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Working After Retirement? What You Need to Know

You’re not the only person who’s wondering if you should continue to work after retirement.  There are plenty of folks who do so…whether for monetary reasons, or because they’re invigorated by the idea of remaining a viable, contributing member of society, and of the economy!

I Will Need To Bring In Income, But Have No Idea What To Do.  Help!

Yes, it’s quite understandable that you might need a little insight as to where to look for work after you retire.   Many people who approach their golden years do opt to work after retirement. However, the majority of folks don’t, so it’s not something that’s bandied about in coffee klatches.

Too, when you’re used to wearing one sort of hat, you won’t automatically know what other career head gear to replace it with.

What type of jobs are retirees most likely to be working in?

Probably part-time work; one with less wear-and-tear on their agenda.

And probably a job that you consider somewhat relaxing.

When you do arrive at a decision as to what you’d find most rewarding to do when you retire, it will most likely be a job which is totally unrelated to anything you’ve worked on prior to hanging up your 9 to 5 fedora!

So relax and let your imagination take wing.

Most Retirees Are Free To Be Flexible

If you plan well, you can tailor your retirement life so that you’re living the life that you’ve always promised yourself that you would, as soon as you had the time, the inclination and the money.

When you retire, you’ll have all three bases covered so you can finally pursue your dream.

For instance, there are lawyers who have become either coaches for their grandchildren’s little league teams… or security guards—depending on their avocations and on what they felt particularly suited for. They had always daydreamed about working at something where they could still guide and protect others, but without the added pressure and stress of their former extremely demanding career.

Similarly, there are civil servants who have put on the uniform of a school bus driver or the badge of a crossing guard.

These retirees who, in their “regular” jobs found themselves working under the glare of fluorescent lights, or shuffling papers all day long, are now happily able to aid children and their caretakers, and to oversee the hustle and bustle of outdoor activity… under natural sunlight.

In this case, many workers would no doubt agree that the change, when it comes, is apt to be a pleasant one!

Does that help?

It Sure Does.  Thanks!  Another Question: Will My Social Security Benefits be Reduced?

Good question. Yes, most likely they will be reduced. If you earn over a certain amount, as determined by the government, a portion of your benefits may be withheld.

According to the official Social Security site — see the government link here:  https://www.ssa.gov/

if you work, you can still get Social Security benefits.  It’s a matter of how much you work which determines how much of a benefit you’ll receive.

As a hypothetical example, let’s say that you worked in 2016 and are YOUNGER than the full retirement age of 66.  When you reach full retirement age, no benefit reductions will take place.

Here’s what the site states:  “If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.”

In the year 2016, that limit is $15,720. Keep in mind that the limit changes from year to year.

As you approach the full retirement age – anywhere from 65 to 67, depending on which year you were born (see https://www.ssa.gov/planners/retire/retirechart.html for specifics) you will be able to earn more.

According to the Social Security Administration, for every $3.00 that you go over the cut-off of $41,880 during the year in which you reach the age of full retirement, $1.00 will be deducted.

Note: this only applies up to the actual month in which you reach full retirement age.  Your net earnings or work wages will be the figure considered; vacation pay, commissions, bonuses, etc., are counted.  (Pensions and military retirement benefits, along with other benefits, aren’t counted. —see link for more info: https://faq.ssa.gov/link/portal/34011/34019/Article/3739/ )

Terrific!  Now, Do You Happen To Have Any Idea of What Some Of The Best Cities For Me To Work In After Retiring Would be?

Yes, we do!  All sorts of surveys have demonstrated that there are some “meccas” for successful retirees. What do we mean by successful?  Those who are able to continue working at productive, meaningful  jobs.

The site money.us.news states that no more than a tad over 26% of present-day workers will remain or re-enter the workplace after the age of 60.

That’s still enough of a figure to make an impact in the economic and employment picture.

Add to that the Census Bureau data (again quoting from money.us.news) that a full one-third of workers in some major cities are retirees, and you see that you’ll be in good company if you decide to settle in one of these towns:

Washington, D.C. – this is the hot spot for retirees, as more people work in this region after the age of 60 than in any other place in the country. Thinking of moving to our country’s capital?  The metro area houses a full 36.8 percent of that age group.

Austin, TX – Mega-corporations like IBM and Dell are situated here and keep the Austin economy thriving…as do those after 60.  This area is a hub for seniors who rub elbows with other workers in public school systems and government jobs, among other entities that gainfully employ this vital age group.

Des Moines, Iowa – This metropolitan area is a thriving publishing, financial and insurance center in the Midwest and it boasts income which is steadily increasing while business costs continue to stay well below the national average.

Retirees will find themselves in the midst of one of the best-ranked places for jobs, according to Forbes Magazine.  (Around 32% of seniors work past their 60’s in Des Moines.)

Other thriving cities which retirees are flocking to include Boston, MA; Houston, TX; Denver, CO; Madison, WI, and Omaha, NE.

Wherever you decide to go—and even if you don’t decide to pull up roots as you close out the work chapter of your life – remember that it’s not only about money.

Your life will remain vital and your activities meaningful with a well-planned retirement which, yes, includes enough money to meet your bills and provide a bit of disposable income, but which also provides fun and respite.

Remember, the first time around it was to succeed in your chosen field.  After you retire, you will be well-established in your arena; it’s time to keep your workday enjoyable and flexible.  You’ll have much to offer…and just as much to gain.

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