Top 7 Reasons to Continue Working After Retirement
For some people, it makes a perfect sense to continue working after retirement. Different people have different situations, such as willing to work because of the workaholic nature, to overcome any financial problems. Here are the top 7 reasons to continue working after retirement.
Health is wealth - no doubt about that. Working after retirement will help you stay healthy, both physically and mentally. Research shows that working delay can cause age-related disorders such as dementia.
On the other hand, when you are physically and mentally active, it will help you feel younger for a long time. Working also keeps you socially active because, for many people, isolation is harmful than any severe disease.
Savings are not enough
If your retirement money is not enough or you haven’t saved significantly while you were working previously, then you can continue working. Saving for retirement is not easy, and if you have reached the retirement age without having anything substantial in your savings account, we recommend you to find a new job.
Need Health Insurance
Medicare does not provide health coverage under the age of 65. So, if you retire before the age of 65, you will have to pay for healthcare from your pocket. Therefore, taking another job is a nice idea to cover that gap.
Even if you have Medicare, you can still face health-related expenses, which include prescription drug costs. Health insurance through the company can lower your healthcare costs.
Receive Pension while working
Retiring from your job will allow you to receive a Pension. You can continue working after your retirement and still receive your Pension from the previous company. Many companies that offer pensions enable workers to retire, start receiving their pensions, and then be rehired.
If you are lucky enough to have such circumstances available to you, then you can save your pension checks and build good retirement money. At the same time, you will continue another job that will help with your daily living expenses.
Do you know rich people invest 70% of their income? Well, investment is a great way to generate multiple streams of income and save more money. If you have not made investments yet and relying on your retirement money, you may not live a quality life. Therefore, if you have the skills and energy to continue working after retirement, then you can save some money and invest it to secure your family’s future.
A new line of work
Some people are versatile and fond of working in different jobs. That's why they keep changing their jobs. Although it is not a good career practice, finding a new job after retirement will give new experiences as well as keep you busy. Plus, you can earn some money, which you can put in your savings account or emergency fund.
Delay Social Security
When a person waits for a long time to receive social security payments, he or she will get increased monthly checks. If you stay in the workforce for a long time and delay your social security check, you will be given bigger monthly payments.
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|Thomas Moore is a proud American with a Bachelors Degree in Business Administration from the University of San Diego. He has been in the financial industry for many years holding numerous licenses in multiple states. He currently helps operate cashkingco.com and is our resident expert on all things finance and a great writer. Thomas is also an avid outdoor enthusiast that loves fly fishing streams in the Western United States. LinkedIn Profile