Baby boomers are retiring on a daily basis at staggering rates. But just because they’re retirees doesn’t mean they’re dropping out of the workforce. A recent survey shows that 59% of retirees expect to at least take part-time work in retirement. And while money is a major motivator to remain employed, there are other benefits, like feeling more mentally alert and a sense of purpose.
Leaving the 40-hour workweek behind is an exciting proposition, but retiring from a long-term career is bittersweet for many. The sudden transition from having important duties to having no work-related obligations can be challenging. It’s something that has pushed many retirees to seek out a second career.
For some retirees, “work” becomes volunteering, serving on boards, helping with the local Habitat for Humanity chapter, etc., which are highly gratifying experiences. For others who are financially vulnerable, the focus is more about paying the bills and creating a safety net, so they opt for work that gives them a steady income.
By the Numbers
According to the same survey, 56% of respondents said the reason they will continue working in retirement is for their mental well-being. For 40% of them, they are simply looking for a safety net due to the volatile market, which sows seeds of doubt about what their investments will provide them in retirement.
The volatile market can create a sense of alarm, which is why almost 70% of the respondents in the survey said they put more money into their retirement plans due to the uncertainty caused by the pandemic. This is also a reason why many retirees are considering a second career.
For people who have long-term retirement investments and are backed by an investment management team, the road to retirement and any work activities thereafter are mapped out carefully. While long-term investment plans may bring a higher chance of success later on, market volatility can create a sense of anxiety in the “now.” An investment management firm will be there to ease your fears and help you stay the course.
Even if you’re not connected to a firm right now, it’s not too late for you to seek out the assistance of these professionals who can give you a better idea of what your life in retirement can look like. (And, a better idea of how to get there).
At Lawson Kroeker, we’ve assisted investors from all walks of life for more than 30 years. We’ve stood by our clients through many recessions and bumpy markets, giving them options that help create pathways to success. Contact us, and let’s talk about how we can assist you, whether you’re fully retired, partially retired or investing today for the retirement you foresee in your future.