Planning to Work in Retirement? Read This First.

Written by Jeff Helms

The financial world is complex and constantly changing. Those changes can impact our clients and their plans for the future. As the firms founder and Managing Partner, making sense of these changes is my job. We try to simplify communication on market dynamics to make it meaningful and useful for our clients.

August 27, 2015

Working after retirement is a choice for some, but an absolute necessity for others. Those who have saved and invested wisely may not need the income, but may still have their reasons for wanting to work after they retire. Those who did not plan ahead, or were unable to save enough for retirement, often find they have no other option than to find a job.

The Working Retired

Statistics from the U.S. Department of Labor show that the number of employed individuals over 65 has been rising at a steady pace for decades. Between 1977-2007, the number of employed men over 65 increased by 75 percent. The percentage of employed women over 65 increased almost twice as fast as men (147 percent).

Will You Get the Job You Want?

While we can clearly see by the numbers that more people of retirement age are choosing, or finding it necessary, to work, it is not so clearly understood if senior employees will be able to get the types of jobs they want. Seniors who want to stay with their companies beyond age 65 are finding that their employers are not so willing to accede to their wishes. Although there are part-time and full-time work opportunities out there for people past 60, those opportunities are limited. Let’s be honest. Who’s an employer going to choose: a 67 year-old man with some health issues or a 35 year-old healthy man with the same or better job skills?

Bagging groceries or delivering pizza to help pay the bills is probably not how you want to picture your golden years. Working because you want to work and not because you have to work is the more desirable goal. Work is noble and enjoyable for many seniors. It beats sitting around the house watching TV or planning your whole day around the “early-bird” special at the local diner.

Plan Properly Now to Keep Options Open

Working during your retirement years is so much more desirable when you are in control of your hours and are able to do the type of work you love to do. Starting a small consulting business, or perhaps finding employment in a field that is related to your favorite hobby or true passion, is ideal. Before you retire, have a plan. Whether you wind up working for a paycheck, working to keep busy, or volunteering for free to help others, keep your options open.

Helping You on the Path to Retirement

Our mission at First Coast Wealth Advisors is to help you plan and take the right path to retirement. We don’t want you to have a good retirement. We want you to have a great retirement! Come and talk to us. We’ll get to know you and you’ll get to know us. Together we can develop a work-only-if-you-want-to retirement plan.