Why You Should Consider Working in Your Retirement
Besides the pay cheque, working in retirement can allow you to enjoy a variety of other benefits. We tell you why you should consider staying gainfully employed in retirement and how to get financially ready for your golden years.
Do you think that retirement is only a time to indulge in some gardening and visit the grandchildren? While many people may view retirement as an extended vacation with time to relax and travel, times are changing. Retirement is no longer being considered as the end of work life. Rather, many people of retirement age are redefining their lifestyle to give them greater satisfaction by continuing to work past their early 60s, often well beyond. Why does working in retirement makes perfect sense for these people? It’s because they want to stay engaged, stimulated and involved.
And did you know that staying on the job in retirement, whether it’s done voluntarily or out of sheer necessity, has several benefits? Here are five reasons why you should work well into retirement:
1. To enjoy better health
According to a study conducted by the Journal of Occupational Health Psychology, people who worked during retirement experienced better health as compared to those who did not. Retirees with jobs are also less affected by major diseases and disabilities. This bodes well for your quality of life, and it could translate to lower healthcare expenses too.
2. To engage your mind
Work tends to keep your mind active and engaged. After retiring from your job, you might find yourself increasingly sitting at home and watching TV the whole day. Whether it’s some kind of bridge job, part-time employment or self-employment, a job often provides opportunities to stay mentally active.
3. To improve your social life
Retirement can be lonely without colleagues or clients to interact with while family members are busy with their own lives. Quite often, retirees continue working simply to keep themselves socially active and for the friendships that a job provides. The social interaction works wonders for your mood and can steer you away from depression.
4. To bring back a sense of purpose
Are you one of those people who believe that having a job and going to office lends some direction to your life? If your answer is yes, retirement may make you feel a bit like a boat without a rudder. This is why retirees choose to volunteer their services to a cause that they believe in, or work for a company that offers them a sense of purpose and satisfaction.
5. To start something new
Retirement offers you a fantastic opportunity to embark on a new venture when you have the time along with the required expertise accumulated after decades in the workforce. Further, if you aren’t the sole breadwinner in the family, retirement frees you from the burden of financial commitments that you’ve probably been shouldering all your life. This gives you the opportunity to fulfil your lifelong dreams and ambitions. Little wonder that more and more retirees are choosing to consult, volunteer, start their own venture or pursue an entirely new career.
It’s apparent that working in retirement offers retirees a variety of benefits. But some people are compelled to work in retirement because they have nothing set aside and therefore, need the money to pay their bills.
Do you think you can afford to live life your own way in retirement? Despite the best-laid plans, it is possible to misjudge the resources that are required to live the lifestyle you seek in your retirement. Changes in the market, economy, or your own needs can cause your flow of resources to come up short.
An important component of financial planning is insurance, which can help you achieve your goals for retirement and live worry-free financially for the rest of your life.Insurance plansfrom HDFC Life are ideal if you want to achieve your retirement dream, enjoy financial independence and prepare yourself for any emergencies that may arise later in life. The HDFC Life Click 2 Retire is a unit-linked insurance plan that gives you market-linked returns with just minimal charges. As a policyholder, you get an assured sum on maturity. What’s more, the profit derived from market gains helps to grow your wealth.
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"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
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