As a recruiter many of my clients ask me about whether or not they should work after retirement. There are many benefits to working in retirement, both financial and emotional. Let’s take a look at some of those benefits.
FINANCIALLY: BENEFITS OF WORKING
Make up for Decreased Value of Savings or Investments.
Low interest rates have made it great for Lump Sums but harder to generate portfolio income. Some people continue to work to make up for poor performance of their savings and investments.
Maybe you took an OXY offer & left earlier than you wanted and less retirement savings than you needed.
Instead of drawing down savings, some decide to work a little longer to pay for extras you’ve always denied yourself in the past.
Meet Financial Requirements of day-to-day living.
Expenses can increase during retirement and working can be a logical and effective solution to this problem.
Keep Insurance or Benefits
You may choose to continue working in order to keep your insurance or other benefits. Many employers offer free to low cost health insurance, for part-time workers.
EMOTIONALLY: BENEFITS OF WORKING
Staying Active and Involved
Retaining employment, even if it’s just part-time, can be a great way to use the skills you’ve worked so hard to build over the years and keep up with friends and colleagues.
Enjoy Yourself at Work.
Just because the government has set a retirement age with its Social Security program doesn’t mean you have to schedule your own life in such a manner. Many people genuinely enjoy their employment and continue working because their jobs enrich their lives.
A New Job Opportunity comes along.
You might find yourself with very tempting job opportunities at a time when you thought you’d be withdrawing from the workforce.
Want to read about your survivor checklist? Visit: https://techstaffer.blog/2020/03/12/survivor-checklist-how-your-spouse-can-receive-oxy-benefits-after-your-death/
Want to learn about the stages of retirement? Visit: https://techstaffer.blog/2020/02/26/stage-of-retirement-for-oxy-employees/
Trying to decide between your OXY Lump-Sum & Annuity? Visit: https://techstaffer.blog/2020/03/03/oxy-lump-sum-vs-annuity/
Wondering how a divorce might impact your OXY benefits? Visit: https://techstaffer.blog/2020/03/09/the-impact-of-divorce-on-your-occidental-petroleum-benefits/
- The Retirement Group or www.theretirementgroup.com
- “Retirement Plans-Benefits & Savings.” U.S. Department of Labor, 2019, www.dol.gov/general/topic/retirement.
- “Generating Income That Will Last throughout Retirement.” Fidelity, 22 Jan. 2019, www.fidelity.com/viewpoints/retirement/income-that-can-last-lifetime.
- OXY Summary Plan Description, 2017