Working after retirement, why do it?

More than 40% of Boomers will continue to work after they retire for many reasons, one of these reasons is to ensure that retirement savings will last throughout retirement. From the perspective of an early Boomer (it means I and my friends are ahead of the curve and I refer to those born between 1946 and 1950), it appears that of the 40% or so of us who continue to work will work for about 9 or 10 years beyond retirement. This is not based on any scientific study but I am sure there are those out there studying this issue. I am basing this statement on my circle of friends and acquaintances who are all early Boomers. I asked why they continued to work. Here are some of their answers in no particular order.

1.  Working Helps me to Stay Physically and Mentally Healthy

Not only can working delay the onset of age-related diseases like dementia, but keeping mentally and physically active helps you feel younger longer. Working also keep you socially active and prevents isolation, and can provide a sense of purpose.

2. I Enjoy Your Work or Want to Take on a Different Role

Like many people, you may continue to work simply because you truly love your job. You may even be able to remain in the same field, but take on different jobs that are more fulfilling or require fewer hours.

3. I Simply Want to Work Part-Time Instead of Full-Time

Working full-time usually means structuring your whole life around your job, and this can become physically and emotionally draining. However, switching to a job with fewer hours and more flexibility offers similar rewards to working full-time, but provides flexibility and more free time.

4. I Wanted to Try a New Line of Work

Once you begin receiving Social Security or a pension, you may be more concerned with doing something you love rather than bringing home a large income. Many retired folk train for new careers or begin new jobs doing something they enjoy, even though it may not be as remunerative as their previous career.

5. I Can’t Imagine Not Working

After a lifetime spent working, many retired persons just don’t know what to do with themselves without a job. As one of my friends said, “Some people just don’t know how to not work.” After a lifetime of specific goals, time-sheets, and to-do lists, the unstructured days of retirement can simply feel boring.

6. My Savings Aren't as much as I want.

Many of us did not start to save for retirement until we were in our 50’s so we did not save as much as we need to maintain a lifestyle we are used to living. By working we can save more money for when we retire full time

7. I Like the idea of Receiving My Pension While Still Working.

Not everyone’s retirement planning goes perfectly. Medical expenses, unemployment gaps, etc. are several reasons why people are not able to save enough money to fully provide for their lifestyle after retirement. When you choose to still work, whether it be full or part-time, the additional income can help make ends meet, and allow for a bit more disposable income.

8. I want to boost my Social Security Funds

As many of you know, you could increase the value of your social security payments by delaying the year that you start taking them. Many people choose to delay their social security checks for up to 10 years after their retirement begins.

9. I want to continue to get Health Insurance Benefits

One of the things that come as a shock for people approaching their retirement is the cost of medical care. It is easy to take your employer-assisted

10.Working gives me a Sense of Purpose

Recent studies have suggested that working longer may benefit your health This might come to many as a surprise, but having a sense of purpose is an important aspect of life. Unfortunately, many don't come to realize this until they leave their jobs, and discover that 18 hours a day of free time is a bit too much. Although this time can be filled with volunteering, teaching, and other charitable activities, staying in the workforce is another viable option.

11. Working allows me to Stay Social

Are you living in a house all by yourself? Or maybe the people you live with are not home during the day. Since you have been working for decades, spending the whole day doing nothing inside the house may come as a bit of a lifestyle shock. If this is the case, continuing to work post-retirement may be worth your consideration. Humans are social beings, and many environments encourage just that!

There is no right or wrong answer when it comes to postretirement work. Spend some time analyzing your personal situation, and deciding whether full or part-time work retirement is for you.