Following on from our recent client event; ‘Waking up to Dementia, this week Nat and I had the pleasure of meeting Jackie Bridson, CEO of the Isle of Man Charity ‘Live at Home’ which supports the concept of living independently for as long as possible.
With so much focus on wellbeing, it might sound a little crazy but there are many benefits to working even though you no longer need the money for your living or retirement needs.
These “retirement workers” have discovered that part-time jobs or volunteer positions allow them to keep a nice pace in life and find a balance among using their talents, enjoying recreation, travelling, and spending time with family. Some of our most ambitious clients even start brand new companies in retirement.
I plan to interview Jackie on our podcast Island Influencers in a few weeks to find out more about this excellent initiative for our Isle of Man community, but in the interim here are three important benefits of working in retirement that might persuade you to clock back in a couple days every week.
Working is good for you.
Retiring early is a very popular goal right now. But while it makes sense to want to enjoy your assets when you’re younger, studies have linked retirement with decreased mental and physical activity and higher instances of illness.
Working keeps your mind and body active. It makes you engage in problem solving and creative thinking. It keeps you mindful about your health and appearance so that you make a good impression on colleagues and customers. It challenges you to keep achieving and rewards you when you do.
And, if nothing else, it keeps you from vegging out on the couch all day watching golf and driving your spouse crazy! Just saying.
Work can give you a sense of purpose.
Many retirees struggle with the transition to retirement because their sense of purpose and identity is so tied to their work. Without that familiar job and its schedule and responsibilities, some retirees struggle to find a reason to get out of bed in the morning. A part-time job can restore some of that sense of structure and drive.
In fact, you might find that working in retirement gives you an even greater sense of purpose than your former career did. You might have worked a job you didn’t 100% love in order to support your family. Now that you no longer need to worry about that, you can take that college teaching position in something you do love. You can work a couple days every week at that charity that’s making a difference in your community. You can set up regular volunteer hours at a charitable organization that’s close to your heart. You can feel like you’re making a contribution to society without worrying about the size of your salary.
Work can improve your connections to other people.
Early retirement can be a period of isolation for some of us. Your friends and family might still be busy working and raising children. The familiar social interactions you enjoyed at work are gone. You and your spouse probably share some common interests, but you can’t spend every single second together.
It’s important for retirees to be open to making new personal connections in retirement. A new workplace is a great place to start that process. You’ll meet new people of all ages from different walks of life. You’ll work with and help people who can benefit from your personal wisdom and your professional skill set. You might meet other retired seniors who, like you, are trying to stay active and put their talents to good use. And the more involved you are in your community, the more curious and adventurous you’re going to be about trying new restaurants, shopping in new shops, and interacting with more people.
Of course, working in retirement can affect other aspects of your financial planning even if you don’t need the money, such as taxes, withdrawal rates, and your relationship with your spouse. If you’re considering a new part-time job, let’s schedule a conversation to discuss any adjustments we should be thinking about so that you get the best life possible with the extra bit of money you’ll soon have.
Another great Isle of Man initiative to safeguard us all, is from the Office of Cyber-Security & Information Assurance (OCSIA) who have recently launched their Cyber Concerns Online Reporting Form.
This form has been designed to be used by anyone who wants to report cyber concerns. This includes phishing emails, such as the HMRC and TV Licence ones that have been knocking around.
So if you get a dodgy email, and you want to do your bit to protect others, this is the form to use.