Retirement was once seen as the time when you put your feet up, slow down and take a break from the world of work. However, this is changing with more and more retirees enjoying working during retirement. What are the benefits?
Mental health boost
With minimal work, retirees can continue to sustain mental health by learning new skills, interacting with others and taking part in critical thinking activities. By staying in work and exercising your cognitive ability you could be lowering the risk of developing dementia and Alzheimers.Â
Physical movement boost
Being active during the wisdom years is an advantage for continued good health. Engaging in some form of work – either paid or volunteering- will keep your body going and help you stay strong and healthy. Working on something you care about can also bring joy and purpose to your life.Â
Increasing financial securityÂ
By working, not only are you increasing your income but you are also delaying taking out a pension or social security benefits which could mean you could increase your overall benefits each year you do not claim then. However, please keep in mind that depending on the type of retirement account you have, you may need to start withdrawing at a certain age or else face penalties. In the long term, this can help increase your financial liquidity without having to dip into your retirement accounts.Â
Emotional benefits
By continuing to work you may be lengthening your lifespan and improving your quality of life. By caring for something you are working on, starting a new business, or sharing your skills with others in the workplace, studies have shown you could be warding off depression and loneliness as well as giving yourself direction and fulfillment.Â
Social benefits
Isolation and alienation from society and others have been claimed to be one of the main issues to impact on health and mental health in those that are retired. Working with others and having time to build connections and interactions could mean you are helping not only yourself but others too.
If you would like to learn more about how to prepare for retirement, you can email us or call us for a free consultation. M&A Wealth works with retirees to help ensure that they are properly prepared for when they wish to become financially liberated.Â
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