Working during or in retirement takes away the time to spend time with grandchildren, travel or relax. Retirees get lots of chances to earn extra money and they can earn by taking part-time jobs or initiating a business. However, being a part of the workforce is not the best bet after retirement.
There are many jobs available after retirement and it also sounds better. But, if you have made money enough by saving for the retirement, now enjoy life. As per a survey, the retirement income is sure to cover basic expenses and there may be enough money for leisure and budget travel.
Even if you wish to go traveling after retirement, you may spend less. The living expenses are less once you retire, unless you consider going to Europe on a trip. Once you stop working, you need not pay Social security. The costs of the housing will reduce and the mortgage gets paid off, thus you become eligible for senior discounts as well. You can also move to less expensive place from your family home and downsize your expenses. Presumably you need not have to worry about saving for retirement and also need not support your kids anymore.
Working does not really pay off. There are penalties in life for working later. For instance, if you consider working after signing up for Social Security benefits and is younger than full retirement age; the payments may be withheld temporarily of some of your Social Security. After you age 70 1/2 you get minimum distributions from the retirement accounts, and in case you are working, the withdrawal may kick you to a higher tax bracket. Medicare plans 2019 may be an option for those who qualify. Visit https://www.bestmedicaresupplementplans2019.com/
There is no need to undergo stress after retirement. This is the time you can take good care of yourself and also choose to get out from an expensive neighborhood. Especially, if you are involved in physical jobs in the work place, it is best to consider retirement as it may be dangerous with age.
Continuing to work may also cause cracks in your relationships. It adds strain as one partner continues working, while the other wishes to consider retirement. Think of the best times to spend going on a golf outing or a fishing trip, so that you make up for all that you have been working for such a long period.
Try something new as you must have supported your family all these days with regular income and less personal fulfillment. Use your retirement as the opportunity and live as you are, do not miss this chance.