Working Beyond Retirement

Jun 8, 2016

Working Beyond Retirement

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Retiring is no longer the norm once seniors reach the “age of retirement”, in fact, it is becoming more common for people to continue working into older ages. There are multiple reasons why seniors feel the need to continue working, usually either pertaining to their lifestyle or financial situation. The factor of increased longevity has influenced this change by creating a fear among the older generations that they will live beyond their retirement funds. There is a new type of retirement that is developing, which calls for seniors to continue working.

Reasons to Continue Working Into Retirement

There are many reasons for people to continue working; there are financial and personal reasons for people to work. Below are the various reasons seniors choose to not or cannot stop working.

Personal Reasons to Work Beyond Retirement

Career Change

Some seniors may retire and then regret it and decide to return to the workforce. They may choose a different career path, something they have always wanted to try or never had the opportunity to experience. Seniors may even decide to quit their current job just to try something new or a job they have always thought about doing. For example, a math teacher of 40 years may decide he/she no longer wants to teach but has always thought about being a real estate agent.

Some individuals may just want a change in their life to try something different, and retiring from their current job can provide the opportunity to try something else. Performing something different can inspire an individual and make them feel like they are giving back to society. This also serves the purpose of staying informed and challenged, which most people desire in life.

Retaining a Purposeful Life

Many seniors who retire will enjoy the first portion of retirement but then may feel they have no purpose. Individuals who have always worked can truly struggle with retirement and may not know how to live without work. Seniors who have been pressured into retirement may fall in this category.

Physical and Mental Wellbeing

Working helps keep people healthy even by just climbing the stairs or walking around. Working can benefit someone’s health by allowing the individual to socialize, stay active, and keep the mind sharp. By having a social environment to explore, the individual is less likely to feel isolated, and make them feel more challenged. The incorporation of other people can help individuals be active both physically and mentally.

Love of the Job

For many individuals who love or believe in the work they do, then retiring may not be their first choice. There are seniors who retired from their job only to return after missing the work. A good tip for those who do not want to give up their job would be to reduce the hours. Perhaps instead of a full-time job, a part-time job will suit their needs. A part-time position would allow more flexibility and still provide the senior with the satisfaction of working.

Financial Reasons to Work Beyond Retirement

Retirement Funds

A reason for seniors to continue working may be that their savings reserved for retirement are not substantial. Retirement is very expensive, so funds will go very quickly. Seniors may realize they do not have enough money saved in order to retire, which forces them to return to the workforce. Other seniors may have exhausted their retirement funds or almost all of their funds and decide to return to the workforce so they do not need to struggle. There might be unforeseen expenses that use up the funds, such as health emergencies, layoffs, and other unexpected costs.

Health Insurance

If you have health issues, it would be helpful to continue working since health insurance would be less expensive. Seniors are reaching that point in their life where they could have many health issues, and Medicare coverage does not begin until the age of 65. Medicare does not cover every health expense, so it would be recommended to keep working if you cannot afford to pay for individual insurance.

Lost Investments

Seniors who invested their money in different stocks or other investments may suffer if the investments were done wrongly or if there was a decrease in the market. There are many scams out in the world, some of which target seniors to steal their money. Seniors who are not educated on how to invest their money and the different plans can suffer. Some of the investment plans may have high fees or other charges that will not help increase the investment value for the senior. The investments could also lose value if done improperly. It would be very wise to do more research and consult a trained professional in order to have investments of value and avoid scams.

Retiring too early

If a senior retires too early and begins receiving their Social Security payments, then they will be charged fees. The government determines a certain age that will deem the individual at “full retirement age” and they will receive their Social Security without any charges. By delaying your Social Security payments, then you can receive a larger amount later on. Some organizations may allow you to receive your pension as you work, which can help you contribute to your retirement fund. By retiring too early, it will just cause you to return to work sooner than you thought. Retiring early is no longer an option for most people; many individuals will have to work a lot longer than they originally expected in order to be financially stable. Seniors are more likely to experience health issues, so it is recommended to work as much as possible for as long as possible in case their health eventually prevents them.

Struggles for Senior Workers

Seniors who have been laid-off will struggle to find another job and most likely will not have the funds to retire. Typically, seniors will have to accept a lower-paying and perhaps part-time job. Many businesses may not see the seniors as valuable, especially if they are unskilled. Some of the companies will not be reliable and cannot be counted on to help their senior workers with retirement. Seniors may even find themselves working for someone younger and may struggle with that factor. Seniors who are used to being on top and telling younger generations how to do things will struggle to work under a younger boss.

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Frequently Asked Questions

I divorced my ex-husband over a year ago, but I'm lonely and interested in meeting new men. What elderly dating websites do you recommend?

Some of the best elderly dating websites are and SeniorsPeopleMeet. These websites focus on connecting seniors with other seniors. However, websites like Eharmony and Match are also well-known dating sites for all ages, just remember to adjust the age range of the men you’re interested in meeting! We wish you the best of luck!

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I retired a little while back and now have more time on my hands than I know how to use. What do you recommend I do to stay busy?

Many retirees in your position find this to be the perfect time to learn a new skill or take classes at a local school. It is not uncommon for colleges and universities to offer continued education classes to seniors for free of charge or heavily reduced prices. This means that now could be the perfect time for you to brush up on your old passion, whether that means Biology, English, or any of the elective courses that most schools offer. Consider reaching out to a college near you to see what offers they have available for seniors.

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