Especially if you have a pension fund and you were aggressive in contributing to your retirement plan, nothing can be satisfying more than the moment when you finally relax, tour the world, and forget about the usual hassles of employment as you see your money work for you. As long as you’re in good health and have some money set aside to cater to your living expenses, retirement can be sweet and enjoyable. These days, however, more and more retirees are going back to work. Well, while some do it because they find life more challenging when they’re not doing much, a majority discover that at some point in the retirement journey, the income they get from their pension schemes and investment portfolios can no longer meet their financial needs and obligations. But whichever your reason, the big question is’ is it really advisable for seniors to work again after retirement?
Well, here are some scenarios where going back to work after retirement may (and may not) be a good idea:
When Working Is Advisable?
• You’re seeking more financial stability
At the time they retire, most seniors have income and savings from their retirement plan just enough to fund their basic needs and living expenses. But considering factors such as inflation, rising medical costs, and the increasing cost of living, what you have in your 401(k) or IRA may not be able to support your needs for the next 20 or so years after retirement. Ian Bond and the folks from this Retirement website say that one of the best ways to enjoy your life in retirement is to have a solid savings and income flow strategy in place. In this case, working or doing business in retirement allows you some extra income to fund your needs while your existing savings earn interest for you. As a matter of fact, many seniors who start working again after retiring are worried about outliving their savings.
• You just miss working so much
If you’re one of those people who was attached to their career so much, higher chances are that you could miss working a few years after hitting 65. For most people who miss working after retirement, it’s about the satisfaction that comes from accomplishments at work, as well as the challenges encountered all day, interactions, and the brain stimulation that comes from the work environment. If you really miss working to the point that it’s affecting your mental and emotional wellness, it might be a good idea to work again after retirement.
Health and social benefits
We touched on wellness somewhere in the previous pointer, or did we? To expound on this, working provides an effective way to stay mentally and physically engaged, perhaps even more than filling crossword puzzles, reading, and exercising can. Working after retirement can keep you more active, socially connected, and engaged, which can make a huge difference when it comes to your health. Unlike being tied to a demanding career, working part-time can be more beneficial since it gives you some freedom while making you feel you’re part of a meaningful purpose. Actually, studies have even found that people who work after 65 can live a few years longer than if they didn’t work at all.
A new exciting career
Some like to call them encore careers, whereas others prefer the name unretirement. It also goes by names like the ‘next chapter’ or the encore experience. Mostly available in the nonprofit industry, seniors can find purpose and even a paycheck in second careers. It doesn’t have to be related to the work you did before retiring. In most cases, it’s about starting something that allows you to give back to the community, channel your passion, and achieve satisfaction.
When Going Back May Not Be a Good Idea
After retirement, sometimes it’s just best to sit back, relax, and enjoy your sunset days the best way you can. As a senior citizen, some reasons it’s not advisable to return to work once you retire include:
- You have a delicate medical issue
- Working may put a strain in your relationship/s
- The available work could stress you more
- The available jobs are physically demanding
As you can see, working after retirement has its fair share of pros and cons. It could reduce your financial strain, benefit your health, and improve your social life. Nonetheless, it’s only advisable to go back to work if you’re physically, mentally, and emotionally fit for the job you’re taking up.
