Will you work while retired? That is the question many retirees ask themselves. Particularly if they are short of cash for some of the things they would like to do in retirement. A study published last month by Bankers Life Center for a Secure Retirement – “New Expectations, New Rewards: Work in Retirement for Middle-Income Boomers” — found that 72% of retired baby boomers currently aren’t working for pay in retirement. However, almost half of those retirees (48%) said they would like to work — but can’t. Of those, 35% said their health won’t allow them to work. Eight percent said they were unable to find a job. Five percent said they have to care for a loved one. This is the reality for many baby boomers and retirees.
Will You Work While Retired – What is Your Plan
This article is really aimed at the folks who are about to retire. Whether it is a planned retirement date or you are being forced to retire or you need to retire due to health reasons. Now is the time to give some thought about what you will do once retired.
Some people will be able to walk into another job pretty quick. While many will struggle for a variety of reasons as mentioned in the survey results. If you do not have a plan before you retire, there is a high probability you will not be working in retirement.
Develop a plan now. Will you volunteer which leads to networking opportunities and potential employment? Will you start your own business? Do you have a business plan? Can you prepare for your business now? If you have sufficient income, there may not be as much pressure to work. Boredom will motivate you into looking for work.
If income is an issue once you enter retirement, then a plan is definitely needed. The plan needs to take into account how much money you need per year. What kind of job you can find and how many hours a week you need to work at the appropriate income level. Lower incomes means you work longer etc.
Part time work is also good for many people. You may have the best of both worlds. Part time work ensures that you still have time to enjoy the family and hobbies. You also have the extra income you need from part time work. And you also have the social side of work which is a big plus for many people once they leave the work force.
Make that plan now!