You’ve worked for years in your field and have finally decided it’s time to hang up your hat and pursue a new adventure in life—retirement—a time in life when you finally have the freedom to do anything you want. However, the reality is that after some time, you may find yourself bored and looking for ways to fill the time once dedicated to your career.
One way to fill your newly found time is to take up a part-time job. I know; it sounds counterintuitive, right? Didn’t you just stop working? Why would you go back to work? The truth is that there are many reasons why picking up part-time work can be a good idea in retirement, for both your wellbeing and your finances. Here are a few reasons to consider it.
Find a New Purpose
Losing one’s purpose is one of the biggest worries of those looking at retirement. After spending your entire life pursuing your career, it’s no surprise that it feels like something may be missing once you step away from it. Pursuing part-time work in retirement can help you find a new sense of purpose.
With finances less of a concern, (assuming you have the income you need from Social Security and investment distributions), the world is your oyster. You could look for a new type of position in the same field or finally pursue that job you always wanted in a completely different field but couldn’t bring yourself to pursue because of the lower pay.
At this point, you don’t have to worry about climbing the corporate ladder or being as stressed about making ends meet. Use this opportunity to find a new job you are passionate about and enjoy it.
Explore Your Creative Side
Have you ever thought about turning your hobby into a job? Retirement can be a perfect opportunity to take the plunge finally. Whether you sew, knit, paint, bake, do leatherwork, craft things from wood, or any other number of hobbies, there are opportunities to find part-time work that will allow you to pursue your creative side.
Chances are you have talent and skill in a hobby that other people want to learn. Consider turning that knowledge and passion into a part-time job. You could do it on your own and start offering classes in your area, or you could reach out to a vocational school, community center, etc., to see if they would like to enlist your services.
Not only would you get to continue pursuing your creativity, but you’d occupy some of your time and make a little bit of extra cash too.
Engage With Your Community
The drastic change in social life can be disconcerting when you retire. Where you once had an office full of co-workers to celebrate birthdays, have drinks after work, and share holidays with, retirement means you no longer have this ready-made group. While not dealing with frustrating coworkers can be a relief for some time, we all need a social circle (even a work one). But, in retirement, this can be a little difficult to find, especially if your existing friends are not quite at the same stage in life.
Choosing to pick up part-time work in retirement can give you that social interaction that is so important for your mental wellbeing. Simply interacting with coworkers and customers at a part-time job can have a huge impact on your health, such as warding off depression and reducing heart-related risks too.
Like I mentioned before, in retirement, you have the opportunity to take up those jobs that always seemed impractical before. Jobs like working with the American Red Cross, working in a museum, or becoming a school crossing guard may not pay large sums of money, but might be far more enjoyable than what you’re used to.
Start a New Business
Not all businesses are started at 20-30 years old out of a garage. If you’ve always dreamed of starting your own business, it’s never too late. In fact, you’re right on time.
The US Census Bureau has found that businesses founded by someone 50 years or older are 2.8 times more likely to be successful than those with a founder who is 25. If you think about it, that makes sense. You have the time, the knowledge, and the experience to make moves! Make the most of your retirement by taking that leap and making an even bigger mark on the world.
Another thing to keep in mind is that unlike starting a business at the beginning of your working life, waiting until retirement means that you have more of a financial cushion to work with, especially if your kids are grown and your house is paid off.
Protect Your Portfolio
Perhaps the most obvious reason to consider a part-time job in retirement is the extra cash you can make to supplement your income. Why is this important if you’ve been saving all your life for retirement? Well, simply put, to help your retirement savings last longer. Rather than having to tap into Social Security right away, you can continue working and contributing, which could increase your monthly payout once you do collect benefits.
By bringing in that little extra income from a part-time job, you don’t have to worry about not covering living expenses, letting you leave more of your savings in your retirement portfolio. When you have this comfort, you may also decide that you can take the risk of being more aggressive with your investments to get higher returns.
In short, getting a part-time job can help you grow your portfolio even more if you’re willing to take the risk.
Keep Boredom At Bay
The reality is that you could live much longer than you think. Most of us are planning to live into our 80s or 90s. But with all of the advancements in healthcare technology, it’s entirely possible we’ll live to 100 or more!
Why is this important? Well, it means that your retirement could be 4 or even 5 decades-long (instead of the 3 decades that most plan for) if you retire in your early 60s. That’s a long time just to do whatever your heart desires. How will you keep your mind fully occupied during that long time horizon?
Getting a part-time job can help you keep some semblance of a structure during your day, as well as engage your mind, help you connect with your community, and give you a sense of purpose. All of which are vital for your physical and mental well-being. If you feel like something is missing from your life in retirement, getting a meaningful part time job might be the answer.