Working A Little Later Than You Planned
All those years while you were slaving away, you dreamt of the day when you could pack up your potted plant and pictures and ride off into the sunset. You never imagined you might need or want to work again.
Here are some reasons why you should keep plugging away … at least for a little while longer.
A way to keep busy. It’s only natural to be at loose ends (maybe even bored) when you quit the working world cold turkey. Working, even part-time, will keep you active and engaged, which is good for your mind as well as your spirit.
Increase financial security. According to the 2013 Retirement Confidence Survey, only 13 percent of Americans are very confident that they’ll be able to support themselves in retirement. Continuing to work keeps you from dipping into your retirement money as soon and also allows your nest egg to grow a little longer. Plus, your pension benefits normally won’t be affected as long as that second-act job isn’t with the same company (check to be sure).
Definite health benefits. Retirees who go from a career to part-time or temporary work tend to be healthier than their fully retired counterparts, says a 2009 study from the Journal of Occupational Health Psychology. Employment could also reduce the chances of early-onset Alzheimer’s and even add years to your life.
Increase your Social Security benefit. If your income allows you to delay collecting Social Security until your full retirement age or beyond, not only will you receive a higher benefit, but also the dollars you earn won’t have a negative impact on your benefit.
Hold onto those health insurance benefits. It’s smart to work until you qualify for Medicare simply to have an employer help pay for your health insurance. Even after you turn 65, employer-provided insurance can help you cover the gaps in Medicare.