8. You Need Health Insurance
Coverage under Medicare does not begin until the age of 65, so if you retired from your previous job before that age, taking another job with health benefits can cover the gap. Also, even if you do have Medicare, you may still face healthcare related expenses, such as prescription drug costs. If you have health insurance through your workplace, using both your health insurance and Medicare’s coverage means lower costs for you.
9. Your Investments Have Lost Value
The volatility of the stock market can adversely affect many people counting on investments to retain or gain value. If you’ve lost money due to poorly performing stocks or the dip in the housing market, you may be left in a bad financial position.
10. You May Be Able to Receive Your Pension While Still Working
Many organizations that offer pensions allow employees to retire, begin receiving their pension, and then be rehired, either into their previous position or into a different position. If such a circumstance is available to you, it allows you to save your pension checks and continue contributing to a retirement account, bulking up your nest egg for when you permanently retire.
Working after retirement can give you a sense of purpose, a connection to the community, and, of course, a nice paycheck. But it still pays to plan for retirement so you won’t have to work if you don’t want to – or if it becomes physically difficult to do so. And since most people stop working three to four years earlier than planned, it’s beneficial to ramp up your retirement savings now, especially during your early working years. Otherwise, you could face serious financial problems.