There has been a growing trend here in the U.S. over the past few decades: working in retirement. There are many reasons why more people choose to work after they officially retire, including that Social Security is projected to run out of money by 2033.
If you’ve been debating whether or not you should keep working after you retire, you are not alone. While it might not seem ideal at first glance, there are various benefits to continuing to work after retirement.
Stay Financially Sound
Americans are now living longer than past generations, which can lead to anxiety about running out of money with age. Research from Allianz Life found that 60% of seniors are worried about outliving their savings in retirement due to failing health and the cost of long-term care. A way to offset this anxiety is to continue working in some capacity as you age. Even if you work in a part-time capacity, you are guaranteed to have continued income on top of your Social Security benefits and savings, which could end up serving you well in an unforeseen financial catastrophe.
Keep Your Mind Sharp
Working past the age of retirement doesn’t just have financial benefits—there is also increasing evidence that it can also help boost cognitive health. A 2014 study of aging workers in France found “strong evidence of a significant decrease in the risk of developing dementia associated with older age at retirement.” And the National Institutes of Health reports, “People who engage in personally meaningful activities, such as volunteering or hobbies, say they feel happier and healthier.”
Explore a New Career Path
If the idea of working in your current role after the age of retirement makes your skin crawl, then retirement could present a great new opportunity for you: exploring another career path. There are many examples of seniors who have chosen to do something different with their lives in retirement, and have found the experience to be greatly rewarding. If there’s always been something you wanted to pursue but were too afraid to try it in your youth, retirement presents the perfect safety net to try it without the fear of failure. You never know where life might take you!
At Right at Home, we employ many caregivers who have officially retired from a career. Part of the appeal is the flexible schedule and ability to make your own hours. Working in retirement doesn’t have to be demanding and rigorous; on the contrary, with the right employer and employment opportunity, it’s possible to feel more in control of your own life and schedule. The key is to find an employer who embraces the nuances of the work-life balance and allows you to work on your own terms.
If you choose to continue working in retirement, you are in good company. Data has suggested that 57% of American workers currently plan on continuing to work in some capacity after their retirement. If you’re open to working in retirement, but aren’t sure where to start, consider becoming a caregiver with Right at Home.