Category Archives for "Baby Boomers"
As a retired baby boomer, Uber driving provides a nice little additional income for me. And, as explained in other posts, if it's set up properly as a business, it can actually improve your tax position at the same time, especially if you're receiving a pension.
But I like my income to be predictable and so I set very clear goals and make sure I always achieve them. You should do the same.
Everyone's goals will be different, but these are mine and this is how I go about it.
A large number of Australian baby boomers rely on the age pension as their primary or only source of income. The OECD report Pensions at a Glance found that more than one third of Australian pensioners were living below the poverty line, making Uber driving an ideal income supplement for them.
Being an Uber driver is great for a baby boomer pensioner because, unlike other forms of income, it can be structured so that it doesn't affect the size of the pension that can be claimed. This is because expenses that would be incurred anyway become legitimate business expenses, reducing the "paper profit" from Uber driving to zero or even less than zero and therefore not reducing the pension amount. See How Do Taxes Work for Rideshare Drivers?