When retirement is not an option - Hustler Daily Thumbs Up - August 12

Hello fellow Encore Hustlers

For some people, their years of planning, hard work, and saving can unravel with one life changing event.  Read this story about Janet Beebe who at 70, continues to be the chief executive officer of a non-profit based in the Atlanta, Georgia area.

Her original plan of retiring at 65 with her husband, was derailed when he was diagnosed with Parkinson's at age 58.  Eventually his condition progressed to the point that required him to be placed in a full time care facility that costs almost $6,000 a month.

The care is not covered by Medicare, but fortunately their combined social security checks and savings are covering the cost for now.  Unfortunately for Janet, her retirement is not option.

But at least, for the moment, she is keeping the leaky ship afloat.

Cheers,
Mr. EH

Nothing magic about 65 - Hustler Daily Thumbs Up - June 19

Hello fellow Encore Hustlers

Have you ever wondered who decided that 65 was the year we became old and ready for retirement?

Ready (or listen) to this piece from Marketplace that explains that 65 was a compromise reached during the inception of Social Security in 1935 to receive approval from Congress.

Age 65 might have made sense in the 1930's when the average life expectancy for a US citizen was about 62, but what about today when we can expect to live, on average, close to 80?

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

When Your Retirement Plans Meet Reality - Hustler Daily Thumbs Up - May 19

Good day fellow Encore Hustlers.

The Sunday New Times has a great story Why Working Till Whenever is a Risky Retirement Strategy.  The story profiles several people who experience late career layoffs and the difficulty in remaining in the workforce.  Often they face age discrimination and when employment is found it is usually a contract or at a lower salary.  At some point they are forced to dip into retirement savings or to take Social Security benefits at age 62.   One person profiled has decided to follow her passion about dogs and has started a blog about canine marketing to supplement her income.

This article is a great example why we need to be always working on a Plan B.  Rather than coasting to a retirement have a plan to keep your skills relevant, network, save as much as possible and develop a side hustle.

Cheers,
Mr. EH

The Hustle High Five - Hustler News of the Week - April 21

Hello Encore Hustlers.

Buckle up and enjoy today's stories.

1)  One of the common concerns we have in our late careers is convincing employers that we have still so much to offer.  Check out this story from Marketwatch about a CFO who couldn't get hired at 61, so he stared his own business.  Also it is never too late to achieve late career success as featured in the interview with Rich Karlgaard, the author of Late Bloomers: The Power of Patience in a World Obsessed with Early Achievement.  In Maine the older worker is hot commodity, they are the largest segement of the labor force, so read about the Boomer Institute that matches them with compatible employers.  One option that many employers now offer is to continue working but remotely from home.  If you think this appeals to you then read this story of What Working Remotely Means For Baby Boomers' Retirement Plans.

2)   Rather than playing the interviewing game to convince employers of your worth, this might be the best time to pursue your passion and strike out on an encore career.  Read these two stories, the first gives an appraisal of the positives and negatives for an encore careen and the second on how to pursue your passion.  Also check this piece on how to retirement can mean reinventing yourself.

3)   If you do return to work after retiring, it is critical that you protect the benefits that you earned before retirement.  This story is about how it will affect your social security.  If you are a retired Federal employee then check this article about how to boost your benefits if you "unretire".

4)  Forbes magazine has great articles about retirement and side hustles.  Here are three stories from Forbes that I really enjoyed. The first is about Becoming An Apartment Rental Agent as an encore career.  The second is how to Increase the Odds That You Can Continue Working In Your Retirement Years. The third is Retirement is Dead!.  I hope you enjoy them as much as I did.

5)  Here is interesting story from the New York Times about a 71 year old artist from California who makes $40K per year driving for Uber.  It details the long hours and expenses involved in being an Uber drive that does not paint a flattering picture of this gig.  Of course, while I am reading it I am wondering why does he keep driving for Uber?  There are many other options for work that he could explore, Trader Joes' is well known as workplace for seniors that provides good salary and benefits, for example.  If your side hustle is not working, it might be time to explore other options.

6)  And here is a bonus story that I just had to include.  You know I am a sucker encore hustlers that are on the long tail of the curve and here is a story about a 100-year-old yoga teacher that is really an inspiration.

As always, enjoy the hustle.

Cheers,
Mr. EH

The Hustle High Five - Hustler News of the Week - March 23

Hello EncoreHustlers

Some weeks when I am researching (aka Googling) articles to feature in a posting there seems to be very few stories that are worth including.

This is not one of those weeks.  And rather than limiting myself to just a handful of stories I have, like Hemingway's six toed cats, added a few digits.  I hope you enjoy reading them.

1)   Deciding at what age to take Social Security can have ramifications that can last decades.  So what happens if you decide to unretire (to return to work) after starting receiving Social Security. Check out this article from MarketWatch How "Unretirement" Affects Your Social Security.  It turns out you have several options including: reimbursing the Social Security Administration for payments you already received, pausing your benefit or continuing to work but being mindful that earnings above $17,640 will result in clawbacks on your Social Security benefit.

2)   If you are looking to work full or part-time here are two good articles to get you launched on your job search: How To Find A Great Part-time Job In Your Retirement from the Oakland Press and Are You A Baby Boomer Looking For Work: Where To Find The Best Opportunities from Forbes.

3)   If you are unsure whether to retire full-time or continue working part-time check out this study from the UK, Average Retiree Grows Bored After Just One Year.

4)   Here are two stories about efforts to lure seniors back to work.  The first is from Maine where seniors are sought by companies due to historic low unemployment rates and the second is from Scotland where retired doctors are recruited to work in underserved rural areas.

5)   Creativity does not necessarily decline when we age.  Read this story from Long Island, New York about three senior inventors who have found their Eureka moment.

6)   The US Bureau of Labor keeps all sorts of interesting employment statics, including worker age and employment numbers.  It turns out that there are more than 250,000 workers aged 85 or older who still draw a paycheck.  But even amongst this cohort the story of a 97 year old veteran, who bags groceries two days a week at a New Jersey store, is an outlier.

7)   This week was the start of baseball season and this story from Decatur, Illinois about a softball umpire school, although published a couple of weeks ago, has come off the bench.  It turns out umpiring for softball is a pretty good encore hustle.  An umpire can earn $35 per game that typically lasts 70 minutes.  During a tournament weekend this could mean hundreds of dollars, not a bad return for participating in America's pastime.

I hope these stories inform you and inspire you to start your EncoreHustle.  And I love to hear your comments and your stories.

So until next week, keep hustling.

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

The Hustle High Five - Hustler News of the Week - February 8

Hello Hustlers.

Thanks for starting your weekend with reading this post.  I enjoyed spending my afternoon rounding up these stories, hope you find them interesting.

1)   Here is a nice piece from the Minnesota StarTribune that profiles several side hustlers, including retired nurse Geri Stroud, 77, who supplements her Social Security by playing her keyboard in mini-concerts at senior living residences, making up to $100 an hour playing the oldies.

2)   This is a somber story from Dallas that describes the difficulty that older workers encounter when trying to find a new job after a late career layoff.  The statistics are depressing but the story does offer sound advice and profiles the good work of Dallas's The Senior Source and its Elder Financial Safety Center that has helped thousands of +50 year old workers find new jobs.

3)   The law is still catching up with the ramifications of seniors continuing to work past what is considered the official retirement age.  One gotcha is that if you are receiving Social Security benefits and continuing to work for an employer that offers a Health Savings Account (HSA), then you are not allowed to contribute to the plan.  Well, read about Ohio Congressman Bob Latta who is introducing a piece of legislation, the Stop Penalizing Working Seniors Act, that will give seniors access to HSA accounts.

4)   Transitioning to an encore career can be years in the making.  This is a good column from Forbes Making the Most Of An Encore Career that can jumpstart your planning.

5)   As I have highlighted in previous posts, working beyond retirement age is not just a US phenomena.  Here is story from the UK Mirror about a survey of British workers that indicates one in 10 plan to work full-time and one in four hope to continue working part-time.

Well that's  it for this week.  

As always, Happy Hustling.