Social Security benefits are often a very helpful source of income for retirees, averaging over $1,300 per month. However, the longer you delay your receipt of these benefits, the larger the monthly payout will be, such that waiting until 66 or 67 (full retirement age) can cause your benefits to be increased by 30%. As such, unless you have an issue which interferes with your ability to work, it may be in your financial best interest to return to work if you retire on the earlier side. Ultimately, the decision about whether to return to work for this reason relies on many factors, including your health, life expectancy, additional resources for retirement, and your expenses.
7) Wanting to Try a New Job
If you’ve planned well for retirement, you may find that you have enough money to support yourself, but also a lot of free time and the opportunity to try something new that you’ve always been interested in. When people first set off for a career, financial considerations often play a significant role. After you’ve already worked for money, you may realize that there are many jobs out there which pique your interests, even if they would not be feasible options for a primary source of income throughout most of life. There is such a wide variety of options out there, and when you don’t have to worry so much about money, you can focus on taking advantage of the ones which may be most satisfying. Additionally, your interests may change as you age, so adopting to a new line of work can allow you to explore interests which you developed later in life.