Retirement is typically viewed as the period in life that all strive for – a time to travel, do nothing, hang with friends and family, or do absolutely whatever one wants to do. Generally speaking, work is not one of them. You’ve spent about fifty years or more working, and now it is time to enjoy life. Or is it? In determining whether or not you should work after you retire, some conditions need to be considered.
Savings
Do you have adequate savings that will allow you the luxury of doing all that which you would like to accomplish? With the economy as it is at the present time, one must take a serious look at their current finances.
Mental Health
Some seniors feel the need to work, not necessarily for monetary reasons although it helps, but they realize it will keep them mentally active. They have witnessed too many family and friends who have retired and their brains seem to have become mushy. By keeping mentally active, this slows down that naturally-occurring aging process.
Social Contacts
Depending upon whether one will live alone or with others is another factor. If living alone, you may wish to work for the social aspect that is gained. This is especially true, if you have not yet made serious plans for retirement’s leisure time. Sitting around and doing nothing can become not only boring but also depressing. There is no structured routine to follow or regular contacts, until you plan and structure them into your daily schedule.
Health Care Benefits
The age at which you elect to retire makes a difference as to what benefits you may or may not have. If you are not yet at the full retirement age to receive the maximum Social Security benefit, and you are not yet old enough to apply for Medicare, working may be a necessary option to maintain the health care benefits. Prices are outrageous, as we all know. Health care coverage is of primary importance.
Dependents
Even at retirement age, some individuals have dependents, especially if they are raising grandchildren. There may or may not be remuneration that has been set up for you through an agency, family or a fund to support your grandchildren. While there may have been sufficient money while you were working, that may not be the case with retirement. The ages of the children come into the equation too. If there are only a year or two until they reach adulthood, perhaps you can squeeze by.
Schedule social, travel and fun time into your week, even if you do work, so “retirement” can be enjoyed.