It might sound a little odd, but there are real benefits to working even though you no longer need the money for your retirement.
Many so-called “retirement workers” have discovered that part-time jobs or volunteer positions help them balance using their talents whilst also enjoying recreation, travelling, and spending time with family. Some even start brand new companies in retirement.
Here are three important benefits of working in retirement that might persuade you to keep working for a couple of days a week.
1. Working is good for you.
Retiring early is a very popular goal. For many in 2021, the opportunity might arise earlier than expected as companies assess their staffing after furlough ends. While it makes sense to want to enjoy your assets when you’re younger, a recent study examines how the latter stages of retirement may be affected by decreased mental and physical activity ,and higher instances of illness.
Working keeps your mind and body active, and engages you in problem solving and creative thinking. It keeps you mindful about your health and appearance, so that you make a good impression on colleagues and customers. It challenges you to keep achieving, and in turn rewards you when you do.
And, if nothing else, it keeps you from vegging out on the sofa all day and driving your spouse crazy!
2. Work can give you a sense of purpose.
Many retirees struggle with the transition to retirement because their sense of purpose and identity is so tied to their work. Without that familiar job and its schedule and responsibilities, some retirees struggle to find a reason to get out of bed in the morning. A part-time job can restore some of that sense of structure and drive.
In fact, you might find that working in retirement gives you an even greater sense of purpose than your former career did. You might have been in a job that you didn’t enjoy, just to support your family. Now that you no longer need to worry about that, you can take another job that is more fulfilling. You can work a couple days every week at that charity that’s making a difference in your community, or offer unpaid volunteer hours to a charitable organization that’s close to your heart. This way you are making a contribution to society without worrying about the size of your pay packet.
3. Work can improve your connections to other people.
Early retirement can be quite lonely to start with. Your spouse, friends and family might still be busy working. The regular social interactions you enjoyed at work are gone. You and your spouse probably share some common interests, but even if you are both retired, you can’t spend every single second together.
You need to be open to making new personal connections in retirement, and a new workplace is a great place to start that process.
- You’ll meet new people from different walks of life.
- You’ll work with and help people who can benefit from your personal wisdom and your professional skill set.
- You might meet other retired seniors who, like you, are trying to stay active and put their talents to good use.
- The more involved you are in your community, the more curious and adventurous you’re going to be about trying new restaurants, shopping in new stores, and interacting with more people.
Of course, working in retirement can affect other aspects of your financial planning even if you don’t need the money, such as taxes, withdrawal rates, and your relationship with your spouse. If you’re considering a new part-time job during retirement, you should be thinking about how to make the most of the extra bit of money you’ll soon have.
Not sure how you feel about retirement?
Our introductory Retire with Purpose programme helps you work out what’s important for you in retirement, and how you want to use your money to get the maximum enjoyment from it.
- Simply register with us for more information, and we’ll send you our next dates in autumn 2021.
- Or sign up for our newsletter for more helpful tips on how to Retire With Purpose. (Sign-up form in footer of website)