Retirement – the action or fact of leaving one’s job and ceasing to work. (1)
The very definition of retirement is to cease to work. However, this can be a problem for many. Not everyone imagines retirement filled with days relaxing on a swing, like the picture above.
An AARP study found that “half of workers age 60 and older now say that they plan to keep working until at least age 70.”
Working is the new retirement.
For some, working after retirement is out of necessity, but for others, it’s born out of desire.
Perhaps you no longer rely on a paycheck, or you find purpose and enjoyment in your work. Maybe you just want to be around people and desire to remain active.
Here are 5 reasons you might continue working after retirement
You desire to work
If you love your job and it fills a purpose in your life, you may want to continue in your career past retirement age. Rather than work for a bigger organization strictly from 9-to-5, many jobs can easily transition into something more flexible. Occupations in fields such as engineering, accounting, and executive management make great consulting gigs.
You want to get paid for your passion or hobby
If you have a talent such as quilting, stained glass, or writing, the online economy provides countless avenues to earn extra income. For example, Etsy shops can provide a full-time income by selling handcrafted goods. Blogs can provide an outlet for writing. If you enjoy shopping, you can earn an income by selling items purchased at flea markets.
To maintain your physical and mental health
Retirement may leave you feeling bored and restless. Work provides you with a reason to get out of bed in the morning, get yourself ready, and keeps you moving. Working can keep your mind sharp and keep you physically active.
The cost of medical care is high. And it increases as you age. Many retirees aren’t prepared for the additional cost of insurance, which was previously subsidized by their employers. Additionally, government-provided plans typically aren’t as good as plans provided by employers. Continuing to work after retirement may be a strategy to help keep your medical benefits at a lower cost.
Strategic financial planning
If you didn’t save enough money to retire on, or you simply want more time to boost your savings, continuing to work after retirement age may be your only option. Similarly, if your retirement was planned shortly after a dip in the economy, you may consider working for another year while your stocks recover. However, the best strategy may be for the ones who have been loyal to a company and can receive a pension yet are too young to retire. You’ve got the option to double dip and increase your savings even more.
Retirement is not a requirement
There are many reasons not to retire, and if retirement is not right for you, the options are endless.
Do you think you’ll work after retirement? Let me know in the comments below.