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Should you keep working after retirement?

Should you keep working after retirement?

| June 24, 2021
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Enjoying your golden years can take many forms. Some people look forward to their last day at work, while others realize they need something to fill the time. You might find yourself thinking about going back to work after retirement, or simply delaying your retirement. Active employment can sound interesting if you are a workaholic, or maybe you could just use the additional money. Regardless of the reason, we're here to help you find the answer to whether you should keep working after retirement. Ultimately, you should weigh the pros and cons and take time to make an informed decision.

It’s healthy to stay active

We can't stress this enough, but remaining active throughout your entire life is important for everyone, so you might want to keep working to exercise your brain and your body. Some people stay active by doing crossword puzzles and going for walks, and you could also take on a part-time job. Use work to fill your day and have a sense of productivity; that's a good way of dealing with boredom.

Indulging in your hobbies is also a great way to stay active and live longer. You could also monetize on them and turn many of those hobbies into a side business. Try to pick something that will let you interact with other people. By working with others, you also get to remain social. Maintaining a social network is another key point in staying active.

Do something you love

You've surely heard the saying, "do what you love, and you'll never work a day in your life". Do you have a lifelong passion that fell to the wayside during your career-chasing days? That could be the answer to whether you should keep working after retirement. You could treat retirement as a second chance at a whole new career. Start working on something that you always wanted but never had the time for. It could also be a great way to learn a new skill or craft. That way, you could get to keep your fingers busy as well as your brain.

Carefully choose where you will retire

Finding the right place to spend your retirement can improve your quality of life. If you also plan to set up a second career in retirement, you'll need to choose a perfect place to do this. Picking a city to retire in with a warm climate and plenty of outdoor activities can increase your health as well as productivity. You could also choose to live closer to loved ones and work on a family business.

Consider working part-time

It is important that you don't overburden yourself. Try finding a part-time job or something that has flexible working hours. If you start your own business and outsource as many activities as you can, you could end up working only a few hours a day.

Due to the Internet of Things (IoT), there are many jobs that aren't physically demanding and can be done from your home. You could set up a blog or a video channel. Most modern smartphones have high-quality cameras, and there are numerous guides available on how to create a blog. You could monetize on your rich life experience and share your knowledge with the world.

Working can improve your finances

Some extra money is always welcome, no matter how well off you are. Even if you've carefully thought out your retirement plan and have a good pension, an additional income can come in handy from time to time. It can be used to cover the rising costs of inflation, but also for unplanned medical expenses or special care. When money is concerned, everyone hits a road bump every now and then. A little extra cushioning is never a problem.

Think about your limitations

As you can see, there are many benefits to working in your golden years. However, to accurately answer if you should keep working after retirement, you need to be honest with yourself about your limitations. Some people might have to work in order to cover expenses they otherwise couldn't pay for. Others look forward to working for as long as they can. Regardless of which group you fall into, you should prioritize your health and consider your limitations. Here are some things to take into account:

  • Physical abilities. Do you have an injury or medical condition that can prevent you from doing a particular job, or even working altogether? Take your health into account when choosing a job after retirement.
  • The required time. Are you up for working full time, and how many hours do you see yourself putting into a job? Work can be demanding, and the daily grind might not be something you want at this stage in your life. Thankfully, there are many part-time jobs available online that you can do for just a few hours a day.
  • The stress. Not every job will be stressful, but we've all had that boss or coworker that rattled our nerves. Even without other people to annoy you, some positions might have demanding deadlines or almost zero tolerance for mistakes. Our advice is to try to find something relaxing where you can work at your own pace.
  • How your income can affect your taxes. Perhaps your additional earnings will push you into a different tax bracket affecting your pension. Feel free to ask us any questions about making your tax bracket work for you. Taxes can be confusing and complicated, and we're here to help.

Final thoughts

It's difficult to offer a universal answer to whether you should keep working after retirement. There are many benefits to staying active – from feeling productive to fighting isolation and loneliness. And we cannot understate the financial effects additional work will have on your budget. However, working in your golden years doesn't fit everyone's personal goals, lifestyle, and capabilities. Thankfully, the internet and a diverse job market can offer many different types of work. If you decide to pursue a career in your retirement, we are sure you will be able to find something suitable for your needs.

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