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 32 percent by 2022, up from just 20 percent in 2002 (AARP). 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.
Mental Benefits
Working during retirement helps maintain mental agility as you learn new skills. Staying engaged in work may help build “mental muscle,” which can lessen the risk of developing dementia and Alzheimers and ward off the signs of aging.
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, your benefits can increase by an average of 8 percent annually. Finding a strategy that works for you can truly pay off.
Emotional Benefits
According to the Association for Psychological Science, studies have shown that a sense of purpose has been found to lengthen lifespan and 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.
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 nearly a pack of cigarettes a day. Working with others reduces this risk, giving you a chance to build connections and enjoy meaningful interactions.
By Kevin Theissen, Principal and Financial Advisor, HWC Financial. kevin@skygatefinancial.com
