Wednesday, September 7, 2011

Why Work Past Retirement Age

Typical of a large number of Americans in our 60s, my husband chose to keep his current job and work past what Social Security refers to as the full retirement age. My husband is now 73.  My husband has continued to work at his career in the investment business.
Why does my husband continue to work?  The primary reason is obvious. We do not feel that Social Security alone will provide enough income for us to retire and maintain anything close to the standard of living we have enjoyed in the past.

However, there are other reasons why anyone may want to continue to work. Below are some of the reasons you may feel this is a good decision for you.

Advantages of Working during Retirement

*  The longer people work, the longer they have to build up their retirement savings.  In addition, if they can postpone withdrawing money from their savings, the longer it is likely to last.  In nearly every way, the longer you work the better your financial situation is likely to be.

*  Fear that inflation could reduce your standard of living in the coming years is another reason to keep working. Think about it.  Could you live today on what you earned 30 years ago?  What seems like a lot of money today may seem like a ridiculously small amount in a few decades.

*  Personally, we have known a number of people who have had to go back to work in their 70s and even in their 80s in order to make ends meet. Many people have decided that they are better off working well into their 60s or early 70s, rather than be faced with trying to find another job in their 70s or 80s.

*  Another advantage of working late in life is that people seem more alert, and more in tune with the rest of the world, when they work. The people whom my husband and I enjoy spending the most time with either have continued to work later in life, or they are actively involved in community service or something else which consumes their time. People our age can become lethargic and irritable when they have nothing to do. We really enjoy spending time with people who work, volunteer, take classes, or who have hobbies which keep them busy and engaged in the world around them.

Disadvantages of Working During Retirement

*  Working in your 60s or even older can be exhausting.  My husband and I have found that naps are helpful. We also take vitamins, try to get exercise and make every effort to keep ourselves in good physical shape. If we didn't, we would not be able to keep working.

*  Working may make it harder to find the free time to do some of the things which you hoped to do when you retire, especially traveling extensively.  On the other hand, if you don't have the money to do those things, then there is little reason to stop working.

If you are interested in tips on how to improve your financial planning, affordable places to retire, Social Security, Medicare, medical issues and more, use the tabs or pull down menu at the top of this post to find links to hundreds of additional articles.

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1 comment:

  1. Many senior citizens can return to college in many cases for a discount or absolutely free. This enables them to study for a dream career that they might have not been able to acquire when they were younger and trying to raise a family. Changing careers in your baby boomer years can make the decision to continue working an enjoyable one. A Senior Citizen Guide for College is a great place to search for tuition discounts and waivers for seniors.


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