Planning matters

Why You Might Want to Consider a “Side Gig” in Retirement

Are you getting tired of being retired? Or perhaps you are simply finding yourself with extra time in your day? 

Whether retirement is in your near future or something you’re actively enjoying now, there are many benefits of not fully separating from the workforce. Of course, adding extra income to your discretionary spending allows you to draw less from your retirement nest egg but there are many non-financial benefits. Let’s take a look:

Social Benefits

One of the risks associated with retirement is increased isolation, which in terms of its impact on your health, has been equated with smoking nearly a pack of cigarettes a day* Working with others reduces this risk, giving you a chance to build connections and enjoy meaningful interactions. Working provides opportunities to make new friends and build new social connections – something everyone is eager to do in our post pandemic world.

Let’s Get Creative – Mental Benefits

If you are the creative type, starting a business to sell your creations is a great way to keep the creative juices flowing, while allowing you do something fun. Working in retirement helps maintain mental agility as you learn new skills, or practice old ones. Plus, staying engaged in work helps build “mental muscle” and ward of the signs of aging. 

Physical Benefits

We all know that staying active during retirement years is crucial for continued health. Whether working or volunteering, engaging in a form of work keeps your body moving and gives you opportunities to stay balanced, strong and healthy. Another physical benefit is that having a job can help you create a healthy, physical routine each day.

Today’s job market is hot for employees, so it could be the perfect time to pick up that side-gig.

Does it mean you should go back to work? Only if you want to. And don’t do work you don’t love in retirement – life’s too short for that. Find something meaningful that gives you purpose.

Ask your Planner about how working in retirement could benefit your financial situation.

 

*BenefitsPRO, 2017

Written By Jeri Boston