How to work past the age of 65

As the expenses of daily life rise and the strain of the economic climate puts a drain on family finances, few find it possible to save enough money so when the time comes they can retire in comfort. Even if they do plan saving the traditional ways, the income derived from pensions, social security and RRSPs are often not enough to meet the rising costs of living.

A report issued by National Summit on Retirement Savings that was held in June, 1998 states, “Americans must save more today if they are to realize the dream of a financially secure retirement tomorrow.” Section two of the report says: “Many Americans are not planning or saving enough to be able to afford to retire.” That hasn’t changed since then and in today’s poor economic climate savings are even harder to achieve.

As many begin to realize that their investments aren’t enough to carry them through retirement, they are planning to have a working retirement. This doesn’t mean they take on full time employment, rather they supplement what they already get from their existing savings to live comfortably and not have to worry about making ends meet.

Taking an Inventory of Skills and Talents

The first step to planning for a working retirement requires planning well in advance of 65. Everyone has a skill or even a hobby that can become a springboard for future income. While still working full time, talents can be analyzed for their income potential. Depending on how many working years are left, it doesn’t require a great deal of time to get the information necessary to make a start in building for a future income.

Building the Foundation

This is where planning comes in. Armed with the right knowledge, those income ideas can be put down on paper in a concise step-by-step plan so the important first step can be implemented immediately upon retirement. Of course, if the aim is just to supplement existing retirement income, some people will take on jobs flipping burgers or becoming security guards once they reach 65. These don’t require much in the way of planning. But employing useful skills so they earn income at retirement requires more planning, especially if the plan is to start a business.

The working years are the best time to make a start no matter how small the business may be. Since additional income isn’t needed while working for a paycheck, many can build the foundation as time permits. Some people will sign up for affiliate programs and slowly build an online business so they can plunge in once they’ve got the traditional gold watch. One other effective method is not to leave the working environment altogether. Many continue to work for their former employers in a reduced capacity and for fewer wages during their retirement. This has the benefit of keeping them active and still contribute their knowledge. The further benefit is that they have less stress and more time to enjoy their freedom.

Enjoying the Freedom to Work

Retirement should be an enjoyable time. Yet it becomes stressful for many retirees. Finding themselves with so much free time has them baffled as to what to do when full time employment has ceased. Travel, of course, is a preferred activity for many and while many do take advantage to see the world, eventually they must come home to face an empty future. This makes it important to plan for those years to alleviate boredom and stress.

It’s the outlook that many have about retirement that has them worried. The transition from work to leisure is difficult if it hasn’t been planned for in advance. Too many fear retirement for the boredom they believe will come. But this outlook is false. Those free years can be the most productive. Changing the mental attitude is especially important and requires a good balance between work and play.

Staying Close to Home in Retirement

Much is said about finding a place to retire to, yet some retirees nowadays are deciding to stay put when they retire. They are finding satisfaction remaining in the same neighborhood.

Why Stay in Community when Retiring

Friends and community organizations and churches are familiar, and networks are long established. This allows a period of adjustment during the early stages of retirement, a chance to simplify your life, and then a rested retiree may make decisions about the future which are more suitable and satisfying.

Early Stage of Retirement

There is a lot of change involved in stopping full-time work as is often done when retiring. For this reason, some retirees benefit from staying put at least for the time being. No matter how much pre-retirement planning was done, there is a transition period where the reality of the new situation settles in.

For some retiring seniors, the first phase involves celebration, maybe a trip or two, catching up on medical appointments and other things, and finally getting some much-needed rest. However, eventually the schedule begins to find its own level. At that point, people begin to sort out what they really want out of retirement. Some want a job, full or part-time, while others want to travel, be close to family, catch up on cooking, or pursue a hobby. Others want to continue the life they’ve built, but just slow down the pace a bit.

One Adjustment at a Time in Retirement

If the budget allows staying at home for this stage of retirement, it gives a chance to get used to one change at a time. Also, even though much financial planning is helpful previous to actual retirement, some of the decisions about preferred activities, pace, location, and other lifestyle choices can be better made after passing through the early stage of retirement.

Transitions have long been known to bring an accompanying stress. Thus making one adjustment at a time is wise for many seniors facing retirement. The media, advertisements, peer pressure and other factors can make a person wonder if all decisions must be made before the retirement party. A number of people are choosing to direct their life path as a retiree one step at a time.

Chance to Simplify Your Life at Retirement

Once the gold watch, plaque, and retirement celebration are over, there often is a resting up period after the hustle and bustle of the rush toward retirement. Even those who did the finest planning before actually retiring may find the extra time allows one to clear the brain and make choices which weren’t even on their radar during their work life.

As options are being considered, closets loom close and in need of cleaning. This process of cleaning out can bring a process of sharing unneeded things with others who will put them to good use. Seniors can use this opportunity to simplify their lives by designing both their schedules and their possessions to be more in line with their new life in retirement.

The case for aging in place to live in a familiar area is being made by some retiring seniors who want to be close to family, friends, church, neighbors, shopping and other amenities they utilize in their own neighborhood. During the early stage of retirement, they can make one change at a time including the opportunity to simplify life and make clear-minded choices about what they really want out of those golden retirement years.