Working in Retirement

Working in Retirement — Ease into Retirement


Working in Retirement — Ease into Retirement

The concept of retirement is evolving from an endpoint to more of a transition. Instead of stopping work altogether, many of us may ease into a phase that includes temporary or part-time work. Some may go back to work for the extra income. Others may simply crave the stimulating challenges presented by a job in a new field, or from starting a business.

Keep your options open

If you do decide to return to work after retiring, you may find you’ve got more flexibility to do what gives you the most pleasure because you don’t have to worry about mortgages and college tuition payments. But you also may feel like you’d like to redefine yourself by moving away from your previous endeavors. This is not always a simple transition to make, as many people are more defined by their careers than they’d like to admit. Keep an open mind and try different things until you find an opportunity that feels right.

Retirement is evolving from an endpoint to a transition.

Here are a few things to consider:

  • Follow your passion — If earning a certain amount of money is not your primary reason for working, get involved with something you love or a cause you truly find significant.
  • Leverage your expertise and experience — It may be easier to get a job doing something similar to what you were doing before retirement. Your experience could translate into a bigger paycheck or present fulfilling mentoring opportunities.
  • Keep up with technology — Be proficient on the latest computer software and understand how the Web has changed. This not only can help you land a job, but it can make you more valuable to an employer.
  • Tap your network — Hopefully, you have kept your business network alive and well, allowing you to reach out for referrals. Use social media tools like LinkedIn to stay in the loop even after you find a job, so you can be ready for other options.

Earned income and Social Security

If you are collecting early Social Security benefits, meaning you applied for benefits before your full retirement age, you may end up with reduced benefits. Basically, for each $2 you earn above $14,640 (for 2012), you lose $1 in Social Security benefits. Once you reach full retirement age, you can work and earn as much as you like and your Social Security benefits are not reduced. Visit the Social Security website for details.

Work it out

Working in retirement can provide some extra cash, keep you active, mentally sharp and engaged and provide a service to society. Your age and wisdom are valuable assets.