Everyone assumes that everyone else wants to retire 100%, i.e. leave the working phase of their life behind and sit on a warm sunny beach (or something relaxing like that).
But what if you don’t want to stop working? Now I’m not talking about people who want to continue to work past the age of 65 because without the income, they can’t afford to pay their bills. I’m talking about retiree-aged people who want to work…because that’s just what they want to do.
Case in point, my mother is 74, in good health and is continuing to work full-time. A lot of her friends and family quite frankly thinks she’s nuts for working 8am – 5pm, Monday through Friday week after week at her age. However, she feels that as long as she’s in good physical and mental health and most importantly, continues to enjoy her job, why not work full-time? Additionally, she likes the daily interaction with her clients, so in her mind, it’s a win-win. And as her daughter, who am I to argue with that?
There are definite benefits to working in your senior years and the research is there to back it up.* Working helps to keep your mind sharp and depending what kind of job you have, it also may help to keep you physically fit. Besides, isn’t retirement all about doing what you want and what you enjoy? If that happens to be a job, than more power to you!
A word of warning if you do plan to work in retirement (we are a wealth management firm after all). Make sure you consult with your financial advisor and your CPA to see how the extra income could affect your taxes, mainly your Social Security benefits. After working by choice all year, you don’t want most of your income going towards an unexpected, expensive tax bill.
As always, if you have questions about your financial future, give us a call at 913-393-1000 or schedule a complimentary consultation below.
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Investment advisory services offered through Modern Wealth Management, Inc., an SEC Registered Investment Adviser.
The views expressed represent the opinion of Modern Wealth Management an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.
*https://www.usatoday.com/story/news/nation/2013/07/15/study-retirement-dementia/2517851/