Working beyond your retirement age

    Working after retirement has become a common trend these days and age does not necessarily hinder this inclination of elders. Seniors who choose to work can get a sense of purpose to life, connect to the community and needless to say, enjoy some good financial returns. However, it is important to proactively plan for retirement if you choose not to work or end up in health issues which may deter your plans for active work life.

    Many seniors prefer to take up employment as continuing to work makes perfect sense to them and sounds meaningful. Yet, it does not imply that they cannot balance their work life with personal preferences like enjoying vacations and spending time with family. Rather, returning back to work life after one retires may be perceived as a complementary activity for constructive fulfillment of life’s golden years.

    Opting to work after 60 may be a voluntary decision or a necessity. Apart from offering a financial return or pay cheque, it gives a sense of happiness and purpose and provides several advantages to the senior’s lifestyle. Let us explore the benefits, challenges and opportunities faced by seniors who choose this path.

    Benefits of Working after Retirement

    • Ensures physical and mental health as suitable employment keeps elders active both physically and mentally. It can delay the onset of various age-related diseases like Dementia and Alzheimer’s. It also aids in maintaining a good social life and avoids isolation and depression.
    • Provides an opportunity to continue to work in a job or an area that you like or totally explore a different field which may be interesting to you and reward you with an enriching learning experience.
    • Permits the option of working part-time wherein there is more flexibility and free time to enjoy your personal life and space. This option also ensures that you are not physically and emotionally drained because the entire day is not structured merely to suit your job schedule as in full-time employment.
    • Encourages you to explore new areas of work which you could not possibly do during your career due to lack of time or other commitments. Additionally, thanks to scientific advancements and rapid usage of internet, elders can learn new concepts and ideas easily and deploy them in their work area without mentally burdening themselves.
    • Gives a structured routine to retired life as many seniors find it boring to remain idle. They rather choose to have planned schedule after having spent their lifetime in achieving specific targets, adhering to time-sheets and completing to-do lists.
    • Financially compensates your savings particularly if it is not substantial to support a stress-free retired life where you have to imperatively fulfill some personal commitments and obligations.
    • Supports the healthcare needs of the self and family, particularly if the treatment and medication bills are high due to prevailing health conditions. Besides, some health insurance schemes are applicable only after the age of 65 and you may choose to have a job that covers your health expenses in the interim period.
    • Aids your financial status if your previous investments have lost or lowered value due to volatility in the stock market.
    • Provides an extension to your working life wherein you may be rehired for the same position or given a different role. This situation gives you the double benefit of getting remuneration apart from your pension so that you are financially stable when you permanently retire.

    Challenges in Working after 60

    • Handling increased expenses – Uncalculated or unforeseen expenses in the new employment including commuting, clothing, meals and care-taker expenses for patients in the family may add up to a substantial amount and must be weighed carefully with potential income.
    • Variations in interest and market rates – Since market and interest rates vary frequently, it is difficult to closely monitor your new income and previous retirement savings and manage them scrupulously.
    • Changes in tax rates – Additional income can also put seniors in increased tax slab rates. Also, financial regulations must also be carefully considered for relocation as income and property tax varies in different states.
    • Impact of inflation and healthcare costs – These two factors have a profound impact on the post-retirement job you choose and should be seriously considered.
    • Unexpected life events – Some unexpected events of life including the death of spouse or addition of dependents and also personal preferences on lifestyle can impact the predicted cash flow.
    • Keeping abreast of technology and work culture – In this fast-moving world, seniors may face several challenges in learning new technologies and adapting to new work culture with the younger employees in their retiree jobs.

    Some Job Opportunities for Retirees

    • Consulting/Freelancing
    • Event Management
    • Caretaking
    • Concierge in Hospitality Industry/Hotels
    • Retail
    • Package Delivery
    • Teaching and Tutoring
    • Administrative Tasks
    • Help Desk Executives in Resorts/Senior Care Facilities

    Work is an aspect which becomes an energizer at later stages of your life. It ensures that your body is kept active and the mind is focused. It is a great way to bring back the youth in your 60s. But, it is also important to take up doctor consultation once a while. As your body condition changes as you age it is necessary to get a health checkup. There are plenty of healthcare facilities which also provide home doctor visits and blood tests at your home convenience. Keep working while monitoring your health frequently.

    With today’s dynamic workplace filled with flexible job options, seniors have a plethora of choices to work after 60-So select them wisely after cautiously weighing the pros and cons!

    Thilak is the in-house content writer of Healthabove60, the Preferred Geriatric Home Healthcare service provider in Chennai. He mostly writes about health and elderly wellbeing.

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