Why Would Anyone Work After Retirement?


Why Would Anyone Work After Retirement?

Posted by Infinite Wealth Advisors, LLC
9 years ago | February 23, 2015

iStock_000016832892XSmallWhen you think of retirement, the first thought that comes to mind is probably, “I can’t wait to quit working”. And yet, many retirees actually go back to work at some point during their retirement years, or simply keep working part time from the beginning. In fact, the American Association of Retired Persons (AARP) reports that nearly 20 percent of Americans over age 65 are still employed in some capacity.

A few of those workers just have yet to retire. But a great many of them decided to start “encore careers” after an initial period of full retirement. But why would anyone want to go back to work so late in life? The AARP gives the following reasons.

They’re bored. After a short initial period of relaxation, some seniors actually find themselves bored with retirement! Going back to work keeps their minds and bodies active, and they feel more socially engaged with the community.

Employers seek them out. In many fields, experience is a top priority when employers look for new workers. Employers in many industries, such as health care and education, actively seek out retirees and offer them new and tempting employment opportunities.

They don’t feel as if their careers are truly over. While many are tired of the same position or office environment they experienced for decades, many retirees don’t actually feel that their careers are over. Often they seek out different work in their field where they can contribute their decades of experience and skills in a new environment which is more conducive to a partial retirement.

They want to feel fulfilled. Some retirees spent decades in a field which paid well and provided a comfortable income stream, but it wasn’t something they felt was their true calling. Now that living expenses are covered by retirement income, it’s now possible to pursue lower-paying but highly rewarding jobs. These retirees realize a second chance to do something they truly enjoy or that makes a difference in their communities.

They need the money. Some retirees quickly realize that their retirement income is not providing a comfortable lifestyle. Others experience hardship or unexpected expenses, and a return to work becomes necessary. A part-time job or second career provides the income they need.

Returning to work because you want to is one thing, but sound financial planning now can help to prevent a return to work out of necessity. Schedule regular consultations with your financial advisor to make sure your retirement plans are on track to reach your goals.

14098 – 2015/2/13

Have questions? Need assistance?

Use the form below to schedule an appointment.

    Call 877-281-8282 or email kevin@infinitewealthadvisors.com to speak with an agent.