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Should You Continue Working After Retirement?

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Retirement today is different; maintaining self-sufficiency is important as you mature, so it's not surprising that many adults opt to go back to work in their later years. Depending on your health, financial status and the need to stay busy, you might end up looking for a job after retirement. The good news is that there several opportunities for you to continue working either full time or part time. However, first, it's crucial to understand the effect an after-retirement job will have on your social security benefits.

You can enjoy a part time job and collect your social security. However, if you retire before the governments ‘full retirement age’, your benefits can reduce by up to 30 percent depending on your age. Additionally, if you make a post-retirement annual income beyond a certain figure, the Social Security Administration can reduce your benefits by a $1 for every $2 you make above the limit. If you choose to work past retirement, consider waiting longer for your social security benefits until you reach a certain age.

Should you choose to find a job after retirement, here are a few options to consider:

Job Sharing

Job sharing allows you to continue working in a senior role part-time. Seek opportunities to help someone with similar work experience that is looking for part time work such as a fellow retiree, a stay-at-home mom looking to return to the work place or someone who needs to cut back their working hours for reasons such as health.

Consultancy

Working as a consultant allows you to work on a project basis. Start looking for business leaders in your area of expertise and offer to come in on projects as a consultant. Alternatively, look for companies that are downsizing; they will often have freelancing opportunities, especially for people with experience in their field of specialization. With your years of experience, this is the perfect opportunity for you!

Research

Research jobs in universities and businesses give you flexibility and the opportunity to work in a moderately paced environment. Research jobs can range from data collection, field studies, data analysis and monitoring research teams among others. Bigger research teams will have more opportunities even if you do not have experience or knowledge in the subject matter.

Retail 

Employers are always looking for help in retail and customer service, especially during busier holiday seasons. Stop thinking about traditional big-box store employers; think of something that interests you. For example, if you love sports, work with a sports retailer. Or if you have a passion for crafting, consider seeking work opportunities at your local pottery studio! You never know when they may need a person with years of experience to help teach a workshop. You can choose to work up front in retail or sit back and help customers with a topic you love. 

Working after retirement means you can choose a part-time job allowing you to give back to the community, while giving you the flexibility you need to spend quality time with friends and family. It is also an opportunity for you to apply your skills in a field you love, or a way to fulfill your passion. For example, if you love children, consider using your education administration experience by helping part-time in a kindergarten, you'll be surrounded by growing minds all day. Take advantage of your experience to negotiate favorable terms and working hours. Now is your time to enjoy the freedom of possibility!

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