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5 Benefits of Working in Retirement

Planning Matters Radio / Peter Richon
The Truth Network Radio
January 20, 2024 10:00 am

5 Benefits of Working in Retirement

Planning Matters Radio / Peter Richon

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January 20, 2024 10:00 am

Retirees may not be ready to stop working! According to the Bureau of Labor Statistics, just over 30 percent of people aged 65-74 are employed! That's up from about 25 percent in 2021. In fact, as Peter Richon with Richon Planning lays out with Erin Kennedy, as Boomers age, more are viewing retirement as another opportunity instead of an ending. Here's a look at the top 5 benefits of working in retirement:   1. Mental Health: people who pursue meaningful activities say they feel happier and healthier, according to the NIH 2. Physical Benefits: working provides you with many opportunities to stay balanced, strong, and healthy 3. Financial Benefits: working during retirement may allow you to delay taking Social Security benefits. For every year you wait to claim, your benefits increase by 8 percent! 4. Emotional Benefits:  a sense of purpose has been associated with a longer lifespan and better quality of life 5. Social Benefits:  increased isolation is a common retirement risk. Meaningful interactions reduce that risk.   Designing and achieving a fulfilling retirement isn't just about money. Peter can help you build a well-defined and holistic financial plan that addresses your unique goals and concerns. If you'd like to speak with him, please call (919) 300-5886 or visit www.RichonPlanning.com   #WealthManagement #Retirement #SocialSecurity #WorkinginRetirement 

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Welcome back, everyone.

Peter, good to see you. Today, we are talking through the five benefits of working in your retirement. Retirees may not be quite ready to actually stop working. According to the Bureau of Labor Statistics, just over 30% of people 65 to 74 are employed.

That is up from 25% back in 2021. As boomers age, more people are viewing retirement as an opportunity. It's great that we've got all of that freedom and free time, but can you really travel and vacation all the time?

24 hours a day, seven days a week, 365 days a year. But when you're not doing that, a lot of people still want something to do to stay active and motivated. Now, is working in retirement really retirement?

I've had people that have termed it rewirement. They want to quit their job. They just want to do something a little different, more of what they want to do rather than what they have to do. And so they're not retiring. They're rewiring because more and more, I mean, we have good health. We have extended longevity. We're capable.

We're able bodied. We're skilled in our job. And the job force needs that experience and the skill in it. And so we're rewarded for our years of knowledge in our trade or profession. So all of those things are really fulfilling. A and people aren't ready to just sit on the lazy boy and kick their feet up for 20 or 30 years.

They want something to do. So let's talk through those benefits. And this one, I think, is probably most important.

Right, Peter? Your mental health, the benefits of working. You know, something that's not really talked enough about is the prevalence of depression in retirement. And it doesn't seem like a very rosy subject.

So that's probably why it's not talked about a lot. When we lose our drive and motivation, when we don't have activities that are fulfilling, that we are going out and doing and executing and achieving an accomplishment, when the activity declines, the mental health can decline pretty sharply as well. And again, people like to stay motivated. We like to have goals that we can go out and accomplish. And work does provide that. Even if it's just show up for nine to five, we still get there on time.

We set the alarm. We're up and we're out and we're motivated and we're active. And it's got many, many benefits. Just, I guess, kicking on those endorphins in your brain that you are stimulated and you're active and you're doing things that can sort of stave off what unfortunately we do see is a rather high prevalence of depression in retirement for those who might not have those kind of activities or interactions. And of course, there are physical benefits when you're getting up and out of the house and doing things.

Right. Movement is critical. Movement is life. And so if we are up and out and motivated and going here, going there, going to do something, we absolutely have those physical benefits that if we just stay sedentary, unfortunately, we can sort of wither away rather quickly in not only the mental and emotional side, but the physical side as well. So activity begets activity begets good results. And I think that that is a good thing to if you're if you're not working in retirement and again, rewired.

But but you've got to still find something there. I think to stay physically active is one of the keys to a happy retirement because health is wealth. Oh, my goodness. Absolutely. All right.

Number three, I feel like this one's kind of obvious. Lots of financial benefits if you're still working. Sure. And wealth is wealth, too.

Right. So there's the financial benefit of you're either at work working and earning money or you're not at work, you're out and you're spending money. I know those are the two sides of the equation in my life. And when I'm not working, I tend to be spending a lot more money. And I've heard that every day in retirement is like a Saturday on vacation.

Those are the days that I really spend a lot of money in my life. And so if that is what retirement is really all about, there is certainly the ability and quite frankly, the common result that we are spending more than we think we may have imagined in retirement. So if we can throw in a few days a week or or a few weeks out of the month or even on a limited part time basis where we're not out spending, but instead we're we're actually earning some new money.

That is or can be very beneficial. And oh, by the way, you might be able to continue contributing to your 401ks or retirement savings funds during that time. You may be getting benefits from perks and Social Security.

You may be able to delay Social Security if if you are working and earning an income rather than being fully retired. So a lot of potential financial benefits. And I guess that's a no duh kind of it goes without saying kind of moment that if you work, it's financially beneficial. But I think that it does bear mention, especially when we're thinking about retiring, that retiring doesn't really have the same definition that it did a generation ago. And a lot more people are continuing, at least in some capacity, to continue working. And it can have all of these benefits. Benefit number four, emotional benefits, especially if you're in a fulfilling job. Yeah.

Yeah. Well, if you're in a job, you're hey, you hate probably not so much. But if you love your team, you've got the camaraderie, you got the companionship, you've got the interaction with with like minded people. Similar goals that you may have, at least similar similar objectives on on the job site. So all of those things, it leads to, you know, a more fulfilling mental, emotional, psychological well-being.

I think all that's really important, really can't be understated here. That if if you don't have those things and you don't have friends to communicate with or you don't have goals that other people are trying to work with you to help achieve and accomplish, it really can be something that sort of drains you mentally, emotionally, psychologically, motivationally. All of those things, I think, play into a content retirement. And then benefit number five, social benefits.

I get this one, Peter, because if I didn't go and work out in the mornings with my friends working from home, I would not schedule time outside my house. Yeah. Yeah. Well, I think we we may all have gotten a little taste of this during those initial covid months. Right.

Right. I have an office where I went to every day, but it was me in the office and it was my escape to get out of the house. My wife turned to me one day and said, you realize I have not left the house in over three months. And it dawned on me that might not be the most healthy thing for anyone. And we certainly don't want to have that for years and decades in retirement. So, yeah, the social benefits of we we are social creatures. We need some interaction. We need to get out and stimulate ourselves. So I think that all of these are reasons to consider if it's not work, just some activity, a plan for interaction in retirement, something that is going to be fulfilling, something that is going to keep you motivated to keep you sharp, keep you active, is just as important to think about and plan for than the financial aspect.

And oh, by the way, if that is work and you're earning some income, it's good for you financially as well. Right. Yeah. I'm glad we get to talk this through.

I think, again, some were more obvious than others. But to pick through the minutia of basically enjoying your retirement by all these components is great. Peter, if somebody wants to talk to you about anything we've covered, what's the best way to reach you?

Give me a call. And we do put together that optimized retirement plan. Now, it does not talk so much about the social aspect, but we will talk about the social aspect of retirement as we are moving through the optimized retirement plan, which talks about and addresses income, investments, taxes, health care, legacy.

And if you've got those things planned for and accounted for, maybe you can enjoy more of the social time and have a more emotionally, psychologically beneficial retirement, something with a little bit more confidence in just enjoying yourself and your lifestyle that you envision. So give us a call if you'd like us to put together that optimized retirement plan. Nine one nine three hundred five eight eight six. That is nine one nine three zero zero fifty eight eighty six.

Nine one nine three hundred five eight eight six. Or you can go online. Roshan planning dot com. It looks like rich on planning dot com. Rich on planning dot com.

You can email me, Peter, at Roshan planning dot com. So all great ways to be in touch and I always appreciate those who do. All right, Peter, thank you. Thank you, Erin.

Everyone, Peter, Roshan here. Hope you enjoy the content. As always, make sure that you like, subscribe, share the videos with others that may find this information helpful. And as always, you're welcome to be in touch or to submit questions or comments. You can comment below the video anything that you'd like to see or hear shared on our YouTube channel and in future videos. If you've got a topic that you've been thinking about or is of concern for you financially, be sure to let us know. We'd love to help you by discussing it on the channel. So appreciate the continued views and the likes and the subscribes, the shares, the comments always helpful. We look forward to getting you the information that you need.

This has been planning matters radio. The content of this radio show is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. You are encouraged to seek investment tax or legal advice from an independent professional advisor. Any investment and or investment strategies mentioned involve risk, including the possible loss of principal advisory services offered through Brooke's own capital management. A registered investment adviser fiduciary duty extends solely to investment advisory advice and does not extend to other activities such as insurance or broker dealer services. Advisory clients are charged a quarterly fee for assets under management while insurance products pay a commission, which may result in a conflict of interest regarding compensation.
Whisper: medium.en / 2024-01-20 12:13:06 / 2024-01-20 12:17:43 / 5

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