#MotivationMonday - Ready for a Retirement Reversal?

Retired – but looking for work? You’re not alone. A 2016 Federal Reserve study found one-third of retirees at all income levels change their mind and return to full- or part-time work  – that’s nearly double 1985 figures, and the number is expected to keep rising.

There’s more than one reason to pick up a job after you retire. Retirees in lower-income brackets often return to work for supplemental income. But returning to work isn’t always based on need. The study revealed the majority of retirees who reverse course and return to work do so because retirement life doesn’t prove as appealing as imagined.

Life expectancies now average 15 years beyond retirement age. With that much time, it’s easy to become bored with retirement leisure and feel disengaged since work is a source of identity and purpose. And when money is no longer a pressing issue, options open up, especially in today’s economy.

Today’s gig economy is characterized by the rise of independent contractors and freelancers making money through apps and social media on their own schedule. While the lack of a steady income might not be the most reliable when planning for retirement, it can work out well if you’re already in retirement. Retirees can take advantage of the benefits of the gig economy, most notably, freedom and flexibility, while avoiding its potential pitfalls, such as financial uncertainty or lack of time.

The most common example of a gig is driving for Uber or Lyft. A beautiful day to drive some golf balls – or a great day to drive for extra cash? As a retiree, you get to decide.

The opportunities for work are many. Tired of the career you had preretirement? Indulge in the job you wanted that didn’t make the pay cut. Follow your passions, old or new, such as performing in a band or writing a blog. Did you love your career? Leverage your skills, expertise and contacts as a consultant. Or use what you learned at your old company to start your own small business. With so many options, the question might not be whether or not you should pick up a side-gig in retirement, but which one should you choose.

It’s never too late to pursue your dream job, and retirement might just be the best time to do so. Call our office today. We can help you decide whether reversing your retirement is right for you.

1 https://www.federalreserve.gov/econresdata/feds/2016/files/2016053pap.pdf  

2 https://www.bls.gov/careeroutlook/2017/article/older-workers.htm

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