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.

Cheers,
Mr EH

The working from home encore hustle - Hustler Daily Thumbs Up - September 7

Hello fellow Encore Hustlers.

Thanks to the internet there are thousands of opportunities to work from home (or remotely from any location).  It is win-win situation for both employers and employees.

For the employer a remote employee eliminates the need to have maintain costly office space and provides a workforce with flexible schedules that are especially needed for customer service positions.

For the employee a work from home job means you can kiss the commute goodbye and allows you to use geographical arbitrage to live in a low cost of living region that may not have the best paying opportunities.

The prerequisites to pursuing these positions may include:

• good internet connectivity
• Windows/Mac PC or laptop
• dedicated phone line
• telephone headset
• webcam
• printer 

If this seems like a big investment the good news is that many companies will supply the hardware or will provide an allowance.  Also many companies may subsidize yourdedicated telephone/internet monthly fees.

Check out this link from singlemomsincome.com that features several companies that are not only hiring for work-from-home positions but also offer benefits, such as 401k's and medical insurance. The list includes:

• Apple at Home 
• Carnival Cruises 
• American Express
• Hertz

Mr EH especially likes the benefit package for Carnival, that in addition to a matching 401k, includes tow complementary cruises a year and discounts for friends and family.

Cheers,
Mr Eh

Stash your cash in a SEP - Hustler Daily Thumbs Up - June 16

Hello fellow Encore Hustlers

If you have an encore hustle that classifies you as an independent sole proprietor business owner then you should read this article from Bankrate.com about the advantages of setting up your own SEP IRA.

A SEP IRA stands for Simplified Employee Pension Individual Retirement Account.  This allows you to shelter 25% of your business earnings or $56,000 of business income, whichever is less.  The SEP IRA is independent of any participation in other retirement shelters.  For example this business is a side hustle and you are also still working for another employer who has a 401k program, then you can also contribute up to the maximum that you are allowed in the 401k.  You can also contribute to either a traditional IRA or Roth IRA.

So if your side hustle is successful and you are in a position not to need the income to cover to immediate needs the SEP IRA might be right for you.

Cheers,
Mr. EH