In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting. Labor force participation among those aged 65-74 is predicted to reach 30.7 percent by 2031, up from just 25.8 percent in 2021. As the Boomer generation ages, more people are viewing retirement as an opportunity to enjoy the rewards of work in a whole new way. Read on to discover some of the benefits.1
Mental Benefits
Working during retirement helps maintain mental agility as
you learn new skills, which can help improve your thinking ability. People who
pursue meaningful activities say they feel happier and healthier.2
Physical Benefits
Staying active during retirement years is crucial for
continued health. Whether you choose to work full time, or volunteer a few days
a week, engaging in some form of work will keep your body moving, and give you
opportunities to stay balanced, strong, and healthy.
Financial Benefits
Besides the obvious extra income, working during retirement
may allow you to delay taking Social Security benefits. For every year you wait
to take Social Security past your full retirement age (up until age 70), your
benefits can increase by 8 percent annually. Finding a strategy that works for
you can truly pay off.3
Emotional Benefits
Studies have shown that a sense of purpose has been
associated with a longer lifespan and better quality of life. Working on
something you care about, starting a new business, or mentoring others in the
workplace can ward off depression and provide a healthy sense of fulfillment
and direction in your later years.4
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 fifteen cigarettes a day. Working with others reduces this risk, giving
you a chance to build connections and enjoy meaningful interactions.5