While most people look forward to relaxing in their retirement, a large portion of retirees work either part time or full time. Working in retirement can have a number of benefits both emotionally and financially. Let’s take a look at some of the financial benefits first.
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.
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.
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Sources:
- 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.
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