Monetizing A Hobby In Retirement Retirement Starts Today podcast

2M ago 18:03

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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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