Many Seniors Working After Retirement

By: Jody Smith

A. Barry Rand, chief executive officer of AARP, said that senior citizens are more likely to depend entirely upon their Social Security and Medicate in their retirement. But according to Jeff Rose of Good Financial Clents, 28 percent or more of those between 70 and 74 years of age, and 46 percent of those between 65 and 69 years of age earned some money in 2006, the last year for which the Social Security Administration has data available.

Rose of Good Financial Clients said that working after you have retired will bring in additional income so that your retirement savings will last longer because you have more to live on than your Social Security checks. Many have gone back to work after retirement because they had to for financial reasons and many have done so because they want to.

Working may add extra dimensions to life, along with a paycheck. Work is stimulating to the brain, sustains or increases a sense of connection with the outside world that some retirees may lose after they have left the working world for good. Many seniors benefit emotionally and mentally as well as financially by continuing to work or going back to work after retirement.

More seniors are going back to work part time after retirement. Part-time work isn't as stressful as a full-time job but it still brings in more income than retiring and staying retired. Working part-time can be a very workable way of sharing what you've learned over your many years. If you simply retire and that's it, you may experience the odd jolt of realization that the cares and passions of your working world have just suddenly and in what may feel like they have unnaturally just ... stopped. Part-time work can allow you to continue to share what you know, and be part of a world that was once very much a part of your life.

In actuality you can retire at any age that you choose. The age you retire will have an effect on how much you receive from Social Security. Age 62 is the youngest age you will qualify for Social Security benefits. Your Full Retirement Age is determined by the year in which you were born, as to whether you can get full benefits at 65, 66 or 67 years of age. Your year of birth also determines how much delaying retirement will earn you in benefits. If you retire before you attain this Full Retirement Age, the amount of your benefits from Social Security will decrease.

Jody Smith is a freelance writer for EmpowHER.com.

Sources:

Effects of Working After Retirement

http://www.ehow.com/list_7801238_effects-working-after-retirement.html

Seniors air their financial worries at annual AARP gathering

http://articles.latimes.com/2011/sep/24/local/la-me-seniors-20110924

Age Requirements to Retire Via the Social Security System

http://seniors.lovetoknow.com/Age_Requirements_to_Retire_Via_the_Social_Security_System

Should You Work After Retirement?

http://www.sharpseniors.com/a/should-you-work-after-retirement

Related Links:

Seniors and Home Care: A Little Help Can Make All the Difference

http://www.empowher.com/wellness/content/seniors-and-home-care-little-help-can-make-all-difference

Free Eye Exams for Qualifying Seniors Help Protect Vision

http://www.empowher.com/vision-problems/content/free-eye-exams-qualifying-seniors-help-protect-vision

Baby Boomers: Inflammation Is Public Enemy Number One

http://www.empowher.com/wellness/content/baby-boomers-inflammation-public-enemy-number-one

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