Working After Retirement - Should You Consider It?

According to the Bureau of Labor Statistics, about one-third of people between the ages of 65 and 69 are still in the work force and this is expected to rise to about 36 percent over the next five years.  Many of these people will continue to work well into their 70s.  This is a dramatic change from twenty years ago when a much smaller percentage of people continued to work after their full retirement age of 65.

Among the retirees I know, many of them have continued to work, either full or part-time, well into their 70s as financial advisors, doctors, lawyers, accountants, tutors, bloggers, or bagging groceries at our neighborhood store. Our retirement community also hires residents to work at the entrance gates, or help in a variety of offices. 

Seeing this number of senior citizens still in the workforce may cause you to wonder why they are still working so long.  It appears that a lot of people are looking at their financial situation and deciding that going back to work, or keeping their current job as long as possible, may be the best financial decision for them.  Of course, there are other reasons people choose to keep working, too.

Sometimes retirees decide they need or want to keep working, but they would prefer to try a new career. This is often called an Encore Career.  If this is something you think might interest you, you can get a wealth of job ideas by reading "The Encore Career Handbook."(Ad)

Financial Benefits

According to a survey of seniors aged 65 and older, completed by a senior living community called Provision Living, money is the primary reason why 62 percent of those who are still working have made that decision.  They simply cannot afford to retire.  Social Security benefits only cover about 40 to 50 percent of the typical living expenses for most people. If they do not have a substantial retirement savings account, most people cannot cut their expenses drastically enough to live on Social Security alone.

Not All Retirees are Happy About Working so Long

While there are many benefits to working longer, approximately 47 percent of the older workers admit that they wish they were financially capable of retiring. From this, however, we can assume that over half of working senior citizens are happy with their decision to stay employed well past the traditional retirement age. About 20 percent of those surveyed said they do not mind working, but wish they were able to cut back their hours..  

What are some of the benefits of working past the normal retirement age?

You Could Increase Your Social Security Benefits

By postponing your retirement until at least age 70, and not collecting Social Security until then, you could substantially increase the size of the monthly benefit you will receive when you do finally start to collect.  This alone is an excellent reason to stay in the work force until you turn 70, or at least for a few extra years after your full retirement age, especially if Social Security will be your primary or only source of retirement income.  In addition, your Social Security benefits are based on your 35 highest paying years.  If you did not earn very much during your early working years, the extra income in your later years could provide an additional increase in your retirement benefits.

More Time to Improve Your Financial Outlook

Some people use these extra working years as an opportunity to add more money to their retirement savings, so they can give themselves additional financial security when they finally do stop working.  They may also improve their financial situation in other ways, such as paying off their mortgage and/or other debts. 

Health Reasons for Working Longer

Statistically, people who work longer also are healthier and tend to live longer.  Of course, this could also be because people with serious illnesses are simply unable to keep working, even if they want to.  However, if you are physically capable of working past the age of 65 and you want to, you should give it a try.  It could help you stay physically active and maintain your good health.

Mental Health Reasons for Working Longer

Some of the biggest dangers we face after retirement are loneliness and boredom.  If you continue to work, you will see other people regularly, keep up with new technologies and other changes in the outside world, and be intellectually stimulated on a daily basis.  Having a job will also give you a reason to get up in the morning and feel as though other people are depending on you.  All these advantages are bound to help improve your mental health and give you a better outlook on life than you might have if you sat at home every day watching television.

The bottom line is that you may want to consider working past your full retirement age, whether it is for financial reasons, your health or your happiness.

Don't forget that if you are considering changing careers at this time of your life, you may want to consider reading "The Encore Career Handbook."  (Ad) It has some great ideas and very useful information which could help you achieve your retirement goals, while simultaneously providing you with financial help, job satisfaction, and improved mental health. 

You can find gifts for retirees and others at my Etsy Store, DeborahDianGifts:  http://www.etsy.com/shop/DeborahDianGifts 

 

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If you are interested in learning more about financial planning for retirement, Social Security, Medicare, where to retire, common medical issues after retirement and more, use the tabs or pull down menu at the to of the page to find links to hundreds of additional helpful retirement articles.

Disclosure: This blog may contain affiliate links. If you decide to make a purchase from an Amazon ad, I'll make a small commission at no extra cost to you.

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Will You Enjoy Retirement?

If you spent the last decade of your working years looking forward to the day when you could "take this job and shove it," have you given much thought to how you will spend your days once you walk out of your office or workplace for the last time?

According to research by the National Center for Health Statistics, the average person who reaches age 65 can expect to live another 19.3 years ... or until they are age 84.  What do you plan to do with those extra two decades of life?  Have you given that serious thought?

Will Retirement Be Fun?

Many people imagine spending long days on the golf course, in their fishing boat, or taking cruises and vacations to exotic locations.  However, is that really what you want to do every day for the last twenty years of your life?  Will you even be able to afford that daily round of golf, the fishing boat, or the travel?

According to U.S. News & World Report, the typical retiree between the ages of 65 and 74 spends four hours a day watching television ... and that is the age group of the youngest retirees, the ones who are most capable of being active.

Is it inevitable that your retirement will eventually leave you feeling isolated, bored, and lonely?  Not necessarily.

What Retirement Options Will Keep Your Life Interesting?

In addition to financial planning, people who are preparing to retire, or who are newly retired, should spend plenty of time thinking about the lifestyle choices they can make as they approach their mid-60's.  Below are some options they may want to keep on the table:

*  Keep working at their current career - What?  After all these years of planning to retire, why would you want to keep working?  Presumably, you have earned a nice income from your job in the past and now you will be able to supplement that income with your Social Security benefits ... which will give you extra money for travel and having fun.  You might also decide to postpone collecting your Social Security until you are age 70, thus substantially increasing your benefits.  Staying at your current job also enables you to maintain your work friendships and connections with other people.  It can give structure to your life and keep your brain alert ... without resorting to endless crossword puzzles.

*  Find an Encore Career - What if there is no way you want to keep working in your old career?  That doesn't mean you need to give up working altogether and just sit home every day.  There are so many possible career choices.  You could find a job with a local business or non-profit, work as a consultant in your former field, become a tutor, or give lessons.  Retirees are even eligible to sign up for the Peace Corps and share their valuable knowledge and experience around the world.  Yes, many people in the 60's (and sometimes a little older) join the Peace Corps.

*  Volunteer in your community - If you really don't need extra income, you still do not want to spend your days sitting around the house, watching television.  Why not contact your local hospital or charity and see if they need your help?  I know a woman who helps out one day a week in a local hospital. She particularly enjoys caring for premature babies that just need extra time being held.  The work is not physically demanding, but she feels it is very rewarding.

*  Find affordable, social hobbies - Everything you do in retirement does not need to be expensive.  Nor do you need to spend time alone when you are pursuing your hobbies.  Join a book club or other activity that you can enjoy with other people.  If you don't know how to find other people who enjoy your hobbies, try www.meetup.com.  This website helps you link up with people in your community who are looking for people with common interests ... whether that means hiking, traveling, tai chi, golf, playing games, learning bridge, dancing, tennis, photography, dog walking, writing, painting, yoga, attending movies, boating, playing music, cycling or eating out. Many places of worship also have special activities for their older members.  Go to your local senior center to find exercise classes, low-cost meals and a wide variety of activities.  There is no reason to pursue your favorite activities in solitude when it is so easy to connect with other people who enjoy doing the same things you do.

Plan Your Life After Retirement

Financial planning is a very important part of getting ready for retirement.  However, it is equally important to plan what you will do with that free time ... and hopefully that will not mean just sitting around for the last twenty years of your life.

Plan to have a satisfying and fulfilling life during this period of time.  Think about how you could enrich your life while sharing your gifts with others.

I know people who are as busy or even busier in retirement than they were when they had full-time jobs during their "working years."  What is most interesting is that those are the people who seem to be the happiest as they age!

Are you looking for more information about retirement planning, where to retire, common medical issues, Social Security, Medicare and changing family relationships?  Use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.

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Fun Ways to Earn Extra Retirement Income

Let's face it.  Most Baby Boomers are going to have to do something to earn extra income during their retirement years.  The vast majority of Boomers simply have not saved enough money to live comfortably during their later years.

We see the reality of this around us.  Several times recently I have been in Starbucks or fast-food restaurants and observed that many of the employees are not the young, college-age kids one would expect to see.  Instead, these part-time jobs are often filled by people who are obviously in their 60's or older.  The same is often true of department store clerks and people in other service industries. I can't help but wonder if they are really enjoying what they are doing.

Instead of working in stressful, demanding jobs after retirement, wouldn't it be nice to find something fun to do that could also provide us with an extra income?  Look around, there might be more opportunities than you realize.

Examples of Fun Jobs for Retirees:

Create something and sell it:  I have a friend named Patti who is a retired Realtor and a wonderful painter.  She spends hours painting a wide variety of ocean and mountain scenes and selling her work at Southern California art festivals where she has gotten to know other artists who are doing the same thing.  It is such fun for her!  When I have visited her booth at the festivals, I have frequently observed that she is surrounded by other men and women our age who are making and selling jewelry or lovely boxes and items they have created out of wood or other materials.  A few years ago I bought some earrings from a 60ish man at a fair in Kona, Hawaii.  He told me that his wife made the jewelry, while he went to the fairs and sold it.  You can even start your own website and sell the things you make online!

Start a New Career and Be Your Own Boss:  Another friend of mine retired after decades of working all day as a hair dresser.  She decided to become a Realtor.  She wanted to try something different and has been successful and happy in her new career.  She only sells retirement condominiums in the community where she lives and she has become an expert in that area.  She never has to drive very far, but she always seems to have several active listings and a few buyers.   She is now in her mid-70's, works her own hours and has complete control over her new career.  It has certainly rejuvenated her.  As you can see, a job that has become drudgery for one person can be a fresh new career for someone else.

Write About Your Hobbies:  Do you like to crochet, knit, quilt, make jewelry or other crafts?  Why not start a blog or website and share your knowledge and experience with others?  While you might not make a lot of money writing about hobbies, you could earn a small amount each year to spend on incidentals, travel or Christmas shopping.  Check out this website: Domestic Diva Online.  The author has turned her love of creating craft projects into a successful website where people can follow her detailed instructions and create adorable crafts of their own.

Write About Your Experiences:  Perhaps you don't feel that you have any hobbies to share.  What about some of your life experiences?  Many people have created blogs about their personal life experiences ... traveling to exotic locations, going on cruises or even more day-to-day experiences, such as interesting places to visit in your local community.  You may have fun experiences that you would enjoy sharing, too.  Whichever type of blog you decide to write, you need to learn how to monetize it by adding appropriate ads from companies like Amazon, Google, Chitika, or Vigilink.  You can also list your blog on Amazon Publishing for Blogs, since some readers will subscribe to your blog on their Kindle.  You'll earn a little here, a little there and, pretty soon, it will add up.

Find a Fun Job:  Perhaps you feel that your financial situation requires you to have a regular paycheck and not rely on the advertising fees from a blog or website.  There are a variety of fun jobs available that you might find very interesting and stimulating.  One of our friends retired as a stockbroker and went to work in a health food store.  He had always been interested in vitamins and nutrition.  Another man I know works in an antique store.  He has a houseful of antiques and, although he worked for a large corporation most of his life, he always loved collecting antiques.  Now he gets to work at a store he really loves and share his knowledge.

Teach: If you have knowledge and expertise in an area, and enjoy sharing that knowledge with others, you can earn money by teaching.  Many of the Emeritus teachers at our local community college are in their 60's and 70's ... and this includes the fitness teachers who lead classes in yoga, Tai Chi, chair aerobics, circuit training and much more.  If you know how to play the piano, guitar or any other musical instrument, teaching is a fun way to earn extra money.  

Tutor Children:  Are you an expert in algebra, geometry or calculus?  There is a huge need for people who are patient and can take the time to really explain this subject matter to teens.  If this describes you, check with your local high school to find out how you can get connected with teens who need your help.

Work with other Senior Citizens:  If you aren't interested in working with kids, go to your local senior center and ask about job opportunities for senior citizens.  You might be able to work as a receptionist at the senior center or for a local business.  There are hundreds of senior citizens, many much older than Baby Boomers, who are working in the area around our community ... in the hospital gift shop, as security people at the community gates, for our homeowner's association, and in many other capacities.  Some of these jobs are part-time and others are full time.

Postpone Retirement and Spend a Few Years in Public Service:  One of the women I walk with every weekend spent two and a half years in the Ukraine after she joined the Peace Corps at age 62.  She had retired from the corporate job that she had held for nearly 40 years, but she wanted to postpone collecting her Social Security or using any of the money in her 401(k).  She did this by working for the Peace Corps.  It was a fabulous experience for her and she still goes on speaking engagements where she is asked to talk about her time in the Ukraine.   If you are interested in doing something like that, check out Encore.org.  This website will help you find government and private public service jobs that are designed for Baby Boomers looking for encore or second careers.  Many of these jobs will be right in your own neighborhood, in case you are not interested in traveling halfway around the world.  What a fun, interesting and satisfying way to postpone your retirement and increase your retirement benefits! 

Even if your Social Security benefits are not very large and you have been unable to save a lot of money for retirement, that does not mean you have to face a poverty stricken retirement.  There are a variety of ways you can make extra money and many of them will be a lot of fun!

If you are currently planning your retirement, you will want to check out the tabs at the top of this article to find links to hundreds of other helpful articles.

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The Best Years of Your Life - After Age 65

Have your ever thought about what you are going to do with the final two or three decades of your life?  While many people retire from their jobs sometime in their 60's, they may continue to live an active, healthy life for another 20 to 30 years.  If you feel healthy and active as you approach your retirement years, what do you plan to do with all that time?

Well known broadcast journalist, Jane Pauley, addressed this issue in her outstanding book, "Your Life Calling: Reimagining the Rest of Your Life."  

By using the link above, you will be taken directly to its Amazon page where you can read the first section of her book and decide whether or not you think it might inspire you.  You can also read the review I wrote for the online magazine Squidoo here:  Book Review: Your Life Calling.

Even aside from the Jane Pauley book, we need to explore the many options we have for spending our lives after retirement.  We may choose to travel, immerse ourselves in a hobby, take care of our grandchildren, or enjoy the free time we will now be able to finally spend with our family and friends.  All of these are worthwhile pursuits that can bring us a great deal of satisfaction and joy.

However, some people choose to completely transform the second half of their lives.  A few may decide to pursue an occupation that they hope will change the world.  Others may choose new career goals that are much more modest.

Whatever you decide to do, it is important to realize is that age 65 does not need to be the end of your working careers ... it can be the beginning of something that truly inspires you.

Because of this, I highly recommend Jane Pauley's book.  It is the perfect way to start re-thinking the term "retirement."  Instead of planning to spend those years in a comfy recliner, you may find yourself looking forward to the best years of your life.

If you are planning your retirement and you would like more helpful information, use the tabs at the top of this article to find links to hundreds of articles about the best places to retire in the United States and overseas, medical issues, financial planning, family relationships, and more.

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(Photo credit:  Photo of book cover is courtesy of www.Amazon.com)

Get Help Starting an Encore Career

Now that they are reaching retirement age, Baby Boomers are often discovering that they are not quite ready for the rocking chair.  They look at this period of their lives as an opportunity to do the things they always wanted to do when they were younger.  For some, that means travel or pursuing a hobby; for others it may mean doing something meaningful with their lives in the form of a second career.

If you are one of those who is ready to move into a second career, I want to introduce my readers to Encore.org.  It is a website designed specifically for Baby Boomers and others who are searching for a new career in the second half of their lives.

While I only occasionally refer my readers to other websites, Encore.org is so comprehensive and well-done, it would be impossible for me to provide you with all the information they have already put together on this site.

Why You May Want to Have an Encore Career

There are typically two reasons why Baby Boomers choose to start a second career later in life:

Financial Security

With at least 10,000 Baby Boomers turning 65 every single day in the United States, many of them are not financially prepared for retirement.  Having a second career to supplement their Social Security benefits can make a difference in whether they are struggling to survive or really enjoying their senior years.  In addition, people who continue working while collecting Social Security benefits find that their benefits can increase a bit faster than the typical annual cost-of-living increase.

Emotional Satisfaction

Another reason for second careers is that some adults have spent decades postponing their "dream job" because they needed to stick with better paying jobs while raising their families.  As a result, I know Realtors who want to be artists, engineers who long to work as a chefs, office workers who dream of becoming caterers, and teachers who have been writing a novel for years while waiting to retire.  Other people long to do something meaningful with their lives, but they don't know what opportunities are available and how to get started.

How You Can Find an Encore Career

What should you do if you know you want to work after retirement, either because you need the money or you need the mental stimulation, but you feel as though you are groping in the dark for something that would really excite you?  That is where http://www.encore.org/ can help you get started.

Many of the careers they promote are referred to on their website as careers with purpose.  They even sponsor "Purpose Awards" designed to recognize people who have "moved into second acts for the greater good."  These are people who have committed the second half of their lives to solving significant social problems.  Some of these people have been given cash awards of as much as $100,000 for their extraordinary contributions to society.

When you log onto encore.org, be sure to check out the tab labeled Work.  Under it, you will find information about pursuing the top five encore careers:  health care, green jobs (environment), government jobs (including the Peace Corps), working for non-profit organizations, and educational jobs (such as Troops to Teachers).

From there, the website will give you the information you need to get started on your encore career ... whether that means going back to school, applying to a government agency, or using your current education and experience to fill a job opening at a non-profit organization.

How an Encore Career Can Enrich Your Life

I have a friend who joined the Peace Corps in her early 60's after retiring from her job as head of Information Technology for a newspaper.  Her job with the Peace Corps involved teaching parents and teens in small villages in the former Soviet Union about the dangers of human trafficking.  Unscrupulous people had been going to these villages and offering young women jobs as nannies in Europe and the United States.  Once they were out of the villages, however, these young women were frequently forced into prostitution, instead.  My friend remained in her Peace Corps assignment for two and a half years before she returned to the United States and began her official retirement.  However, even though she is now in her early seventies, she continues to frequently meet with other former Peace Corps members and gives speeches about her experience.  Her encore career continues to define and enrich her life.

By the way, when she joined the Peace Corps, my friend told me that there were a number of other people in their 60's and early 70's who were joining at the same time.  So, if this was something you wanted to do in your early 20's, and didn't have the opportunity, it is not too late!

If you are wondering what you might like to do after you retire from your current career, check out Encore.org.  You may be on the verge of an exciting new adventure!

For those of you looking for additional retirement information, click on the tabs at the top of this page for links to articles about where to retire in the United States or overseas, financial information, dealing with medical issues, and a variety of other topics such as family relations and travel.

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Photo credit of a teacher in a foreign country is courtesy of www.morguefile.com