about trips that you pick up are critical.

Amazon delivery is a much better, more consistent paying, part time gig.

 

[JeffKeryk]

I have a friend who goes to school and drives UBER. She is racking up the miles on her Sentra, lemme tell ya.
I agree with the posts who say the net pay is pretty low.
But good luck and congrats on your early retirement.

 

[grampi]

I can't imagine working period after I retire...I think that's called not being retired...to me, being retired means that ALL of my time belongs to me now...

 

[dblshock]

I'm driving almost new Kenworth CNG tractors with Allison auto trans all on Michelin rubber..really sweet equipment...company will dump them after 400k.


CDL downside is 5 weeks school $5k, then first year (and you need it) lower pay and cumbersome routes....get through that safe and your golden.

 

[dishdude]

Originally Posted by Astro14
The economics of Uber are elusive. I use them extensively, but when I see what the driver is making, it's easy to see how some folks are actually losing money by being drivers. Controlling cost and being choosy about trips that you pick up are critical.

Amazon delivery is a much better, more consistent paying, part time gig.


Agreed. You also don't have the liability of carrying a passenger around. I would not want to take the risk of being involved in an accident (even if not at fault) with a passenger in the car. You don't want the assets you've worked your entire life for to be at risk due to litigation.

 

[Mr Nice]

Chick Fil A is much than Uber for a retired person.

I'm not kidding. ☺

 

[LoneRanger]

Thanks all, keep 'em coming...

 

[dishdude]

I think Subway would be a fun job. It isn't too crazy fast paced, you get to chat and socialize with customer and coworkers.

 

[Mr Nice]

Uber Eats is better since you don't carry any sketchy passengers or risk a lawsuit if involved in a fender bender.

I see TV ads from lawyers telling folks to call if they were involved in an accident as a Uber rider. That's another new stream of income for personal injury lawyers.

 

[BMWTurboDzl]

Have you thought about getting a PT gig at a car dealer as a driver for customers who need a ride to work or a ride to the dealership to pick up their car?

 

[jeepman3071]

Originally Posted by Astro14
The economics of Uber are elusive. I use them extensively, but when I see what the driver is making, it's easy to see how some folks are actually losing money by being drivers. Controlling cost and being choosy about trips that you pick up are critical.

Amazon delivery is a much better, more consistent paying, part time gig.



This.

For many people, driving for Uber really doesn't make sense financially. The one guy I know who actually does fairly well, uses his Tahoe to drive to NYC. He is in the "black line" drivers category so he can earn more money, and he only does it on weekends when he wants to. Not to mention the potential safety and insurance risks you take on while driving for Uber. If you do it, read your insurance policy very carefully.

 

[jeepman3071]

Originally Posted by BMWTurboDzl
Have you thought about getting a PT gig at a car dealer as a driver for customers who need a ride to work or a ride to the dealership to pick up their car?



This would be a great PT gig!

 

[440Magnum]

Originally Posted by LoneRanger
So as I approach the possibility of retiring earlier than usual (at age 56 or 57), likely later this year or next, I'm kicking around what to do with all the Spare Time that will become available, something that would bring some money in but not full time and not a rigid schedule.


Heh heh. He said "spare time."

I was able to retire early at age 52 in early 2016, due to having started at the company 31 years prior. Giving up seemingly better job opportunities and building equity in retirement and seniority at the job kinda paid off for me, its not always true though. I consider myself very fortunate. But... spare time? Some days I wanna go back to "work" to get some rest! That said, I have two vintage cars to tinker on, an even more vintage house, and some rural property. It keeps me hopping, and I really found out how neglected some things had become due to the demands of my full-time job the last 10-12 years.[/quote]


Originally Posted by LoneRanger
Driving for Uber or Lyft or similar comes to mind. Curious as to if after paying the commercial rate auto and liability insurance you have to carry, if there is money in it, especially if you wouldn't be covering the late night weekend bar scene ride requests, which I would not want to cover even though that may be where the best earnings are for Uber driving.


I've thought about that... and my brother-in-law actually did a little (tiny) bit of Uber driving and seemed to like it fine... although he got bored with it and stopped for some reason. But I'm probably not enough of a "people person" to be able to stomach dealing with talkative semi-drunk hipsters taking in the weekend party scene that I always considered un-fun, stupid, and irresponsible.

Yes, I was pretty much born an old goat. Get offa my lawn.