eight Implausible Causes to Retire to Work (four have completely nothing to do with cash)
8 Fantastic Reasons to Retire to Work (4 have absolutely nothing to do with money)
Most retirees (69% according to the Employee Benefit Research Institute, EBRI) have never worked in retirement. However, EBRI research shows that there are many compelling reasons to have a job, and only half of them (and not even the most popular reasons) have to do with money. It turns out that many retirees work for lifestyle and personal fulfillment reasons.
Below are the top 8 reasons to retire to work, according to EBRI research. The least mentioned reasons (the last 2 in the list below) are somewhat surprising.
Do these benefits make you retire and go back to work? Or are you considering a retirement job as part of your retirement plan – either for financial reasons or for personal fulfillment?
You could just be inspired to keep track of the job advertisements:
Discretionary expenses – travel, dinner, new sports equipment – are expenses that increase your zest for life.
Your retirement plan should at least cover all your needs. However, getting a retired job is a great way to afford extra cash.
Did you know that the NewRetirement Planner allows you to set different levels of earned income throughout your life to help you plan a retirement job? And the PlannerPlus Budgeter makes it possible to forecast both arbitrary and necessary expenses.
It is not uncommon to lose purpose in retirement – especially for people who have derived much of their identity and personal satisfaction from their work. In fact, these feelings can lead to depression in retirement.
Finding a personally rewarding job is a great way to battle the blues after retirement.
Worthwhile work – either volunteer or paid – can also be a great way to feel a greater sense of vitality.
Okay, you probably worked 30 to 40 years before you retired. Like it or not, your working day is structured for you.
You have an open time in retirement. And if you haven’t yet had a plan on how to spend your retirement time, it might actually get boring.
Work – provided you enjoy it – is a great way to fill the day. (But you might also be thinking about what you really want to do with your life.)
Cue the tense and stressful music.
Retiring before you have a plan to at least cover all your essential expenses may not be the best idea, but things do happen and people define retirement in different ways.
For many, retirement is defined as leaving a long-term job – or leaving any job. And retirement work is part of their grand scheme. Many could switch to a job they enjoy or work in order to advance to a higher social security entry age.
Others are returning to work to meet essential post-retirement expenses due to unexpected expenses – home and car repairs, as well as a health event, can really mess up your budget.
People who work to make ends meet are resilient but need to be careful and have plans in case the work goes down.
Fortunately, with a high demand for labor, now is a great time to find work.
Many jobs (at least before the pandemic) were social. And people get a lot of satisfaction from working relationships.
In fact, a survey by VirginPulse found that 70 percent of employees say friends at work are the most important element to a happy working life, and 58 percent of men would turn down a higher-paying job if they couldn’t get along with coworkers.
It is a basic human need to have friendships and connect with other people. And work friendships also convey a sense of belonging that we long for.
In retirement, friendships can sometimes be difficult. Aside from work, joining a club or sports team, having regular coffee and meeting other guests, and attending meetings are great ways to find people you might like to hang out with.
Learning new skills and gaining new experience is an important part of healthy aging. Participation in new activities has been shown to help you maintain brain function and prevent mental decline.
There are additional benefits as well.
Learning new things can improve memory, mood, and motivation. It can increase your adaptability and help you overcome fears. However, did you know that it can slow down time?
Yes! No joke. New experiences can act as a time machine.
As you get older, routine sets in and the days can blur. According to David Eagleman, a professor at Stanford University, new experiences can actually slow down your time experience because novelty marks time for you.
Eagleman explains why time passes so much faster as an adult than as a child: “As a child, everything is new and you set new memories about it. So when you look back at the end of a childhood summer it seems to have taken a long time to remember this and that, this new, this learn, experience that. But when you’re older, you’ve seen all the patterns before. “
That number would likely be much higher if EBRI had only interviewed people who retired before the age of 65 and need a way to fund health care before they are eligible for Medicare.
In the 50s and 60s, health insurance can be prohibitively expensive. Depending on your income, the ACA made it a little more affordable, but still expensive. So a retired job with health insurance can save you a lot of money.
Here are 9 Ways To Fund Health Care Before You Are Medicare Eligible.
According to a NewRetirement Social Security survey, retirees would be more willing to postpone starting social security benefits if they knew how to retire early without that paycheck.
A job is a great way to bridge the gap between retirement and starting social security. Discover 15 Simple Tips To Help You Make The Best Social Security Decision.