5. You Can’t Imagine Not Working
After a lifetime spent working, many retired persons just don’t know what to do with themselves without a job. As my father once said, “Some people just don’t know how to not work.” After a lifetime of specific goals, time-sheets, and to-do lists, the unstructured days of retirement can simply feel boring.
Financial Reasons to Work
Working in retirement offers many benefits, but not all are keen to partake in them. Unfortunately, many people who don’t want to continue working must do so for financial reasons. In fact, most people working post-retirement cite financial issues as the primary reason they remain in the workforce.
Here are the main financial reasons people work during retirement:
6. Your Savings Aren’t Substantial
Saving for retirement can be difficult, and many people simply have nothing set aside. If you’ve arrived at retirement age without much in savings, continuing to work or getting another position may be necessary.
7. You Want to Delay Receivng Social Security
The longer you wait to receive Social Security payments, the bigger your eventual monthly check will be, up to your full retirement age (either 65 or 67, depending on your date of birth). If you can remain in the workforce longer and delay receiving your Social Security checks, you’ll be able to collect bigger monthly payments for the rest of your life, which can really add up.
Similarly, if you are able to delay tapping into your 401k or IRA, it will give those accounts more time to grow, and you could ultimately have a bigger nest egg built up when you do start withdrawing.