Working Longer

Ah, the life questions we face. Young adults contemplate which college to attend and how that might affect their future. Women – and increasingly often, men – ponder whether to stay home and raise children, work or both. People contemplate job changes and relocations. And then, of course, a big question: When should I retire? One report observed that these days, about a third of adults ages 65 to 69 are continuing to work, and one-fifth of people 70 to 74 years old are working as well. The majority of them are working full time.¹

If you get to make the decision to continue working all on your own, you are fortunate. Many people are forced to retire earlier than they’d like due to health reasons or because they are let go by their employer.² If you can continue working, there can be many benefits, such as more time to save for retirement, employer-sponsored health insurance coverage, access to a social network, intellectual engagement and a place to go every day where you feel needed and important.

These are all good reasons to work longer. But whether you do so or not, you’re going to need a well-thought-out retirement income strategy. Using a variety of insurance products, we can help you create a strategy designed to help you to live the kind of retirement you’ve worked hard for. Contact us today to get started on your retirement income strategy.

If you are planning to work longer, consider that you don’t necessarily have to keep your current job. If you like it, that’s great. But if not, you might be able to phase into another role at your company, work in a similar position at another company or even take a completely different job in another industry. As we get older, we sometimes reflect back on what we’ve done, or didn’t do, and what we would do differently. If you’ve always been interested in another field, find out what it would take to break into it. If you’d like more time to pursue a hobby, figure out if there’s a way to turn it into a career.³

For example, if you love football, consider announcing for games at a local high school, coaching or refereeing. Apply to be an intern in a different field, write movie reviews for your local newspaper or work in a friend’s shop. While these jobs may not pay all that well, they may pay more than the retirement alternative of no outside income. By stringing together a variety of paying and volunteer gigs, you not only can supplement your retirement income but pursue passions and hobbies, and create quite a busy and engaged retirement lifestyle.

If you’d like a different job that can potentially pay substantial income, consider becoming a real estate agent. Many mature adults have the right qualities for the role – they know their community and neighborhoods, have a broad network of local contacts, have experience buying and selling their own homes, and understand the concerns and issues of new buyers. Furthermore, real estate is a relatively easy field to enter, and you have a certain degree of flexibility so you can work as much as you need for your income requirements.⁴

Another flexible job in which you may be able to use your previous work experience is as a freelance writer. Whether writing for your local paper or industry trade journals, writing is something you can practice on your own time to improve without extra schooling or training.

The point is, you may enjoy working longer and benefit from all of the associated advantages. However, if you don’t want to continue working in your current job, your options aren’t limited. You have knowledge and experience to rely on, which, when you think about it, is a whole lot more than you had when you started your career.

Content prepared by Kara Stefan Communications.

¹ The American College of Financial Services. Aug. 2, 2017. “5 Things to Tell Clients about Working Past Retirement Age.” http://knowledge.theamericancollege.edu/blog/5-things-to-tell-clients-about-working-past-retirement-age. Accessed Sept. 11, 2017.

² Marlene Y. Satter. BenefitsPRO. Dec. 4, 2015. “What is forcing workers to retire earlier than they planned?” http://www.benefitspro.com/2015/12/04/what-is-forcing-workers-to-retire-earlier-than-the. Accessed Sept. 29, 2017.

³ Robert Powell. USA Today. Feb. 27, 2017. “How to keep earning a paycheck in retirement.” https://www.usatoday.com/story/money/personalfinance/retirement/2017/02/27/how-keep-earning-paycheck-retirement/98266500/. Accessed Sept. 11, 2017.

⁴ Maryalene LaPonsie. US News & World Report. May 8, 2015. “Real Estate: The Ultimate Second Career for Seniors.” https://money.usnews.com/money/retirement/articles/2015/05/08/real-estate-the-ultimate-second-career-for-seniors. Accessed Sept. 11, 2017.

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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