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If you asked a group of people to define retirement, chances are good that almost every person’s answer would somehow revolve around no longer working. In fact, “working during retirement” sounds like an oxymoron to most people.
In reality, though, working during retirement is becoming more and more common. According to the recent SunAmerica Retirement Re-Set Study 1 , pre-retirees are delaying retirement by five years – from age 64 to 69 – and when they do retire, two-thirds anticipate that they will continue to work in some fashion. Reasons for staying on the job include longer life expectancies, the high cost of health insurance, the recent market downturn and a desire to stay active. So how do you know if working during retirement is right for you? Here are five questions to ask yourself before quitting your job.
- Do I need to work? The volatile markets and economic downturn of the last several years have dealt a serious setback to the retirement plans of some pre-retirees. In many cases, continuing to work is the most effective way to get your retirement plans back on track. Staying on the job means more income, more time to save, continued employer provided benefits and increased Social Security benefits. It also gives battered investments time to recover and means that your nest egg will need to provide income for a shorter period of time. While continuing to work may not be your first choice, it can be a great way to increase your security and peace of mind.
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