Benefits and Options of Working after Retirement

Benefits and Options of Working after Retirement

What do retirees do after they retire? Those who want to be better prepared for the future go back to work. It may seem counterintuitive, after all, we wait so many years to enjoy hobbies or travel. However, there are countless benefits for and just as many ways to go back to work.

Some folks find that they retired prematurely, are bored, or possibly find themselves under their spouse’s feet and vise versa. Others miss the daily grind but not the stress, yet still want to be busy or pull in some extra money. So, what are the benefits and options of going back to work after retirement?

The Benefits

Whether someone goes back to work full or part-time, the benefits are well worth it. Delaying Social Security benefits until the age of 70, for example, will result in a bigger monthly Social Security check. Conversely, retiring and receiving benefits at age 62, the monthly benefit amount is reduced by about 30%. Waiting until 66 will reduces benefits by only 6.7%.

Increasing savings for true retirement to take those trips or buy that recreational vehicle is also beneficial. A Gallup News survey found that only 24% of Americans are “very confident” that they are going to have enough money after retirement. Most retirees have enough savings and income from retirement plans to cover basic needs but consider those major purchases, inflation, and rising healthcare costs. It is important to be better equipped when the time comes to retire for good. Working during retirement makes it possible for someone to keep their savings and live off the extra income, event from a part-time job. And, unless a person goes back to work for their former employer, pension benefits typically aren’t affected.


Some retirees have found themselves out of the workforce earlier than they expect, 58 percent of retirees 70 and older retired before they planned to do so according to a survey by PNC Financial Services. Many have sought to sharpen their skill set to land a new job. One solution is to go back to school, which explains a recent influx in older students among the college and continuing education crowds.

Education after an early retirement also helps folks launch second careers in completely different industries or helps a retiree monetize their passions through entrepreneurship. Merrill Lynch and Age Wave’s recent survey found that “72 percent of the respondents aged 50 and over who were not yet retired said they envisioned working in some capacity in retirement. Often, it was in a new field.” As technology and specialization spread, the gig economy grows, posing an opportunity for retirees to continue earning money without major commitments. Since freelancing isn’t reserved for journalists, those who retire can now enjoy their hobbies and get paid for it. Genealogy, woodworking, and teaching are only a small sampling of popular hobbies among the older population. It would be unwise not to monetize these hobbies just because retirement looms. It’s also worth noting that York Technical College offers many Entrepreneurial programs that fit most needs. Retirement, in this case, can mean a new beginning for many.

For those who enjoy what they did but do not want the full-time hours, the commute or added stress, going back part time and choosing hours or days is the best compromise. Some considerations for staying on board in this way are healthcare, deferred compensation benefits, and keeping up with industry trends for personal gains.

Moreover, a part-time job at one of Rock Hill’s many retail stores can help fund personal hobbies and offer an entire network of like-minded folks, both in coworkers and in the customer base. The option to only work a few days a week at in a retail environment gives a retiree the ability to work daytimes hours when it’s more likely that others in the same boat are out and about. For example, a hobby store such as Michaels or sports store like Dick’s can help fund those who enjoy crafts or sports in their spare time. Similarly, Lowe’s and Home Depot, both in Rock Hill can fund an individual’s home improvement projects. All of these stores offer benefits in the form of employee discounts and optional part-time medical plans.

Working after retirement doesn’t have to be the same full time, permanent commitment careers often demand, but can be an enjoyable way to continue investing, explore new options, and gain personal fulfillment.