Financial Benefits of Working during Retirement

In the not too distant past, many workers looked forward to the day when they no longer were expected to work for a living. Age 65 was a magic number that came with the dream of carefree living without responsibility. Retirement savings was enough to carry anyone through their golden years in financial comfort.

But a lot has changed since those days. Retirement savings don’t go as far as they used to. Many approaching retirement simply don’t have enough saved to make their older years as golden as their parents. They still need to work, if for nothing else, to keep abreast of inflation and rising prices.

For some, retirement is dreaded rather than anticipated. Retirement brings up the images of senior couples languishing watching television every day with little else to keep them busy. While many elderly couples use this time to travel extensively, they soon tire of another trip to an exotic locale and prefer to stay home to grow roses or see their grandchildren grow.

Continuing to work during retirement helps is one way to stay busy. Many seniors prefer to do some meaningful work even if they have a comfortable nest egg. For others, work provides extra income that adds to what they already have.

Though there may be enough for a comfortable retirement, many continue to work, not so much for the accumulation of money, but to build up a trust fund for their grand kids.

Retirement is not without mishaps. The older the retiree gets, the greater the chances of becoming ill or suffer from some injury. Medicare and insurance coverage may not cover all expenses, so many retirees work to build up an emergency fund to cover those sudden expenses.

Today’s senior is less likely to rely on their children for financial assistance. They prefer to work for as long as they are capable. Once the day arrives when they become incapacitated, their children can care for their health without strain on their own finances.

Life does get tiring after 40 years of working at the same career. Retirees have the advantage of doing what they love to do. They have the freedom to start their own businesses or expand a hobby that brings in extra income. As they’re not tied down to a daily nine-to-five grind, they can set their own hours and decide to take a vacation whenever they feel like it. Many seniors will use their free time to start a new career. Ambition knows no bounds as seniors invade the halls of higher learning to study horticulture, learn to cook or even become auto mechanics!

For some, working brings in cash to buy those special, more expensive items for their children that they couldn’t afford when they were struggling to make ends meet. What son or daughter would refuse a Lexus or a cabin in the woods, courtesy of mom and dad?

Investing doesn’t stop at age 65. Many seniors like to watch their money grow. Any additional income can go directly into those stocks, bonds and commodities that build up to make retirement special.

Retirement is a time to simply enjoy the good things life has to offer. For some seniors that means working long enough so they can take exotic vacations and splurge at first class hotels, the best cruises and dine at the fanciest restaurants. Whatever the reason may be, working during retirement has many advantages. No senior needs to languish at home when life presents the opportunity to enjoy more during working retirement years.