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5 Advantages of Semi-Retirement

04/20/2023 - Financial Wellness & Life Planning, Planning for Retirement

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If your retirement is falling a little short of expectations, a part-time job could improve your physical, mental, and financial well-being.

Retirement is something you’ve probably dreamed of all your life. The freedom that comes with not needing to work every day seems luxurious – after all, who doesn’t want to spend more time traveling, seeing loved ones, and investing in hobbies? Once the newness wears off, however, many retirees discover something: maybe working wasn’t all that bad.

For many retirees, holding a part-time job becomes a joy. It offers several benefits – financial and otherwise – that enrich seniors’ lives. Plus, entering a new field or role and knowing that you’re choosing to work instead of being required to is empowering, and it’s often much less stressful. Below are more details on the benefits of part-time jobs for seniors.

1. Extra Income

One of the most obvious benefits a part-time job offers is the extra retirement income. Working part time can help you make ends meet while still offering a reprieve from a 40-hour work week. If you’ve saved just enough to get by, the added income can put some wiggle room back into your budget, easing your stress.

In some situations, working a part-time job can allow you to delay drawing Social Security until you reach full retirement age. By doing so, you can get a bigger Social Security check each month. A part-time income may also allow you to leave your retirement accounts untouched, so the money continues to accrue interest until you need it.

Even if your finances are in good shape, having extra cash is always a good thing. You may live longer than you accounted for or have unexpected expenses that the extra money from a part-time job will help cover. At the very least, you’ll have more money to put toward family trips and interesting hobbies or to splurge on special occasions.

2. Employee Benefits

Depending on the business you work for, a part-time job may also provide valuable benefits. Working at retail, grocery, gaming, or craft stores may earn you free items or storewide discounts, reducing the amount you spend on household or miscellaneous purchases.

Some employers offer dental, vision, and health insurance for part-time employees, as well as life and disability plans. They may match 401(k) contributions you make and offer perks like paid time off or reimbursement for educational endeavors. These benefits can help you save on healthcare costs if private insurance is a better choice for you than Medicare.

3. Social Engagement

Having a job helps you stay socially engaged on a regular basis. Whether it’s with your coworkers, customers, or both, part-time work presents an opportunity to build friendships and camaraderie. It also gives you a chance to serve in a mentorship role for younger coworkers, so you can pass along your wisdom and insight to help them grow. According to the U.S. Department of Health and Human Services, social health is a key part of physical and mental wellness, playing an important role in your overall well-being.

4. Health

A part-time job can also keep you physically active. Getting out of the house and walking around your workplace can have a bigger impact than you think, and the benefit is greater if your job requires physical effort, such as stocking, cleaning, or sorting. The CDC recommends older adults get at least 150 minutes of moderate activity a week, if possible and safe to do so. A job can help you work toward that goal.

The extensive benefits of staying active include:

  • Improved strength and balance
  • Better sleep
  • Boosted energy levels
  • Management or prevention of diseases like arthritis, cancer, and heart disease
  • Improved mood, which combats stress and anxiety

A job also enhances cognitive health and function. Almost any position you take on will require critical thinking and problem-solving skills, which keep your mind sharp and alert.

A Longer, Happier Life

According to the Centers for Disease Control and Prevention, older adults who are physically active have a reduced risk of functional limitations and premature death, leading to a better, longer life.

Overall, working helps maintain or improve your quality of life. The benefits can extend to your finances, too, in the form of reduced medical costs.

5. Personal Fulfillment

Having a job also provides many retirees with a renewed sense of purpose or fulfillment. Choosing to be part of something larger than yourself and working with a team of professionals can be extremely rewarding, and it reinforces to you that your skills are vital and appreciated. Part-time work in retirement can be a motivating challenge or simply something you take pride in, as well as an invaluable component of a happy retirement.

Good Reasons to Keep Working During Retirement

Working a part-time job during your retirement may not be what you always aspired toward, but it can add real value to your daily life, aside from your finances. Part-time jobs for seniors offer physical and mental health benefits, as well as a sense of purpose and pride.

Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.

While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.

Neither Strategy Academy nor its sponsoring partners make any warranties or representations as to the accuracy, applicability, completeness, or suitability for any particular purpose of the information contained herein. Strategy Academy and its sponsoring partners expressly disclaim any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Strategy Academy and its sponsoring partners from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.

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