Forced to return to work after retirement - Hustler Daily Thumbs Up - July 13

Hello fellow Encore Hustlers.

The UK has a pension system that allows for lump sum cash withdrawals, up to 25% can be taken out tax free.  Over half a million pensioners take advantage of this option.  It turns out that the temptation to have access to this cash, combined with poor financial planning, has lead to a quarter of those who did this having the need to return to work.

While the cash was not necessarily spend on high living, often it was used to pay down debt, the resulting lower monthly pension checks often means looking for some sort of employment to cover the shortfall.

Check out this story from the UK Mirror for more details.

Cheers,
Mr. EH

When the encore hustle is a necessity and not a choice - Hustler Daily Thumbs Up - June 26

Hello fellow Encore Hustlers

According to this article a majority of Brits plan to continue working past retirement age.  Sadly for most of those planning on working are doing so because their pensions are inadequate and they do not have enough savings.  Without an adequate safety net there is no opportunity to pursue an encore passion or to become a seniorpreneur.

Which direction are you heading in when it comes working past retirement age?

Cheers,
Mr EH

Three UK ladies who decide not to Brexit from working - Hustler Daily Thumbs Up - June 5

Hello fellow Encore Hustlers

Yesterday I posted a story about Aussies retirees rebooting with encore careers.  Today, keeping with my unintentional theme, I have a link to a story about three women from North Yorkshire, UK, who have decided to embrace refirement, to use the word coined by one of the ladies to express to return to work they are passionate about.

Nicola Joy-Smith retired from nursing to open her own health and beauty clinic (nicolashealthsanctuary.com).

Anita Tasker after running bakeries for many years opened her own establishment called Square Bakehouse.

Annie Stirk retired from a successful PR business to start dual careers as a fashion model and blogger with the website Time of Your Life, with the mission to connect and inspire women in retirement.

All three women are having the time of their lives, enjoying the challenge of launching businesses and being connected with their customers.

Cheers,
Mr. EH

The Hustle High Five - Hustler News of the Week - April 7

Hello fellow hustlers.

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.

Mr. EH

The Hustle High Five - Hustler News of the Week - February 22

Hello fellow hustlers.

I have been enjoying capping my week with searching for news of encore hustles and putting together this post.  When I started this weekly post I was looking for a catchy title and thought "high five" would do the job.   But I have quickly found that some weeks there is just too many stories to keep it limited to a handful. So I hope you don't mind if I cheat a little by grouping together stories of a common topic.

1)  Everyone knows about the opportunities to earn side hustle cash with driving for Uber or renting your  living space on Airbnb.  Did you also know that you can also rent out your kayak or yacht on a variety of sites such as GetMyBoat which connects owners and day sailers?  Check out this story on the boat sharing economy.

2)  As I have mentioned in previous posts working past the traditional retirement age is an international phenomena.  Check out these stories from the UK and Romania about surveys that indicate the majority of retirees continue to work to supplement their pension checks.  It is clear that governments, businesses and society will have recognize this and realize that millions of seniors who want to or need to work.

3)  Read these stories about retirees who have found encore careers.  A Minnesota Sales Manager who unretired to become an insurance agent, a California former nurse who now looks after pets when their owners are traveling, and an 85 year old admin assistant in rural Pennsylvania.

4)  Here is a cautionary story about a Cleveland, Ohio 73-year-old grandmother who was forced to return to work as a part-time school custodian.  Social Security cut her benefits by $12K a year due to the Windfall Elimination Provision that mandates that if you receive a pension from a government job your Social Security benefits are reduced.  In her case it was due to her 20 years working in the school system.

5)  The taste of food from your childhood can bring back a wealth of memories (just ask Marcel Proust).  In the case of a San Francisco retired aerospace executive, she started Angkor Food to sell the Cambodian cooking sauces that are a homage to her mother.

As always, have a great week.  I would appreciate you sharing this post and I love receiving your comments.

Cheers,

Mr. EH