Hello fellow EncoreHustlers.
I hope these weekly posts inspire you toward you starting your encore career or continuing your side hustle. If you do not have a encorehustle I am sure you know someone who does. Without further ado here are this weeks high five.
1) Public sector employees often have pension plans that the envy of the private sector workforce. The Dallas Police and Fire Pension System has a sweet perk called the Deferred Retirement Option (DROP) that guaranteed their members a minimum 8% return if they continued to work past retirement age. However this generous benefit has stressed the sustainability of the pension plan and the Texas Supreme Court has handed down a decision that allows the benefits to be dropped (sorry for the pun) to 5%.
2) The US has IRA's and Canada has RRSP's. New Zealand's version is KiwiSaver and in recognition of an older workforce the fund now allows workers over age 65 to start contributing to the plan. Previously one had to be enrolled in the plan before age 65.
3) Here is a great analysis of pensions and retirement from an Asian perspective. How retirement is funded across Asia varies from nation to nation. China has traditionally gone with the Defined Benefit (DB) model that has the state or company fund the pension. Singapore, Indonesia and Malaysia follows the Defined Contribution (DC) model that relies heavily on worker contributions and more risk taking, similar to the US 401(k) model. Like the Baby Boomer generation in the US, Asia also has a tidal wave of aging and it will have significant effects across the globe, involving billions of people and trillions of dollars. Retirement age in Asia is rising and millions of retirees are continuing to work to make up for the shortfalls in their pension payments.
4) Following your passion is often cited as a major contributor to both successful careers and to successful retirements. In the case of Mary Knox-Johnson, she has used this advice for her encore career. After 32 years of teaching high school English, speech, and theatre in North Dakota, she took a retirement gap year to visit relatives, swim with dolphins and write a book. With that done she became an adjunct professor teaching speech at Bemidji State University (Minnesota) and a director at the Community Theatre.
5) From Canada here is a great story about two seniors who have no plans to retire ever. Brian Dickens a commercial fisherman from British Columbia is refitting his boat to allow him to extend his fishing range to the open ocean. David Morrison, a Toronto business executive, is launching an app called FOOi, a digital app for peer-to-peer and peer-to-business financial transactions.
Have a great week and I would really appreciate you sharing this post.