Retirement can be a great time to relax and enjoy the fruits of your labor especially if you’re a senior in Florida. However, for some seniors, the thought of retirement can be daunting, it could become boring, or you just might want to take a break from…taking a break. Due to this being the reality for many people, there are a lot of retired seniors who are wanting to come out of retirement and start working again.
According to Harvard Business Review, at least 80% of retirees want to work in some capacity, whether it’s part-time or full-time. One of the main drivers for this is supplementing social security benefits. Simply putting it, the main reason is often to bring in additional money, since retirement savings aren’t always enough to cover the majority of expenses.
Whatever the reason may be, working after retirement can be a great way to stay active and social, and make some extra money too. If you’re a senior who is thinking about coming out of retirement, there are a few things you should keep in mind.
What Steps Should You Take?
The first step is to assess your financial situation. Do you have enough money saved up to support yourself during retirement? If not, you may want to consider working part-time or finding other sources of income. This is often the first step when deciding whether coming out of retirement is right for you or not.
Next, you’ll need to evaluate your health. Are you in good enough health to continue working? If not, you may want to consider alternative forms of employment that are less physically demanding. Many seniors are finding the benefits in becoming tech-savvy and running online stores and other businesses. This could be the perfect option if you’re having difficulty with any form of your health.
You could also find ways to take advantage of different benefits, savings, and programs that are dedicated to seniors if you’re worried about your social security supporting you in the way that you need it to. There are multiple benefits provided by the government that seniors living in Florida can take advantage of and many of them cater to certain things you may need. Some of them are:
- USDA Housing Repair Grants
- Commodity Supplemental Food Program
- Senior Farmers’ Market Nutrition Program
Finally, you’ll need to consider your personal preferences. Do you enjoy working? Would you prefer to have more time for leisure activities? There’s no right or wrong answer here, it’s simply a matter of what you prefer. Once you’ve asked yourself these questions, you’ll probably have a better idea of whether you should come out of retirement or not. Keep in mind though, that you don’t need a reason to do so. If you simply want to get back to work because you enjoy it, that’s reason enough.
How to Make It Easier
If you’re thinking about coming out of retirement, there are a few things you can do to make the transition easier. Here are six tips:
Start With a Part-Time Job
Working part-time is a great way to ease into and out of retirement if you choose to do so. It can give you a chance to test the waters and see if you’re ready to commit to full-time work again. Plus, it can help supplement your income and provide some extra spending money.
Consider Your Options
There are a lot of different options available for seniors who want to come out of retirement. You can look into working from home, starting your own business, or finding a part-time job that meets your needs and interests as we’ve mentioned. If you aren’t sure whether you want to completely come out of retirement, or even partially, start by finding a cause you’re passionate about and doing volunteer work can be rewarding. This is especially true if you aren’t looking to work for the money.
Get Help if You Need It
If you’re not sure where to start, there are plenty of resources available to help you. Some organizations can help you find part-time or full-time work. The same goes for if you want to figure out your finances in general. Don’t be afraid to check online, ask around your community, or just walk into an organization with the questions you have directly.
Stay Healthy
It’s important to stay healthy both physically and mentally when you’re coming out of retirement. Just as people are warned about retiring too early, the message is the same the other way around. Retiring too quickly can oftentimes lead to depression, sickness, or worse in some cases.
Whether you’re a senior who retired too early, or you want to make the best out of your next round of being part of the workforce, you’ll want to make sure to eat right, exercise, and get enough rest. Also, don’t forget to schedule time for leisure activities and socializing even if you decide to come out of retirement.
Stay Organized
One of the challenges of coming out of retirement is getting back into the swing of things. To make the transition smoother, try to stay organized and keep a schedule. This will help you stay on top of your work and avoid feeling overwhelmed especially if you have been out of the workforce for a while.
What About Your Social Security?
One of the main concerns for seniors is what will happen to their social security when they retire. The good news is that you can still receive your social security benefits even if you choose to come out of retirement. However, there are a few things to be aware of. Here are the basics; if you decide to retire, but then go back to work for your previous employer, you should be allowed to continue accruing benefits.
Additionally, your social security benefits could be reduced if you’re earning above a certain amount so always keep that in mind. If you delay claiming your social security benefits until after you retire, you may receive a higher benefit amount.
Overall, if you decide to unretire after you’ve reached the age for full retirement, nothing happens to that social security. You would be able to draw on those benefits as much as you needed. The same goes for working as well.
Are There Any Downsides to Coming Out of Retirement?
Of course, there are downsides to coming out of retirement just as there are with anything else. However, there aren’t too many downfalls. It’s important to carefully consider all your options before you make a decision. One downside is that you may not be able to go back to your previous job or company. You could always reach out to your previous company, but there is no guarantee you’d get your old job back…if you liked it enough to want to start there again.
Additionally, your benefits could be reduced if you’re working and earning more than a certain amount. You do want to keep in mind though that this only applies if you are younger than the age that’s seen as “full retirement” age which is 66. Unretiring can put a strain on your personal relationships as well and while this won’t always be the case, it’s still important to talk things over with your family and friends before making any decisions.
Do What Feels Right
Coming out of retirement can be a great way to supplement your income, stay active, and enjoy your golden years. For seniors living in Florida, you won’t be short of things to do and ideas to monopolize. With a little planning and preparation, it can be a smooth and rewarding transition.
