Since pensions are (mostly) a thing of the past, and social security may not be part of our future, we really find ourselves asking the question "Do I Have Enough for Retirement?" But the reality is, do we have enough of what? Finances, emotional health, social health, and physical health are all things that will eventually run out.
In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting. Labor force participation among those aged 65-74 is predicted to reach 32 percent by 2022, up from just 20 percent in 2002.1 As the Boomer generation ages, more people are viewing retirement as an opportunity to enjoy the rewards of work in a whole new way. Read on to discover some of the benefits of working during retirement.
Do I Have Enough for Retirement? Mental Benefits of Working
Working during retirement helps maintain mental agility as you learn new skills. Staying engaged in work helps build "mental muscle," which can lessen the risk of developing dementia and Alzheimers2 and ward off the signs of aging.
Do I Have Enough for Retirement? Physical Benefits of Working
Staying active during retirement years is crucial for continued health. Whether you choose to work full time, or volunteer a few days a week, engaging in some form of work will keep your body moving, and give you opportunities to stay balanced, strong, and healthy.
Do I Have Enough For Retirement? Financial Benefits of Working
Besides the obvious extra income, working during retirement may allow you to delay taking Social Security benefits. For every year you wait to take Social Security, your benefits can increase by an average of 8 percent annually.3 Finding a strategy that works for you can truly pay off.
Do you still need to file your taxes? Dive into our updated 2024 tax brackets quick reference guide to review what you'll need to do in the upcoming year.
Do I Have Enough For Retirement? Emotional Benefits of Working
Studies have shown that a sense of purpose has been found to lengthen lifespan and quality of life.4 Working on something you care about, starting a new business, or mentoring others in the workplace can ward off depression and provide a healthy sense of fulfillment and direction in your later years.
Do I Have Enough For Retirement? Social Benefits of Working
One of the risks associated with retirement is increased isolation, which in terms of its impact on your health, has been equated with smoking nearly a pack of cigarettes a day.5 Working with others reduces this risk, giving you a chance to build connections and enjoy meaningful interactions.
1 AARP.org, February/March 2015
2 Forbes, 2017
3 Social Security Administration, 2017
4 Association for Psychological Science, 2017
5 BenefitsPRO, 2017
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