10 Most Common Reasons Why People Are Still Working in Retirement

Even retirement can’t stop some people from continuing to work, either by choice or out of necessity.

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Last updated Nov. 7, 2022 | By Jenny Cohen | Edited By Ellen Cannon – Read this article in its entirety HERE on Finance Buzz’s website

Retirement may be a great goal to work toward, but there are reasons you may still be working after you reach retirement age.

Some of those reasons may be needs, like covering expenses to supplement Social Security income, or wants, like staying active in the community.

As you plan your retirement, here are some of the most common reasons why retirees may still be working in their later years, according to the Employee Benefit Research Institute.

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1. Supporting others financially

In retirement, you may get some financial surprises, such as the need to pay for a nursing home for your parents or help with college expenses for your kids or grandkids.

It can be stressful and may require you to continue to work to cover the expenses you may feel responsible for.

A good rule of thumb is to make sure you pay yourself first before you pay others. So remember to have all of your retirement costs covered before you worry about paying for others’ needs.

2. Trying a new career

Retirement may be the end of one story, but it’s also the start of another story. So you may consider trying that different career you always wanted or turning your side hustle into your main job.

A new job will put some extra cash in your wallet when you’re no longer in your typical day-to-day job.

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