Japanese encore hustlers turn to uber eats - Hustler Daily Thumbs Up - July 7

Hello fellow Encore Hustlers

Uber is synonymous with the gig economy and it is lightening rod for controversy.  What are the legal status of Uber gig workers?  While a boon to consumers it is also a disruptor of established industries.

This has lead to Uber being totally or partially banned in many countries: Italy, South Korea, Australia, Germany, China and Japan.  This ban has not deterred Uber from their plan for world domination, it just meant the company needed expand beyond their original model to offer food delivery - Uber Eats.

According this article from Business Insider, Japanese seniors are signing up for the food delivery service.  Uber Eats has been a boon to retired Japanese who a seeking ways to supplement their pensions and it has also taken advantage of the tight labor market where it is difficult to find workers.

Cheers,
Mr. EH

Asia moves to productive longevity - Hustler Daily Thumbs Up - June 18

Hello fellow Encore Hustlers

Here is a link to an article from Nikkei Asian Review about how Asian policymakers are grappling with seismic shifts in their economies due to aging populations, pension funding concerns and shrinking labor forces.

Countries like Singapore, Japan, Korea and Vietnam are actively pursuing "productive longevity" by creating initiatives and policies that promote seniors remaining in the workforce by retraining older workers and partnering with companies to find ways to accommodate an aging labor pool.

I believe these initiatives will be closely monitored by the rest of the world.  But until public policy catches up with reality it is up to you to plot your course towards your encore hustle.

Cheers,
Mr EH

International retirement crisis is looming - Hustler Daily Thumbs Up - June 12

Hello fellow Encore Hustlers

A major consideration for starting an encore hustle may hinge on demographics.  The international trend is for increasing older populations that live longer and for lower birthrates.  That means fewer younger workers contributing to state pension plans, like Social Security.

Read this trio of stories about the US, France and Japan to understand what is in store for seniors.

The US is facing its first real shortfall in Social Security contributes against payouts, which will result into dipping into the Social Security trust fund.  If projections are correct the fund will be depleted by 2035 and this could result in reducing Social Security payments by 20% across the board at that point.

France, which has a retirement age of 62, is looking at ways to incentivize older workers to keep working and delay the start of receiving pension payments.

In Japan the retirement crisis is more extreme.  Currently there are only two working age Japanese for every person 65 years or older.  By 2035 this will become 1.3 working age persons for every senior.  There will be simply no money available to support a pension system.

I could also find similar stories from almost every developed country.

Whether we like it not this trend will result in higher taxes, lower pension payments and raising the retirement age.

So unless you have been to set aside substantial savings to fund your retirement or have been so fortunate to have worked an employer with a pension program then are at the mercy of whatever the state can provide you.

Faced with this an encore hustle may not become a choice but a necessity.

Cheers,
Mr. EH

Hustler Daily Thumbs Up - May 18 - Aging Japan, Herman Wouk, I.M. Pei

Hello Encore Hustlers

Demographics continue to kick our butts.  The trend to continue working past the traditional retirement age can be seen around the global.  It is especially prevalent in Japan, since it has a fastest growing aging population.  Check out this story 75-Year-Old Job Hunters Could Become New Normal in Aging Japan from Bloomberg

Also I wanted to note the passing of author Herman Wouk at age 103 and architect I.M. Pei at age 102.  Wouk was best known for the bestsellers The Caine Mutiny and The Winds of War published his last book at age 101.  I.M. Pei gave us the iconic pyramid entrance at the Louvre in Paris and he completed his final major project the Museum of Islamic Art in Doha when he was in his 90's.