Monetizing a Hobby in Retirement

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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