Should Retirees Consider Re-Entering the Job Market?
More retirees are re-entering the job market. There are several reasons for this, including the increasing cost of living, the increasing availability of flexible work, and the great demand for labor.
There are several advantages and disadvantages to returning to work, and we will look at both of these.
Advantages of Re-Entering the Workforce
You need the money. Some people may find that they weren’t as financially prepared for retirement as they thought. Inflation has only made this worse. So, if you are struggling to pay your bills, getting a job would help. The benefits, especially health insurance, could be helpful for some individuals as well.
You want to keep busy. Maybe, you find you have too much time on your hands now that you have retired, and you want to go back to work to keep busy. Some people take this opportunity to try a new job as well. Retirees that return to work have different preferences for hours as well. Some choose to work full-time again, but others prefer a more limited schedule. You could choose a job that has the hours you prefer.
It may increase your Social Security benefit. Wages have been increasing, so it’s possible you could get a job with higher pay than you had before retiring. If you do receive higher pay and your earnings are high enough to replace one of the highest 35 years that was used to calculate your Social Security benefit, your benefits will be recalculated. This would result in an increase in benefits.
Disadvantages of Re-Entering the Workforce
The pay may be too low.
There are a lot of job opportunities, however, many of these jobs are in skilled trades or for hourly work. Learn More
These are often jobs that millennials do not want. These jobs often don’t pay well, and it’s possible you may not want one of these jobs.
There is a risk of COVID-19. The jobs that tend to be available often require in-person interaction. Jobs in restaurants or retail stores may be easy to get, but they will require being around other people. Some of these jobs may require working in crowded areas, and this does increase the chances of contracting COVID-19. It could be particularly risky for older people who already have a higher risk of contracting the illness.
Whether or not returning to the workforce is a good idea or not depends on the individual involved. Each retiree needs to consider their situation and decide what’s best for them. But, this article contains some things to consider.
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