Wednesday, October 16, 2019
National Retirement Security Week - Hustler Daily Thumbs Up - Oct 15
Hello fellow Encore Hustlers
Did you know that the week of October 20 - 26 was National Retirement Security Week?
Back in 2006 U.S. Senators Gordon Smith and Kent Conrad introduced a resolution to raise awareness of the importance of retirement savings and to encourage contributing toward retirement plans.
Check out this story from the Houston Chronicle about why Americans need to save more toward retirement. However the article doesn't provide much advice what to do if you are like many Americans who cannot afford to save for retirement. What's the point of having access to a 401k or an IRA if your budget has no room to fund a retirement plan. Unfortunately too many of us no cushion and we are stuck between a rock and a hard place.
The article would have been better if it suggested turning to side hustles to earn extra cash that could be earmarked for retirement savings. It also did not consider working part time in retirement to close the gap between expenses and retirement savings and Social Security benefits.
Mr EH agrees that it can be a bitter pill but it's better to face the facts and start your side hustle as soon as possible.