Working in Retirement
This playbook outlines the steps involved in considering and pursuing work during retirement. It addresses part-time employment, consulting, or entrepreneurship and its effects on one's finances and lifestyle.
Step 1: Assessment
Evaluate your financial needs, personal goals, and desired lifestyle during retirement to determine if working is the right choice for you.
Step 2: Exploration
Research part-time work, consulting opportunities, or business ideas that align with your interests and skills.
Step 3: Financial Impact
Consult with a financial advisor to understand how earned income may affect your retirement savings, taxes, and Social Security benefits.
Step 4: Regulations
Review any legal or regulatory considerations related to working in retirement, especially if you plan to start a business.
Step 5: Health Considerations
Assess how staying employed may impact your health insurance and how it fits into your overall well-being.
Step 6: Time Management
Plan how you'll balance work with leisure activities, family time, and other retirement pursuits to maintain a fulfilling lifestyle.
Step 7: Job Search
Utilize job searching strategies tailored to retirees, such as networking, updating your resume, and exploring age-friendly employers.
Step 8: Continual Learning
Stay current in your field, or upskill if necessary, to remain competitive and satisfy any job or business demands.
Step 9: Adaptation
Be prepared to adapt your work-life balance as your needs and desires evolve throughout your retirement.
General Notes
Volunteering
As an alternative to paid work, consider volunteering as a way to stay active and contribute to the community.
Social Benefits
Recognize the social benefits of working, such as making new friends, staying mentally active, and maintaining a sense of purpose.
Exit Strategy
Have a clear exit strategy in place for ending your work arrangement when necessary, allowing a seamless transition back to full retirement.