If retirement is supposed to be the time you give up the 9 to 5 job and say goodbye to water cooler chatter, why are more people including work as part of their retirement plans? Longevity, combined with meager savings, is driving more people to stay on the job longer.
Today, almost 19 percent of Americans age 65 and older are employed full- or part-time; in 2000, just 12.8 percent of people that age were working, according to the Pew Research Center. The trend might be a good thing: Just a few more years of working may help to improve your retirement funds.
If you plan to make work part of your retirement, make sure to follow these tips.
Tip No. 1: Don’t quit before you’re ready
Compared to younger workers, it takes older job seekers longer to find new jobs following a job loss. And in most cases, the new jobs don’t pay as much as the ones they had. If you plan to work during retirement, start your job hunt or finalize your employment first. The last thing you want is to realize you don’t have enough money in retirement, only to be unable to land a job.
Tip No. 2: Keep your skills fresh
Many people unfairly assume that older workers may not have the necessary technology and communication skills. If that’s the case, sign up for a course or two to learn new skills. Don’t be afraid to ask questions as you try to master the basics of additional smart-device options.
Tip No. 3: Take your encore
If you can afford it, retirement may also be time to consider volunteer work in a field that allows you to pursue your interests and passions. Some may enable you to still earn a paycheck. Limited programs around the country, including one at Pace University in New York, help older workers understand where they can put their skills to use in the not-for-profit sector.