Did you know that April is officially Financial Literacy Month? Any coincidence that it is also the same month we file taxes in the US? Mmm - I think not.
So if you have completed filing why not reward yourself with checking out this weeks stories. And if you are still procrastinating then checking out these stories is perfect for putting off writing that check to the IRS.
1) Here is a sobering article that reveals the nearly half of older Americans have no retirement savings. There are many reasons why this happens but this fact forecasts a crisis. An EncoreHustle might not be the solution but it might make a significant difference in how you live. Read this story about the good news of seniors who want to work longer. Also check out this article released by Benefits Canada about the looming retirement crisis in Canada.
2) If you continue to work after retiring then you should be aware of the potential tax consequences and also the investment decisions that you should consider. Check out this story from the London Times about UK pensioners who have to pay more taxes because they continue working. Also read this Globe and Mail (Canada) article that discusses the complexities of retirement planning for working seniors.
3) One aspect of seniors and finances is that more older women are continuing to work or entering the workforce to fund their retirements and to cover unexpected expenses. Read this story about why this is happening.
4) Working for the public as a teacher or police officer has the benefit of a pension upon retirement. But this benefit has some caveats that can penalize the retiree if they return to work in the public sector. Read these two stories about how labor shortages are making legislators reconsider this policy. The first story concerns teachers in South Carolina and the second story is about Boston police officers. Also read this cautionary tale about a retired police chief who stopped receiving his pension when he joint the St. Louis County Council.
5) To finish up this weeks post I would like to share two stories about people who continue to work in retirement. The first is about six retirees who share their second career stories and the second is about Texas' oldest banker who continues to work at age 95.
You may have noted that I am a week behind on posting this article. Sorry about that but last week I was in Seattle visiting my daughters and grandkids so putting this all together was a bit delayed.
But the good news that I will be posting another High Five in a couple of days.
As always, enjoy the hustle.