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 15

Hello fellow Hustlers.

It has been a snowpocalypse here in the Pacific Northwest for the past week.  This has meant a week of late arrivals or early releases from work, and daily snow shoveling.  So it is a pleasure to take a break and to cobble together this weeks High Five.

1)  A favorite strategy of many encore hustlers is to "double dip", which means receiving a government pension while, at the same time, drawing a government salary.  Think of the millions of retired military, law enforcement or teachers, who after working long enough to qualify for a pension then find employment in another sector of the public sphere.  Apparently double dipping is frowned upon by many government agencies as it gives the appearance of cheating the system.  Here are two stories from New Hampshire and Mississippi about this practice. The New Hampshire story features a Police Chief who became a County Sheriff.  The Mississippi story discusses the possibility of retired teachers who may not be able to draw their pensions if they are elected to the State Legislature.

2)  Check out this article about Alcona County, situated in the rural corner of the Upper Midwest.  It has one of the oldest populations in the U.S.  The median age in Alcona is 58, which is 20 years older than the median age of the country.  More than half of its residents are age 55 or older. With a dearth of younger workers many essential jobs in the county are held by seniors.  This trend can be viewed as a glimpse of what may happen to the rest of the country as it progressively gray's and follows in the footsteps of countries like Japan.

3)  It is tax filing season and for side hustlers it can be a particularly vexing task to summarize their various income streams.  Here is story from WRBC TV in Chattanooga, Tennessee that highlights several concerns for gig workers when it comes to tax filing.

4)  Creative and performing side hustles are popular amongst the encore hustle community.  Read about Robert Findley, a carpenter and part-time bluesman from Arkansas, who was "discovered" at age 64.  With the help of the non-profit Music Maker Relief Foundation, he was able to cut his first album Age Don't Mean A Thing in 2016.

5)  The Baby Boomer generation is behind the majority of recent small business startups.  This entrepreneurial movement has even coined the term greypreneur.  Check out this Infographic about the Rise of Greypreneurs and also this article from the Houston Chronicle about how the Federal Small Businesses Association (www.sba.gov) can assist the senior entrepreneur.

Have a great week and happy hustling.

Cheers.