Is Working in Retirement Right for You?

When you picture your retirement, working at a part-time job might be the last thing on your mind.  But that's exactly what many retirees have chosen to do, for a variety of reasons. In fact, statistics from the American Association of Retired Persons (AARP) demonstrate that 20 percent of Americans over age 65 are still employed to some degree.

In a few cases, these working seniors represent those who just haven't retired yet. But many people initially retire, only to re-enter the workforce at a later time. If you're wondering why, the AARP gives five main reasons that working in retirement is a common choice among senior citizens.

They're bored. Most of us believe that we can't wait to stop working and enjoy our retirement years. But many seniors actually discover that they're bored after their careers have ended! By returning to work, at least part time, seniors stay active and feel engaged in their communities.

They've been pursued. It feels good to be wanted, and many employers are actively seeking older workers!  The experience level, maturity, and high degree of skill displayed by retirees are highly valued attributes in the working world. It can be hard to say no when employers pursue you!

They just don't feel “done”. Many of us pursue careers that pay well, but that we find emotionally unfulfilling. It's understandable to make this choice when we have bills to pay and a retirement plan to fund. But later in life, we may decide that we're ready to take on a second career that we truly enjoy, or that makes a difference in the world.

They can afford to do it now. Sometimes the more fulfilling jobs are the lower-paying ones. But now that your primary career has funded a comfortable retirement, and you've claimed your Social Security benefits, you may find it possible to take on a rewarding position doing something you truly love.

They need the income. Sometimes working in retirement isn't all about personal fulfillment or staying active. Some seniors retire to find that their retirement income doesn't quite provide for the lifestyle they truly want. In that case, a part time job can help pay the bills or fund an annual vacation.

If working in retirement sounds like fun, then go for it! But if you don't want to be forced back to work out of necessity, then you need to make sure your retirement plans are in order. Schedule regular meetings with your retirement planning professional to make sure that your financial plans align with your ultimate retirement goals.

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