Joe and Regan explore the myriad benefits of engaging in part-time work or starting a side hustle during retirement. They discuss how supplemental income alleviates financial stress and supports lifestyle desires such as travel.

Beyond the financial perks, they delve into the non-monetary advantages, including social engagement, mental stimulation, and a renewed sense of purpose. Through personal anecdotes and client stories, they highlight how even a small commitment to part-time work can enhance retirees' quality of life by keeping them active, engaged, and contributing to their communities.

What You’ll Learn in Today’s Episode

Supplemental Income: Engaging in part-time work or a side hustle during retirement provides additional financial benefits. This can help alleviate the stress of not having a regular paycheque and offer extra funds for travel or other big-ticket items, thus reducing the need to draw from retirement savings and investments.

Social Engagement and Mental Stimulation: Part-time work helps retirees maintain social interactions and mental sharpness. It can prevent feelings of isolation and cognitive decline by keeping them active and engaged in a community, fostering relationships, and providing a sense of purpose.

Sense of Purpose: Continuing to work, even part-time, can help retirees maintain a sense of purpose and identity, especially after the initial "honeymoon phase" of retirement. It allows them to contribute to society and feel needed, which is important for overall well-being.

Flexibility and Skill Development: Retirement offers the freedom to pursue new careers or side hustles that align with personal interests and passions. This can include flexible roles such as consulting, seasonal work, or even volunteer positions that allow for the development of new skills and hobbies without the pressures of a full-time job.

Health Insurance and Community Contribution: Part-time work can provide access to health insurance benefits that might be lost upon retiring from a full-time position. Additionally, retirees can continue to contribute to their communities, either through work or volunteer activities, utilizing their wealth of experience and knowledge to support and mentor others.

Ideas Worth Sharing

·       “After the honeymoon phase of retirement is over, you may really enjoy going back to the workforce in some capacity to have those social interactions."

·       And I think we've talked about this on other episodes, but it's important when you're retiring that you're retiring to something. Working more part-time or in a different capacity could still give us that sense of purpose and some routine to allow us to feel more like we're contributing once we're in retirement."

·       And that can come in many different facets. One client in particular, she, in retirement, started doing, she became a travel agent because it allows her, she can do her work from anywhere, but she also likes traveling."

·       “Your group benefits, and you've probably become accustomed to having those features and benefits in your health plan. Obviously, when you leave a company, for the most part, you'll lose those benefits as well. So part-time work, hopefully, would give you some of those health insurance and benefits back on the table."

Resources in this episode

Joe Curry

Regan Schiller

Retirement Planning Simplified

5 Ways Staying Active in Retirement Enriches Your Life

Retirement opens up new possibilities that allow you to explore different interests or pursue rewarding work on your own terms. As you contemplate this next phase, a common question that arises is: What percentage of retirees continue some form of work? Estimates vary, but research suggests between 5-10% work part-time, while others contribute through volunteerism.

Whatever path you choose, there are compelling benefits to staying active beyond just finances. Supplemental income allows you to afford additional travel and expenses without tapping heavily into your investment portfolio. Yet, for many, non-financial motives drive the decision more than money.

Staying engaged at work or within your community fosters valuable social connections. Relationships are vital for quality of life, so finding new circles and routines after leaving the corporate world is important. Part-time work offers built-in camaraderie and a sense of purpose.

Furthermore, keeping your mind sharp and skills current staves off cognitive decline associated with aging. Learning new abilities even boosts confidence and personal growth. Consider pursuing consulting roles that provide flexibility to control your schedule.

If a previous career wasn't feasible before, newfound financial freedom removes those barriers. For the curious at heart, returning to school lets you explore topics of interest without the pressures of exams or tuition costs.

Ultimately, the key is finding activities aligned with your values and priorities. An openness to new experiences will uncover inspiring opportunities. As you embark on this next chapter, what benefits of continued work or learning appeal most to you? Please share any additional thoughts below!

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