Retirement is a significant change in everyone’s life. It is a time when your daily work routine slows down, giving you ample free time to do the things you love. For some people, retirement is not the end of their work life, and it doesn’t have to be. Many retirees opt for part-time jobs after retirement as it has several advantages. According to William Schantz, here are some reasons why retirees should continue working:
Benefits of Working After Retirement by William Schantz
Many people feel that the only advantage of working after retirement is increased earnings. However, that is not the case. While money is one of the most significant benefits of working after retirement, it is not the only one. Most individuals are healthy and capable of working post-retirement. Read on to learn how working after retirement can benefit you and your family!
1. Positive Impact on Your Overall Health
Many individuals in their 60s have been employed at the same job for years or even decades. It is not simple to one day altogether leave these connections and friendships. Work-related physical exercise is also beneficial to people in their 60s or older.
Going to the office daily is a kind of physical activity that significantly lowers the chance of health conditions such as arthritis. According to William Schantz, transitioning to part-time or volunteer work unrelated to your previous job has many advantages, including improved mental health and reduced physical diseases.
According to a study of 12,000 retirees conducted by the University of Maryland, working after retirement is linked to a reduction in functional limitations and fewer serious illnesses.
2. Improved Financial Security
While many individuals rely on social security benefits post-retirement, there are several other sources of your income you can consider. If you want additional earnings, working part-time is the best way to do it.
Like most retired individuals, you may have sufficient assets and earnings from your retirement plan to meet the necessities. However, you will also need to account for growing medical costs, inflation, and other expenses that increase after retirement.
According to research by the Insured Retirement Institute, about 18% of baby boomers believe they will have sufficient funds to lead a comfortable life post-retirement. However, individuals who did not have a retirement plan could benefit from working part-time, as per William Schantz.
3. Access to Health Insurance
Medicare is an excellent healthcare option for anyone over the age of 60. However, in many circumstances, private insurance is a preferable option. Medicare is not a good option if you have one or more dependents at home, as it doesn’t cover dependents.
Moreover, Medicare often charges a monthly fee, and you may have to pay a significant premium for a Medicare supplement. Individuals can obtain most employer-provided employee compensation packages for free or at a low cost if they continue working after retirement.
William Schantz’s Concluding Thoughts
For some people, retirement is not the end of their work life, and it doesn’t have to be. William Schantz suggests working after retirement as it has several benefits for your physical and mental health.