Working after retirement why do they do it?

One of your new years resolutions may be to move along the path to retirement in 2018. As you do, some of you may consider retiring then going back to work. More than 40% of Boomers will continue to work after they retire for many reasons, one of these reasons is to ensure that retirement savings will last throughout retirement.

From the perspective of an early Boomer (it means I and my friends are ahead of the curve and I refer to those born between 1946 and 1950), it appears that of the 40% or so of us who continue to work will work for about 9 or 10 years beyond retirement. This is not based on any scientific study but I am sure there are those out there studying this issue. I am basing this on my circle of friends and acquaintances who are all early Boomers. I also asked why they continued to work. Here are some of their answers in no particular order.

1.   Working Helps You Stay Physically and Mentally Healthy

Not only can working delay the onset of age-related diseases like dementia, but keeping mentally and physically active helps you feel younger longer. Working also keep you socially active and prevents isolation, and can provide a sense of purpose.

2.  You Enjoy Your Work or Want to Take on a Different Role

Like many people, you may continue to work simply because you truly love your job. You may even be able to remain in the same field, but take on different jobs that are more fulfilling or require fewer hours.

3.  You May Simply Want to Work Part-Time Instead of Full-Time

Working full-time usually means structuring your whole life around your job, and this can become physically and emotionally draining. However, switching to a job with fewer hours and more flexibility offers similar rewards to working full-time, but provides flexibility and more free time.

4.  You Want to Try a New Line of Work

Once you begin receiving Social Security or a pension, you may be more concerned with doing something you love rather than bringing home a large income. Many retired folk train for new careers or begin new jobs doing something they enjoy, even though it may not be as remunerative as their previous career.

5.  You Can’t Imagine Not Working

After a lifetime spent working, many retired persons just don’t know what to do with themselves without a job. As one of my friends said, “Some people just don’t know how to not work.” After a lifetime of specific goals, time-sheets, and to-do lists, the unstructured days of retirement can simply feel boring.

6.  Your Savings Aren't Substantial.

Many of us did not start to save for retirement until we were in our 50’s so we did not save as much as we need to maintain a lifestyle we are use to living. By working we can save more money for when we retire full time

7.  You May Be Able to Receive Your Pension While Still Working.

Not everyone’s retirement planning goes perfectly. Medical expenses, unemployment gaps, etc. are several reasons why people are not able to save enough money to fully provide for their lifestyle after retirement. When you choose to still work, whether it be full or part-time, the additional income can help make ends meet, and allow for a bit more disposable income.

8.  Boost Your Social Security Funds

As many of you know, you could increase the value of your social security payments by delaying the year that you start taking them. Many people choose to delay their social security checks for up to 10 years after their retirement begins.

9.  Get Health Insurance Benefits

One of the things that come as a shock for people approaching their retirement is the cost of medical care. It is easy to take your employer assisted health insurance payments for granted while you are working, but after your working years are over, medical care for retired people can be a huge out-of-pocket expense. By continuing to work after retirement, it is possible to extend those benefits.

10.      Have a Sense of Purpose

Recent studies have suggested that working longer may benefit your health This might come to many as a surprise, but having a sense of purpose is an important aspect of life. Unfortunately, many don't come to realize this until they leave their jobs, and discover that 18 hours a day of free time is a bit too much. Although this time can be filled with volunteering, teaching, and other charitable activities, staying in the workforce is another viable option.

11.      Stay Social

Are you living in a house all by yourself? Or maybe the people you live with are not home during the day. Since you have been working for decades, spending the whole day doing nothing inside the house may come as a bit of a lifestyle shock. If this is the case, continuing to work post retirement may be worth your consideration. Humans are social beings, and many environments encourage just that!

There is no right or wrong answer when it comes to post retirement work. Spend some time analyzing your personal situation, and deciding whether full or part-time work retirement is for you.

Understanding

The last day of 2017 is here, we are moving on to a new year, and many of us have made new years resolutions. These resolutions are our wish to change our life for the better, for some of us we will want to lose weight, some will want to get in better shape, others will want to get more, more love, more money, more property, more respect. Others will want to have less, less pain, less emotional hurt, less heartache.

You cannot have less pain or hurt, until you understand why something really hurts. Once you understand then and only then can you begin to stop or lessen the hurting and over time it (whatever it is will) stop hurting.

 

What is important is that you understand that when you understand you have options, you will begin to take the correct action.

 

And when you get that no one can ever stop you from loving more, you feel the love you had earlier denied.

 

It’s time to get it on, so as you start the new year I hope that your resolution is to gain understanding and knowledge so you can take action to lessen pain or gain your goals. It all starts with knowledge and understanding

Divorce costs women when they retire

More than seven in 10 (71%) couples don't consider pensions during divorce proceeding, leaving women £5bn out of pocket every year, a report by Scottish Widows has found.

The 13^th edition of the annual report Women and Retirement (pdf file) found two-fifths (40%) of women said their retirement prospects worsened because of divorce, compared to less than a fifth (19%) of men.

It found just 9% of women claimed they want a fair share of pensions, despite the average married couple's retirement pot totalling £132,000 - more than five times the average UK salary of £26,000 or just over the average price of a house in Bradford.

The report found married people would be more concerned about their fair share of any jointly owned property (56%) and more than a third (36%) would want to split their combined savings.

Some 13% of married people said they would be more worried about losing a pet during a settlement than sharing a pension.

The report pointed to a general lack of knowledge about pension-related legalities that could be contributing to women's retirement saving woes post-divorce.

Nearly half (48%) of women have no idea what happens to pensions when couples get divorced, which would explain why so few couples consider them as part of a settlement.

Furthermore, a fifth (22%) presume each partner keeps their own pension and 15% believe they are split 50-50, no matter what the circumstances.

The report suggested to even out the inequality between men and women in retirement, the automatic enrolment minimum earnings threshold should be scrapped and the minimum age to qualify for automatic enrolment should come down from 22 to 18.

It also suggested the inclusion of pensions in divorce proceedings should be made compulsory and the workplace should be used better as a key channel for addressing the retirement savings gap.

The report also recommends that the inclusion of pensions in divorce proceedings be compulsory. ONS data shows that 42% of marriages end in divorce, but their research reveals that seven in 10 (71%) couples don’t consider pensions during divorce proceedings. They would like to see a Government-led education campaign to address this issue and help men and women better understand the legalities. As the Department for Work and Pensions scopes out the remit of the new Financial Advice and Guidance Body, there’s an opportunity to encourage the inclusion of a module focusing on discussing pensions as part of divorce negotiations.

This Amazing Musical 'Coffin Club'

Thanks to Ronnie over at Time Goes By for the idea. This video is a fun take on a very serious topic and arrived at the right time for me. Our family received some sad news just before Christmas that one of my young (age 25) Grand Nephews had been murdered (he was in the wrong place with the wrong person and was murdered). This is the third Christmas in a row that we have been faced with a family members death so close to the holidays.

When life takes you to dark places, there is always a glimmer of hope. 
I enjoy life’s serendipity moments. Finding humour in any situation is what makes life so surprising. The people in this video are full of life, energy and they have a wonderful sense of humour. This video takes a humorous look at how we face the end of life, and it is very enjoyable. I watched it and I was able to relate. In a few years, I will be 73 and I hope that the funerals will not come fast and furious as they claim in the video.  I was still able to laugh. Life is good even when faced with tough situations.

When I go, I do not plan to have a coffin as my wishes are to be cremated after the medical system takes all of my organs that can be used by the living. I do like the idea expressed in the video of personalizing your final resting place and the idea that you can save your family some money, by building your coffin yourself. I wonder how long this idea will take to spread to other communities. Another way the boomers are changing society.