According to BankRate, 23% of Americans 60-78 have a side-hustle. Maurie Backman says in an article by Kiplinger that this would help with two key areas in retirement planning: It provides us with something fulfilling to do after our primary career and provide a little extra cash in retirement.
The benefits of a side hustle:
- Mental Engagement
- Extra Income
- Social Connection
- Sense of Purpose
The Pitfalls of a side hustle:
- Tax Complications
- Outspending your retirement budget in search of business profits
- Medicare Premium Creep (IRMAA)
- Lifestyle Clash
- Time Commitment
Also in this episode, we discuss a listener's question about global stock allocations - and asks if I think it's better to own a global fund or to own US & international equity separately. How can one balance simplicity and effectiveness in their plan?
Resource:
Article by Maurie Backman: Monetizing a Hobby in Retirement: The Benefits and Pitfalls
Article by Bankrate: https://www.bankrate.com/credit-cards/news/side-hustles-survey/
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