Most of us picture retirement as the end of our working years, and a time to relax. But for many retirees, all of that relaxation quickly translates into boredom or even a constrained budget. Some have chosen to seek a second career out of necessity, while others work part-time jobs to enrich their lives. Read on to discover some of the benefits of employment after you retire from your primary career.
Fulfill a dream. Often, what we dream about doing when we’re young is not the career path we end up taking. The need for stable income, marriage, children, relocation, and other factors sometimes impede our ability to make money doing what we truly love. Retirees have often found that, once they’ve retired, they can return to old hobbies and interests. Some of them are turning those interests into extra income.
Stay active and social. When you have a reason to change out of your pajamas and leave the house each day, you will naturally stay more fit, healthy, and socially engaged. Emotional health often improves with part-time work as well, as most of us enjoy the feeling of purpose and accomplishment.
Change your life. Some experts have said that, due to increasing medical technology, many of us will be healthier at 95 than we were at 55! If this prophecy is fulfilled, life as we know it will change dramatically this century. Rather than working 30 or 40 years and then retiring, our life courses might include several career changes, pursuing new degrees, and a greater breadth of experience overall.
Provide for a longer retirement. Speaking of those longer, healthier life spans, living longer means you’ll also enjoy more years in retirement. That’s a good thing, except for the part where you could run through your retirement savings too quickly! Many retirees are finding that part time jobs or participating in the “gig” economy help them add a few thousand dollars or more to their budgets each year.
Supplement your income. Of course, the biggest reason some retirees have pursued second careers is simply because they need the income. Keep in mind that these “second careers” don’t need to be high-stress ones. You might be surprised to learn that 31 percent of people participating in the “gig economy” are Baby Boomers… and 34 percent of those individuals are retired! From driving for Uber to renting out rooms through AirBnB, many retirees have found creative ways to add funds to their budgets, but without the stress and commitment of a full-time job.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.