Based on the traditional definition, retirement work is an oxymoron. Wasn’t retirement supposed to be the time after work? With over seventy-five percent of baby boomers reporting they will continue to work passed traditional retirement age, there is an opportunity to redefine the concept of retirement.
When social security was enacted in 1933, sixty-five was the expected lifespan of a white male in the United States. Over the last 75 years, the expected lifespan has grown. It’s not unrealistic for an individual to live an additional thirty years past retirement age. Is it realistic to expect to work for forty years, followed by thirty years of non-work? It is highly improbable an individual can adequately save enough to pay for thirty years of leisure. Likewise employers and the government contributions are not prepared for this extended period of nonproductivity.
As work becomes less physically demanding and the lifespan continues to extend, the modern retiree may weave in out of work as long as health allows him or her. As companies and government continue to diminish their contributions to retirement, people will need fund more of their old age forcing many to stay in the workforce longer than expected.
Many adults will continue to work at professions and jobs they’ve had for years without changing. Some may continue to work in their chosen career, but may elect to work part time, job share with another employee, telecommute from home or consult to their former employer or another organization.
Why do people work in retirement? The obvious reason is they need to earn an income. Research indicates that staying connected to others, being challenged and finding meaningful activities are all important components to a satisfying life as we get older. While many may return to work to earn additional income, there are the other benefits to being employed.
While some people will continue with the work at what they’ve always done, others want to explore new interests, challenges or incorporate the desire to give back. This list is not designed to be all inclusive, but be a starting place to explore new options of retirement work.
Do you see work as part of your retirement life?
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