In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. You might be thinking, “isn’t retirement the goal of saving up for retirement throughout my working years?” But the rules are shifting. Labor force participation among those aged 65-74 is predicted to reach 30.7 percent by 2031, up from just 25.8 percent in 2021. As the Boomer generation ages, more people are viewing retirement as an opportunity to enjoy the rewards of work in a whole new way. Read on to discover some of the benefits.1
Mental Benefits
Working during retirement helps maintain mental agility as you learn new skills, which can help improve your thinking ability. People who pursue meaningful activities say they feel happier and healthier.2
Physical Benefits
Staying active during retirement years is crucial for continued health. Whether you choose to work full time, or volunteer a few days a week, engaging in some form of work will keep your body moving, and give you opportunities to stay balanced, strong, and healthy.
Financial Benefits
Besides the obvious extra income, working during retirement may allow you to delay taking Social Security benefits. For every year you wait to take Social Security past your full retirement age (up until age 70), your benefits can increase by 8 percent annually. Finding a strategy that works for you can truly pay off.3
Talk with a financial professional, like those at Emerj360, if you would like to strategize a plan for when to retire and start taking Social Security benefits.
Emotional Benefits
Studies have shown that a sense of purpose has been associated with a longer lifespan and better quality of life. Working on something you care about, starting a new business, or mentoring others in the workplace can ward off depression and provide a healthy sense of fulfillment and direction in your later years.4
Social Benefits
One of the risks associated with retirement is increased isolation. Working with others reduces this risk, giving you a chance to build connections and enjoy meaningful interactions.5
Even if you decide you’re ready to retire, it doesn’t mean you can’t go back to work in a smaller capacity, especially if you are interested in gaining any of the benefits mentioned above.
Sources
- BLS.gov, 2023
- NIH.gov, 2023
- SSA.gov, 2023
- TheHealthy.com, May 17, 2023
- UNH.edu, May 8, 2023
