subject: Working After Retirement Can Solve Your Financial Woes [print this page] Working after retirement can be excitingWorking after retirement can be exciting. After all you have the thrill of the hunt, looking for a job, and the expectation of reentering the workforce. You have also been told that people who work in their area of expertise after they retire usually enjoy better physical and mental health than those who stop working completely.
If you are thinking about going back to work you should have a good understanding of your current financial situation. Can you make ends meet right now? Will your new employment require commuting and additional expense for your car? Will you need to update your working wardrobe? In other words, what financial arrangements do you need to make so that reentering the work force will be a success.
You also need to have a good understanding of your home and family lifestyle. For example, have you been baby sitting for your grandchildren? Going back to work means you probably will not be able to give that kind of time to your daughter. What arrangements have the two of you made? Or what about that dog you purchased for your first retirement. Will she be able to function without tearing up the house while you are gone all day?
Another question to ask yourself is do you know what kind of job you want? Do you want to work full time or part time, as part of a company, as an outside contractor or would you prefer working for yourself? Will the company pay for health insurance even if you are working part time? If you have retiree health benefits and go back to work, should you switch to another health care plan?
Returning to work after retiring could also impact your pension. Check with your Human Resource representative, your CPA and your pension provider so that you will not be bombarded with penalties because you return to work. At the same time it is probably a very good idea to increase the amounts you put into your savings to increase what you will have to live on when you can no longer work.
The decision to return to work is a personal one. Each person has their own reasons and their own thinking about the topic. At one time the average worker expected to retire at age 61. That number has reached 64 or 65 years old and may increase a bit more in the next few years. It is all part of the trend because these numbers have already crept up from the average retirement age of just over 57 in the 1990s.
