Do police officers break the law when unretiring? - Hustler Daily Thumbs Up - October 13

Hello fellow Encore Hustlers

It is a not uncommon practice for retire public service employees to return to work on a limited basis.  Think of retired teachers who come back on a substitute.

However this can be a tricky situation that varies from state to state and the type of service.  State pension administrators can take a dim view if is felt that pension rules are being circumvented.

Take for example this story out of North Carolina about retired police officers returning to work on short term special assignments.  Apparently this is common practice for some time with the Charlotte PD.  Retired officers come back to work special events such providing traffic control and security at Panther games. But when the city announced that the newly retired Chief of Police would be coming back to lead security for next year's Republican National Convention, this caught the attention of the North Carolina State Treasurer who announced that "retired means retired" and a return work violates the law.

Now that the spotlight is shining on this practice it could result in a huge financial impact on retired police officers including a potential clawback on already paid pension benefits.

While this is being played out in the courts, Mr EH can only say that be very, very careful if you are a  retired public service employee considering on retiring back to work for a short term assignment.  Do your homework and consult with your state pension administrators before agreeing to work.

As always, Mr EH would love to hear your feedback and comments.

Cheers,
Mr EH

Surprising reason to return to work - Hustler Daily Thumbs Up - July 20

Hello fellow Encore Hustlers

There are many reasons for returning to work after retirement or pursuing an encore hustle.  These can include a need for extra money, a sense of fulfillment, and pursuit of a passion.

According to this story, based on a report from Zurich Insurance, another reason to work after retirement appears to be a means of escaping an annoying spouse.  Apparently 1 in 10 women who return to work after retirement do so because of not being able to adjust to spending more time with their husbands.  Also surprising is that this number is twice the number of husbands who feel the same way about their wives.

Perhaps this is one of the reasons behind the "grey divorce" trend that has been receiving attention lately.

Maybe the money earned from returning to work can be used to pay for marriage counseling?

Cheers,
Mr. EH

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