In a recent study done by the National Institute of Health, it was reported that more Americans are considering working past their official retirement date.
More than half of those working past the age of 65 are choosing part-time versus full-time employment.
Is a part-time job something you’re considering for your retirement years?
There are some considerations to make before entering the workforce as a senior.
Does your pension cover your expenses?
If you have a good pension to take care of your living expenses, working in retirement may not be a smart option. Consider your quality of life, and the amount of time you have left.
Working automatically introduces a level of stress into your life that you don’t need if you already make enough money to live on from your pension. If it’s an activity you’re looking for, consider something other than work.
A social hobby or something that gets you outdoors and exercising will be better for you than stressing over getting up early and making it to work on time.
Is your health declining?
If you have health problems, a job – even if it’s just part-time – could exacerbate the problem.
If your doctor has prescribed rest for you, or if you have difficulty walking or standing for long periods of time, a job may not be the smartest choice.
Instead, choose an activity where you can exercise, but sit whenever you feel the need.
Even a desk job isn’t idea for someone with poor health, because you do need some amount of movement in order to get to optimal health.
Will taxes become an issue?
Before accepting any offer of employment, consider the effect the income will have on your taxes.
You may be eligible for certain deductions based on your income level. Those deductions may make the difference between paying an exorbitant tax bill or paying no taxes at all.
Speak to your accountant before getting a part-time job, so you can avoid any unpleasant surprises come April 15.
As the following article looks at, these are 3 big mistakes to avoid when working past retirement age.
What’s best for you as an individual will be up to your personal circumstances.
But don’t assume that what was automatically a good decision when you were younger will be a good decision for you now that you’re a senior.
There are alternatives to working yourself into a financial hole.
If you still have a strong desire to be useful in your community, here are some attractive options:
- Volunteer at a local charity
- Man the snack shack for your region’s Little League
- Help to sell Christmas trees in season
- Offer to assist another senior who has trouble getting around town
- Teach your skills (piano, crochet, gardening, etc.) for free to youngsters and adults
Not working for pay is no excuse to become inactive or anti-social.
It simply means you’ll need to be more creative with your new freedom.
About the Author: Kate Supino is widely published on matters relating to finances and practical planning.
