Retirement is a time of life that many people look forward to. But sometimes seniors find themselves dissatisfied with retirement once they’re in the thick of it, either for financial, personal, or a combination of the two. If these signs of dissatisfaction apply to you, it may be time to cancel your retirement and return to full-time work.
1. You deplete your savings faster than expected
The money you save for retirement in a 401(k) or IRA should last through your retirement years. So if you’ve been dipping into your savings at a faster rate than expected since retirement, you may need to stop the bleeding by returning to work for a few more years.
This could help financially in several ways. First, if you start earning a paycheck again, you can use that money to pay your bills and leave your nest egg alone. Second, if you earn enough, you might be able to successfully increase your savings so you have more money to tap into in the future.
2. Your Social Security benefits don’t go very far
Many older people assume that they will do reasonably well on the income they receive from Social Security. But if you have an average income, these benefits will only replace about 40% of your pre-retirement income. And most seniors need about twice that level of income to live comfortably.
If you don’t have a lot of savings and are struggling with Social Security, it might be time to get back to work and use your earnings to accumulate savings. Having that cushion could make a huge difference, especially if the rise in the cost of living exceeds that of Social Security.
3. You are bored to death
Some people think they are going to retire and spend their new free time traveling and doing all sorts of things. The problem, however, is that these things cost money, and you might not have enough to do the things you love. And so, if a lack of money has doomed you to a retirement spent watching TV all day, it’s easy to see why you might be less than happy.
If you are very bored in retirement, there is no need to force yourself to continue on this path. Instead, it might be beneficial to go back to work for a few more years so you can build up cash reserves that will give you more options to occupy yourself.
Don’t just stay in a bad spot
There is no rule stating that you cannot return to work after retirement. It is not that unusual for older people not to retire due to financial problems or personal satisfaction. If you feel that retirement is not working for you for one reason or another, you should not hesitate to explore your options to return to the labor market for a little longer.
Another thing to keep in mind is that you don’t necessarily have to go from not working at all to working a 40-hour-a-week job. If that doesn’t appeal to you, consider part-time work. You may not earn as much as you would with a full-time position, but you could still manage to improve your financial and mental image.