Embracing a Side Hustle After Retirement: A Thriving Guide for Procter & Gamble Employees

Healthcare Provider Update: Healthcare Provider for Procter & Gamble Procter & Gamble typically collaborates with a range of health insurance providers to offer coverage to its employees. Although specific details regarding their primary healthcare provider may vary, they often include major insurers like Aetna, UnitedHealthcare, and Blue Cross Blue Shield, which provide comprehensive benefits tailored to their workforce. Potential Healthcare Cost Increases for Procter & Gamble in 2026 As health insurance rates soar, Procter & Gamble employees may face significant increases in their healthcare costs in 2026. With projections indicating that ACA marketplace premiums may rise by more than 60% in some areas, employees relying on these plans could see their out-of-pocket expenses balloon by over 75% if enhanced federal subsidies expire. Contributing factors include heightened medical costs, aggressive rate hikes from major insurers, and the potential loss of financial assistance that currently mitigates premium expenses. This confluence of challenges could substantially strain budgets for many P&G employees seeking health coverage next year. Click here to learn more

In the current retirement planning landscape at Procter & Gamble, engaging in part-time work or side hustles is becoming increasingly popular. Even though retirement is often seen as a time for relaxation, today it frequently includes activities that generate income and maintain mental engagement.  A survey by MarketBeat.com  of 3,000 retirees reveals that those pursuing side hustles generally earn about $379 per month. The reasons vary: 47% engage in side hustles to supplement their retirement income, 34% to keep mentally active, 10% to pursue a passion, and 9% to enhance interpersonal relationships.

Preparation is key

It’s valuable for Procter & Gamble retirees to consider their post-retirement work plans early on. Advisors recommend starting to plan 5 to 10 years before retirement. This foresight can ease financial constraints and reduce the monotony that might unexpectedly arise. Financial professionals caution against retiring prematurely without adequate financial preparation, likening it to 'pulling the ripcord and jumping out of the plane.'

Weighing the return to work

Deciding whether to work part-time is important for those transitioning from Procter & Gamble. Financial advisors play a critical role in making these decisions, assessing the necessary income levels and preferred work stress. Key considerations include the need for health benefits, especially for those ineligible for Medicare. Financial professionals highlight the importance of carefully addressing these “serious questions.”

Choosing enjoyable pursuits

Selecting work that brings joy can make it feel less like a chore. Some financial professionals encourage finding employment in areas that spark personal interest. For animal lovers, dog walking or pet sitting could be suitable, while sports enthusiasts might enjoy managing youth events. John Jones from Heritage Financial shares a client example, where, despite being financially stable, the client chose to learn golf partly to remain active and mentally engaged.

Financial implications on Social Security and Taxes

Earning a salary during retirement can affect social benefits and taxes. Those receiving Social Security benefits before full retirement age must consider the income limit that could affect their benefits. Additionally, retirees need to monitor their income to prevent moving into a higher tax bracket, particularly when making Required Minimum Distributions (RMDs). Jennifer Kohlbacher, who oversees wealth strategy at Mariner, advises structuring side hustles carefully. She suggests using a sole LLC to prevent legal disputes and discusses potential deductions for expenses like equipment and mileage.

Continuing retirement savings

Working during retirement can also help extend the lifespan of retirement savings. Other financial professionals highlight a case where a retired Procter & Gamble executive chose consulting to reduce withdrawals from his personal retirement account (IRA), allowing the account to grow tax-deferred and increase its financial value for his heirs.

Adaptability and ongoing evaluation

Life’s unpredictability calls for flexibility in retirement plans.  There are real-life examples of a retirees returning to work to support their spouses during early parental leave. It’s beneficial to perform regular financial reviews to confirm that the side hustle meets ongoing financial and emotional needs.

In conclusion

The evolving perspective on retirement now sees it as a phase that may include ongoing work activities, reflecting shifts in financial strategies, personal fulfillment, and social structures over time. As this trend grows, retirees are encouraged to view self-employment not only as a financial supplement but also as an opportunity to stay engaged and involved in society.

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Participating in side hustles can significantly improve the cognitive health of retirees.  According to a 2020 study by the American Psychological Association , retirees engaged in productive activities, such as part-time roles or self-employment, reported better psychological health and increased cognitive capacity compared to those fully retired. This stimulation from active work supports mental alertness, crucial for personal financial management and effective problem-solving in retirement.

Navigating retirement with a side hustle is like sailing through a peaceful retirement haven with a sturdy little motorboat. Just as a sailor uses the motorboat to explore new coves and shores freely, extending the journey beyond set boundaries, an alternative activity during retirement allows individuals to pursue new passions and opportunities while maintaining their financial stability. It’s the perfect blend of exploration and income generation, allowing retirees to boost their income on their own terms, maintain mental resilience, and expand social networks—all while mastering the dynamics of their post-professional life.