While some people have no other choice but to keep working past retirement age, but if you are in a position to retire, there are a few compelling reasons to continue to do so. You can keep working at your regular job and get the benefits from that or you can move to a part-time or lower-paying job doing something you’ve always wanted to try. There are various benefits, beyond financial, to continuing to work past retirement.
Making extra money
You might choose to stay at your current job or you might want to find a different job you enjoy more; regardless, you’ll be making some extra money you’ll get in a paycheck and could even continue putting into a retirement account. You might be in a fine place financially and completely able to retire, but if you want to keep working, that extra money won’t hurt you. Lots of people underestimate the amount of money they’ll need in retirement, so adding some extra can help you in the long run.
Benefits from the job
Healthcare can be expensive, even for those of retirement age. Continuing to work and get some form of healthcare through your employer is beneficial, especially if other family members rely on you for their health insurance. You might get other benefits from work such as a free gym membership, your own laptop, or reimbursement for a phone bill. If you’re okay with continuing to work or find a job you’re passionate about, put in a few more years.
Something to do
Going from working full-time to being retired can be a bit jarring for some people. It’s important to prepare yourself for this transition. Oftentimes, one of the biggest obstacles for people is suddenly having nothing to do. Instead of planning ahead, they’re stuck at home wondering how to occupy their time. Working somewhere part-time doing something you’re interested in is a great way to break up the monotony.
Pursue a passion
You might have worked in a specific industry your entire life, but realized halfway through that you wished you could work in something completely different. While it’s possible to change your career path, it can be challenging and isn’t an option for some people. However, once you retire, you’ll have the freedom to work at something you’re passionate about, even if you have to start at an entry level position or work part-time.
Connect with others
Besides a way to stay busy during retirement, working is a way to meet and connect with new people. Once you’re out of the workforce, you’ll realize you don’t socialize with other people as much as you once did. Instead of seeing coworkers, some of whom you’re friends with, every day, you’re spending a lot more time at home with less people. Working and finding other ways to connect with people helps make retirement that much more enjoyable.