Friday, September 03, 2010

Why Work in Retirement

Since retiring in October 2007, I've worked at seven different part time jobs. Four of the jobs were seasonal. Three jobs were year round, but intermittent. While working in retirement may sound like a contradiction of terms, I have found it beneficial to do so. Here are some of the reasons that I will continue to do part time work while in retirement.
  • To learn. All my part time jobs are in fields outside of the career from which I retired. In most of my part time jobs, I'm learning a lot and getting paid while doing it. For two of the part time jobs, the learning curve plateaued quickly. I will not be reapplying for these seasonal positions again in the future.

  • For perks. Most of my part time jobs offer free or discounted use of company services or products. Over the course of a year, the savings can add up to a few hundred dollars.

  • To earn. Of course, earning a little extra money is nice, especially since our investments are not growing as fast anymore. To note, most of my part time jobs pay slightly above minimum wage with a few paying significantly higher.

  • For social diversity. Across my part time jobs, I work with a wide range of people across different ages, socioeconomic classes, and levels of education. I regularly interact with 5 to 80 year olds, poor and wealthy, and kindergartners to PhD's.

  • To broaden my network. Having contacts can be helpful. When I requested donations for a silent auction, almost every business for which I worked contributed. If I need to return to full time work, I'm sure I can leverage my contacts at these businesses.
  • Overall, I've found enough benefits to continue working at four of the part time jobs. For me, the most important benefits are learning and getting perks, in that order. As the level of learning declines, I will consider dropping that part time job. Finally, I will plan my workload better to avoid being over committed as I was in June 2010.

    Next Friday: Reasons not to work in retirement.

    For more on Reaping the Rewards, check back every Friday for a new segment.

    This is not financial advice. Please consult a professional advisor.

    Copyright © 2010 Achievement Catalyst, LLC

    No comments: