Working in Retirement
The benefits of working longer
It’s no secret that many baby boomers expect to have a working retirement. With the average age of “retirement” now at 67 versus age 63 in 1995, the most recent Del Webb Baby Boomer Survey found that more than 70 percent of baby boomers anticipate working in some fashion.
Spending time in the office may offer some definitive advantages for both financial and personal reasons. Continuing to work later in life may allow some to delay the time they begin to withdraw from Social Security. If mature workers wait for a few years instead of immediately using the benefits at 62, they will collect larger monthly benefits for the rest of their lives. .
The Urban Institute's Retirement Policy Center has found that working an additional five years before retiring can raise annual retirement income by approximately 56 percent.
Meanwhile, many baby boomers say they want to stay engaged in the workforce simply to stay active, ward off boredom or even pursue a dream. It is not uncommon for many retirees and pre-retirees to starting a new career later in life.
“Re-careering provides an opportunity to continue working while expanding your horizons and pursuing personal growth,” says Eric Baker, lifestyle director at Del Webb Orlando. “Residents tell us it’s an opportunity for them to grow professionally and personally.”
At Del Webb retirement communities, many people enjoy working full and part-time, while also benefiting from a myriad of social and recreational opportunities. “It’s like having the best of both worlds,” Baker says.
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