Life after Chevron can sometimes become a difficult decision whether you want to continue working or go into retirement. Usually this decision is broken down in two categories: financially and emotionally. Here I am going to show you in this two categories why you should continue to work and the benefits that come with it.
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 an Chevron 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.
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.
If you are still having questions or concerns, reach out to TechStaffer
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.