For many seniors, retirement is a phase of life – not necessarily a job or lifestyle description. While traditionally the concept of “retiring” has meant leaving the workforce, studies show that this is no longer the case for many seniors. In fact, today there are nearly 11 million older Americans working, which is four times the number who were working at a similar age in the 1980s.
What caused this change? In addition to the financial perks, there are many benefits to working during retirement for seniors. Here are three major ones to consider.
Working during retirement can provide opportunities for social interaction and engagement, which is important for mental and emotional well-being. According to one source, “Older adults who interacted with people beyond their usual social circle of family and close friends were more likely to have higher levels of physical activity, greater positive moods and fewer negative feelings.” Having friends isn’t just good for your mind; it’s also good for your overall well-being and physical health.
Read Blog: Social Support Is Key To Healthy Aging
Many jobs require cognitive engagement, which can help keep the brain active and sharp. Working can also provide opportunities for skills development and learning new things, which can be valuable for personal growth and development. This is true for both part-time and full-time employment, as well as volunteer work.
Having a job can provide a sense of purpose and fulfillment, as well as establish a daily routine, which can contribute to overall happiness and life satisfaction. Having days without structure can make you feel listless, negatively affecting your mental health. Many jobs provide opportunities to contribute to society and make a positive impact, which can be rewarding. Creating a new routine can help you find structure and purpose – a sense of calm – during some big life changes. This will help you avoid becoming isolated and depressed.
Read Blog: How to Avoid Depression During Retirement
So, what types of jobs are older adults filling in the workforce? There’s no one-size-fits-all when it comes to the best job for seniors. Some may prefer part-time or flexible jobs that allow them to work on their own schedule, while others may prefer full-time jobs with more structure and routine. Some work in person while others work remote jobs. There are more remote jobs – where the employee works from their own home – available now than ever.
There are also many volunteer opportunities, which allow you to contribute however much time you’d like–from bigger time commitments or just a few hours per week.
How does working during retirement affect Social Security benefits? Working during retirement can affect Social Security benefits in several ways. If you are below full retirement age, your benefits may be reduced if you earn more than a certain amount. If you are above full retirement age, your benefits will not be affected by your earnings. Read more about work and your Social Security benefits here.
How does working during retirement affect Medicare benefits? Working during retirement does not affect Medicare benefits, as Medicare is not based on income or employment status. However, if you are still working and have employer-sponsored health insurance, you may not need to enroll in Medicare right away. Read more about work and your Medicare benefits here.
How can I manage my finances effectively while working during retirement? Managing finances effectively while working during retirement requires careful budgeting, saving and investing. You may want to consider consulting a financial advisor for personalized advice.
Working during retirement can help you stay connected with others, stimulate your mind and find a new sense of purpose during your retirement years. At Advent Christian Village, we have members in all different stages of their careers – from those still working full-time to those who’ve left the workforce, and everything in between.
Residents also have the opportunity to participate in our senior volunteer program, where we emphasize the strong sense of purpose that comes from dedicating time to helping others. Opportunities to volunteer include:
You can learn more about volunteer opportunities at Advent Christian Village here.
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