Retirement has long been considered a time for relaxation, travel, and pursuing leisurely activities. However, an increasing number of retirees are choosing a different path by reentering the workforce. The decision to go back to work after retirement is driven by a desire for continued activity, engagement, and personal fulfillment. In this article, we explore the motivations behind retirees’ return to work and the myriad benefits it brings to their physical, mental, and emotional well-being.
We work all our lives, with anticipation of one day retiring to a life of leisure. No boss to answer to. Sleep as late as you want, or get up early to go fishing – it’s entirely up to you. Golf, travel, enjoy the grandkids. Go wherever you want. Do whatever you want. Whenever you want. With whomever you want. All the time.
Hopefully, along the way, you managed to take advantage of your good health and built some memories while you were still young while saving money to supplement your pension once you retire. Before you know it, you look in the mirror and don’t recognize the person looking back at you. You are in your 60’s and it’s time to retire. How did it happen so fast? You’ve been looking forward to this day for years, and now … Are you really ready?
Changing perspectives on retirement age.
Don’t misunderstand … I’m not saying retirement is a bad idea. There are many reasons it could be the best thing that ever happened for many people. But not everyone thrives once they stop working. More and more people are choosing to continue working, or after a while, going back into the workforce when they realize that, for them, the retirement life is not all it’s cracked up to be. The good news is, that at this point in your life, you have options. You don’t have to go back to work. So, you can be choosy. Work part time or full time. Try doing something new. If it is not a good fit, you can move on. It’s up to you.
There are a number of benefits of continuing to work past traditional retirement age worthy of consideration.
Financial Security
Financial Security and Extra Income:
Some people choose to go back to work for reasons other than just financial considerations. The supplemental income is a pragmatic benefit that allows retirees to take part in activities they may have otherwise not been able to pursue. Hobbies, traveling, and in ever-increasing instances, supporting family members – it all takes money and stretches resources to the limit and beyond. Extra income earned by working provides retirees with a greater sense of financial freedom.
Pension and Social Security may not be enough to live on, or may not provide enough of a cushion. The extra income earned by working a few more years could make it possibe to delay dipping into savings or cashing in on investments.
Staying Active and Engaged
Retirement can be an enjoyable, rewarding way of life. You now have the time, and hopefully, the money, to pursue interests that you have been dreaming about for years.
Or, it can be the opposite. If you don’t have a reason for getting up in the morning, someplace to go, something to do, it can be depressing, and your brain, for lack of a better term, can turn to mush. You sit around the house, watching Netflix, eating snacks, maybe even drinking. Your health deteriorates. In a couple years’ time, you can go from being a vital, healthy, functioning and contributing individual to someone you don’t even recognize.
Choosing to go back to work is a good way for some retirees to keep their minds active and engaged. Working often involves solving problems, making decisions, and acquiring new skills – all of which contribute to cognitive stimulation. Taking part in mentally challenging activities helps prevent cognitive degeneration and keeps the brain sharp. Working part-time, consulting, or beginning your own new venture – the mental stimulation that can be gained from working enhances overall cognitive function.
Social Connection and Networking:
Not getting out and about, sitting at home by oneself can be lonely, boring, depressing. The workplace serves as a hub of social interaction. It can provide retirees with a sense of community and purpose. Going back to work cultivates social connections, allowing retirees to interact with fellow workers, and clients. Meeting people at work not only contributes to a an energetic social life but also helps fight off the loneliness that can accompany retirement. And the workplace provides prospects for networking, which can in turn lead to new friendships, alliances, and even mentorship opportunities with younger co-workers.
Sense of Purpose and Achievement:
Working provides a sense of purpose, a sense of achievement which can be challenging to duplicate in leisure activities alone. Goals, deadlines, and responsibilities all serve to provide one with a renewed sense of purpose. Whether pursuing an exciting personal project or injecting their skills to a new endeavor, retirees experience a sense of achievement that positively affects their self-esteem and general well-being. Staying mentally sharp through intellectually stimulating work-related challenges fosters continuous learning and growth.
There are physical benefits as well. Going back to work gets you off the couch. Gets you physically active, burning calories instead of consuming them. Your overall health could drastically improve.
There are many other factors which can influence the decision to go back to work. Here are a few:
Finding meaning and purpose in work. Some people are hard-wired for work. It’s in their DNA. They need a job or a project to go to. A reason to get up in the morning. Contributing to meaningful projects and initiatives – be it a job, business venture, or volunteer organization or project – serves this purpose.
Health insurance benefits are an important consideration for many people, particularly those whose health benefits don’t continue once employment ends. And this of course coincides with the advancement into their senior years, when health declines. One health event could initiate a financial catastrophe.
Reducing financial strain related to healthcare expenses by accessing employer-sponsored health insurance may be enough reason to continue working until they no longer are physically able. It’s a sad reality. Not everyone is blessed with the option of enjoying a leisurely retirement.
Maximizing Social Security payouts can be accomplished by delaying retirement. Delaying Social Security Benefits will result in a higher monthly benefit when payments begin years later.
Benefits of Supplemental Income
Sustaining a reliable income stream through work builds a cushion for unforeseen expenses. Your house needs a new roof, or a furnace. Healthcare emergencies and other unforeseen expenses … Supplemental income can make this an inconvenience rather than an emergency.
Contributing to retirement savings. Continuously growing retirement accounts. Enhancing overall financial resilience. Money isn’t everything, but you can’t live without it. The more money you have, the more options are available to you.
Taking advantage of additional savings opportunities is an option when you don’t have to live hand to mouth, one monthly pension or Social Security check to the next.
Building a more robust financial portfolio. Postponing withdrawals from retirement accounts. Allowing retirement accounts to grow … Strategically managing retirement fund distributions. Minimizing early withdrawals from investments and retirement accounts as well as tax implications can have major effects on your financial status.
You may be in good shape financially, but you actually want to work, and doing so allows you to build a strong financial legacy, Passing on accumulated wealth and assets to your heirs, or maybe helping them while you are still among the living. There is a fine line between this and being saddled with the burden of carrying them on your back.
Sometimes, despite our best intentions and well thought out strategies, things don’t go according to plan. Speaking from experience, a comfortable retirement plan built for two suddenly begins to take on water and becomes a sinking ship when you find yourself providing financial support for family members, typically adult children and grandchildren. Food, clothing, housing, insurance, health care, funding education for oneself or family members transportation, and baby-sitting and driving grandkids from A to Z and everywhere in between are now everyday concerns. Sometimes it’s only for a few weeks. More likely for months or even years. And, brace yourselves … maybe permanently. Your retirement savings dwindle. Your time is no longer your own. Nor is your house. And all too often … there is no end in sight. All eyes turn to you for the solution. You find yourself checking in on Facebook to see what your friends – the ones who are not in your situation – are doing. The cruises. The trips to all those places you always wanted to go … You live vicariously through them. Going back to work may not be an option – it may be a necessity.
Some retirees find it personally and financially rewarding to stay involved in the industry they worked, building and sustaining new and pre-existing professional relationships as they continue to contribute their valuable skills and expertise working as consultants, trainers, expert witnesses, or by writing articles.
Some benefits of this path would include:
Continuing to receive acknowledgment for contributions.
Earning respect for years of experience and expertise.
Enjoying a positive reputation in the professional community.
Flexibility
Retirees may find that – if they are not desperate – they might benefit from
Flexibility in work arrangements.
Negotiating flexible work schedules.
Exploring part-time or remote work options.
Achieving a better work-life balance.
We’ve covered a lot of negative things, but retirement also offers many positive opportunities for those who are not ready to be turned out to pasture just yet:
Retires may find themselves, for the first time in their lives, in a position to
pursue entrepreneurial opportunities.
Start a business or consultancy in a field in which you have knowledge and expertise, and/or are passionate about.
Leverage expertise for self-driven ventures.
Explore new career paths.
Pursue passions or interests in a different field.
Embrace a diverse and evolving professional journey.
Enjoy a higher standard of living in retirement.
Accumulate additional wealth for a comfortable lifestyle.
Ensure a more financially stress-free retirement.
Transition to Part-Time Work.
Gradually reduce work hours.
Ease into retirement with part-time employment.
Balance work commitments with leisure time.