Consider working part time in retirement? That could be a wise decision. Granted, the main point of retirement is to stop working, so the idea of part-time work may not be appealing. However, there are some key benefits to picking up side work after you retire.
Obviously, the extra income is a primary benefit. If you’re like many retirees, you’ll receive income from Social Security and possibly a pension. However, you also may need to take withdrawals from your retirement savings. Those savings may be vulnerable to market volatility, which could impact your income. Part-time work can help you minimize that risk.
Is retirement right around the corner? If so, you may be in the process of finalizing your strategy. Perhaps you are considering when to actually leave the working world or when to file for Social Security benefits. You might be finalizing your investment strategy or thinking about downsizing to a more affordable home.
The final years before retirement are often your last opportunity to take action to solidify your financial future, so it’s important to consider every possible risk. One risk you definitely shouldn’t ignore is the threat posed by sizable out-of-pocket health care costs in retirement.