Do you want your retirement years to be lively? Is your current job, or career, fulfilling for you? If so, then maybe you are going to be joining the happy, busy ranks of those, more than 70% according to a recent AARP survey, who are planning a "working retirement." If working past your retirement date seems grim, then cheer up. There is a silver lining if you know where to look. 1) Continuing at your current job has its positives - you know the job. There are no learning curves, or the awkwardness of being the new kid. 2) If you have personal debt or you are close to paying off your mortgage, working a few more years at your current income can go a long way to eliminating expenses. 3) Continuing to draw a paycheck will allow you to delay Social Security, for a higher benefit in the near future. Your benefit will continue to increase up to age 70. Keeping that weekly paycheck coming will also prevent you from drawing down your savings too early. 4) Chances are if you are near retirement, you may be close to peak earning and benefit levels. Perhaps you want to boost your 401k levels by maxing out your contribution and taking advantage of the over 50 catch-up contribution. Your employer may even contribute to your account adding to your total. Health benefits will probably continue and can provide continued coverage for you, your spouse and possibly other family members. It can also provide as a bridge to Medicare or act as a supplement. 5) You might not be ready to quit working. You may need income, require some benefits, or just like to work. There are many people out there, who enjoy the challenges work brings and going out there each day to meet them. For you "retirement" may the beginning of a new career! You may be feeling like "George." His wife Linda says, "George is in his sixties and while all our friends are talking about retiring, he doesn't want to quit. George likes his job, he has the option to continue full-time, or work in a per diem arrangement, as long as he wants. He's the kind of person that needs to be busy. The income and flexibility in his job will allow us plenty of opportunity to enjoy ourselves without worrying about money. I have already stopped working, but this doesn't mean that my husband will. As long as we can enjoy more time together, then I am satisfied with his decision to stay in the workforce, for now." Linda and George have different dreams about retirement, but they have created a plan that works for them. Where do your dreams fit into your plans for retirement?
About Mike Bonacorsi, CFP®
Mike Bonacorsi is a CERTIFIED FINANCIAL PLANNERTM professional, public speaker and award-winning author of Retirement Readiness: A Guide to Creating Your Vision, Knowing Your Position, and Preparing for Your Future. You can listen to his radio show, The Mike Bonacorsi Show, at WSMN, 1590AM or on your computer at http://wsmnradio.com on Tuesdays from noon - 1:00 PM. For additional information, visit http://mikebonacorsi.com/. Reprinted with permission of the author. 2009© Mike Bonacorsi CFP® All Rights Reserved.