Thinking of working past retirement? Whether you plan to start your own business or stay employed well into your twilight years, here are a few things to keep in mind.
Questions to ask yourself
If you want to work past retirement, but are unsure of what to do, here are some questions to guide you:
- Why do you want to keep working?
What is your motivation for wanting to work past retirement? Is it about the money? Do you have interests that you want to pursue? Are you just trying to avoid boredom? Your answers to these questions will help you determine what kind of career to strive for.
- What kind of work do you find fulfilling?
Retirement is a great opportunity to rethink your career path. Revisiting your interests or checking out advocacies you might want to support are just a few ways to jumpstart the process. It’s your time to be involved in something you find meaningful and enjoyable.
- How much responsibility and flexibility do you want?
Are you still up for a regular 9-to-5 job? Or would you like to work fewer hours this time around? Ask yourself how much responsibility you’re willing to take on, whether you’d like to supervise a team or if you’d prefer a lighter work load.
- Would you be willing to retrain?
Are you willing to take online courses or go back to school to refresh your skill set? You may need to update your skills or develop new ones if you intend to transition to a different career.
Jobs and businesses to consider
If you enjoy your current job and wish to stay longer, there is really no need to leave. There is no rule that dictates that you should retire at a specific age, and as long as you are okay with the benefits of your role within the company, you don’t need to leave voluntarily.
While there are employers who encourage their people to retire at 65, there are also those who want to retain their employees, particularly top talent, for as long as they can.
Another option is phased retirement – this arrangement lets you keep your job, but with reduced hours and responsibilities. Working part-time or from home for your current employers is a great way to transition to retirement.
You can also start your own business. Knowledge and experienced gained from years of working in your field will give you the expertise needed to launch a new product or offer a service. The possibilities are endless – you can run your own bed and breakfast, open a tutorial center, write eBooks, or sell handcrafted goods, just to name a few.
Do something you love – one of the best things about retirement is that it lets you do the things you weren’t able to do when you were still building your savings account and raising a family. Choosing a new job that is aligned with your dreams and interests can enhance your life during retirement.
The benefits of working past retirement
Staying active during retirement is highly beneficial for your physical and mental health. The mental stimulation that comes with it can delay the onset of diseases like dementia. Being physically active will also help you feel younger for longer. Working also prevents social isolation and gives you a sense of purpose in old age.
Once you start receiving a pension or Social Security, money will not be as much of a consideration when choosing work. You will be free to choose a job you enjoy than one that brings in a large paycheck.
And if your savings at retirement age are not substantial, continuing to work will be a necessary step towards financial security.