My job as a recruiter involves putting people in the best position for them to succeed. This often involves placing someone at the right company, but sometimes my clients inquire about other aspects of life, like retirement. Some Boeing retirees have told me they continued to work simply because they enjoyed it. Other retirees have decided to simply relax in their retirement and spend more time with family. Whichever you choose, it is good to know the benefits of working in retirement before making your decision. Let's start with the financial benefits.
FINANCIALLY: BENEFITS OF WORKING
Make up for Decreased Value of Savings or Investments.
Low interest rates have made it great for lump-sums but harder to generate portfolio income. Some people continue to work to make up for poor performance of their savings and investments.
Maybe you took a BA offer & left earlier than you wanted and less retirement savings than you needed.
Instead of drawing down savings, some decide to work a little longer to pay for extras you've always denied yourself in the past. See our e-book "Early Retirement Offers" (9) for more information.
Meet Financial Requirements of day-to-day living.
Expenses can increase during retirement and working can be a logical and effective solution to this problem.
Keep Insurance or Benefits
You may choose to continue working in order to keep your insurance or other benefits. Many employers offer free to low cost health insurance, for part-time workers.
EMOTIONALLY: BENEFITS OF WORKING
Staying Active and Involved
Retaining employment, even if it's just part-time, can be a great way to use the skills you've worked so hard to build over the years and keep up with friends and colleagues.
Enjoy Yourself at Work.
Just because the government has set a retirement age with its Social Security program doesn't mean you have to schedule your own life in such a manner. Many people genuinely enjoy their employment and continue working because their jobs enrich their lives.
A New Job Opportunity comes along.
You might find yourself with very tempting job opportunities at a time when you thought you'd be withdrawing from the workforce.
Want to learn about the different stages of retirement? Visit: https://techstaffer.blog/2019/11/14/boeing-stages-of-retirement/
If you'd like to read about survivor benefits, visit: https://techstaffer.blog/2019/11/28/survivor-checklist-how-your-spouse-can-receive-boeing-benefits-after-your-death/
Sources:
The Retirement Group or www.theretirementgroup.com
“Retirement Plans-Benefits & Savings.” U.S. Department of Labor, 2019, www.dol.gov/general/topic/retirement.
“Generating Income That Will Last throughout Retirement.” Fidelity, 22 Jan. 2019, www.fidelity.com/viewpoints/retirement/income-that-can-last-lifetime.
BA Summary Plan Description, 2017