I’m 52 and aiming to fast-track retirement with a second job. Do I have to tell my current employer about it?

As you adjacent retirement, you mightiness beryllium anxious that you aren’t connected way to prevention what you’ll request to discontinue comfortably. Or possibly you’re similar the 1 successful 5 Americans who are implicit 50 and person nary status savings.

A survey by AARP recovered that not lone did 20% of those surveyed who were property 50+ person nary status savings astatine all, but besides that 61% of respondents were disquieted they would not person capable wealth to enactment themselves successful retirement. (1)

It’s not surprising, then, that millions of Americans are moving 2nd jobs. The U.S. Bureau of Labor Statistics recovered that successful September astir 8.8 cardinal Americans held aggregate jobs.

But what are the rules astir holding aggregate jobs? If you prime up a 2nd job, oregon broadside hustle, bash you request to pass your employer?

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Imagine Lena, who works successful communications for an security company. She’s 52, and has $280,000 saved for retirement. She makes $65,000 a year, and she’s disquieted that she is not going to scope her extremity of 10 times her yearly income successful savings by the clip she is 67.

Lena is considering taking connected freelance penning and editing jobs to marque other wealth to enactment towards status savings. However, she’s not definite if she needs to disclose the broadside enactment to her company.

Having much than 1 occupation isn’t illegal. But depending connected authorities laws astir non-compete agreements, workers could tally into trouble. (2)

If you privation to instrumentality connected a 2nd job, you should reappraisal your employment contracts and/or institution codes of behaviour from your employer, and cheque if determination are policies prohibiting secondary employment.

If you are utilizing institution clip to enactment connected your 2nd occupation oregon broadside hustle, you tally the hazard of your leader discovering that you’re doing different enactment connected the clock, risking your superior employment. If you are doing enactment for a competitor, you could besides tally into occupation if determination is simply a struggle of interest.

For idiosyncratic similar Lena, arsenic agelong arsenic her declaration doesn’t prohibit secondary employment, and she is not moving for a competitor, she should beryllium capable to freelance without worry.

If her declaration doesn’t stipulate that she indispensable disclose immoderate secondary employment, she apt does not request to archer her leader astir the other enactment she’s doing.