It’s been the typical mode of thought throughout history to stop working entirely after retirement. Nowadays, more and more retirement aged people are finding that they wish to keep working. Whether it’s to keep a steady income, the career was a fulfilling job in the arts or allows part-time consulting work, or just to stave off boredom, working during retirement is an option that can be considered. If you are mulling this option over, there are some things to keep in mind. Planning for retirement can be an exciting time with so many different possibilities. The financial planners at KNR Consulting want to help you prepare for a financially stable retirement, whether you plan on working part-time or stop working entirely.
65 Doesn’t Mean You’re Slowing Down
Even though retirement age is 65, there is a potential 15 or more years where seniors are still mentally healthy and active and still want to be a part of the working community. Just because there is a stereotype and age discrimination among older men and women, doesn’t mean that you aren’t capable of having a continued career and be successful. Keeping your mind active is a healthy way to enjoy your senior years, and what better way to do that than working, when you can also enjoy an income as well?
Delay Social Security
This is a large reason why so many seniors continue working past age 65. The longer you wait to retire, the bigger your Social Security payment will be. The same thing can be said about 401(k) or IRA accounts. The more time the accounts have to grow, the more interest that accrues and will lead to bigger withdrawals.
Investments Have Lost Value
The stock market always has ups and down, sometimes they are bigger than expected and can have a significant impact on your accounts. When you have invested in stocks and they have lost value, it can leave you in an unstable financial situation. Continuing to work will allow you to still receive an income and give the stocks time to maybe grow back.
Try a New Line of Work
Having the option to retire is a good position to be in. When you can rely on your savings account and Social Security benefits and other accounts to pull you through the remaining years, it gives you the freedom to decide what to do with your time. If you have always wanted to work on cars, or work in a museum, do part time consulting work, or teach, there are many options that your current job skills can transfer to.
The benefits of being able to retire are vast and choosing to continue working is a choice that has many positives as well. Whatever your reason for wanting to keep working past retirement age, consult with a financial planner at KNR Consulting. With expert guidance from our financial advisors, you can be sure to be in a position which allows you to make the final decision. Being in a solid financial state will allow you to enjoy your retirement, whenever it happens.