Dori Zinn, Bankrate.com
Whether you were kicked out of the workforce for downsizing, recession or other reasons, you may have retired thinking you were at work. But retirees may change that. That’s because they need money and are completely missing out on social involvement and other reasons.
You don’t have to quit your job at a magical age. Even if you don’t want to go back to what you did before you left, you can still find meaningful, paying jobs. Here’s how to know if retirement is right for you.
What is retirement?
For some reason, he leaves his retirement to return to work. Some workers may have been forced to retire early due to the Covid-19 pandemic. But that’s not always the case.
Not resigning means you don’t have to quit. With all-looking costs, you may be forced to work, even if you are comfortable with retirement. And now, with 7.6 million open jobs, you can explore new ways to work, even if you previously thought you had finished working for good.
If you are discussing returning to work for financial reasons, talking to a financial advisor is a great idea. Advisors will help you analyze your budget and explain how returning to work will affect your Social Security benefits and overall retirement plans.
5 Ways to Determine If Not Resigning is Right for You
If you’re thinking about resignation, there are a few ways to say it’s time to move here.
1. I need money
Whether you have started cashing out your Social Security and retirement account, if you don’t have enough money to cover your basic needs, you may need to quit.
We will audit budgets, expenses and income. If you don’t think your current income will cover you over the long term, you may want to start putting up tentacles for work again.
2. Not eligible for retirement benefits
If you are too young to get Social Security and taking money from your retirement account causes an early withdrawal penalty, you may need to work to cover your needs. Social Security does not start until age 62, and 401(k) and IRA withdrawals cause a 10% penalty if you make one before age 59.
Without these extra cushions, you may need to work a little longer before benefits begin.
3. You want to work
Resignation isn’t just for those who need it. It’s also for those who want it. If you’re bored, working may give you a sense of purpose and motivation. Some workers may feel too young to retire, or they may feel that without some kind of paying job is not enough. You can work just because you like the idea of working for it and getting paid for it – and that’s fine. If you’re not ready to go back to your normal 9-5 job, you can explore the best side hustles for retirees and passive income ideas.
4. Mental health boost is required
Many older Americans who don’t work may have failed to find an outlet to spend extra time. Staying at home and watching TV all day, for example, can hurt your mental health, and losing your workforce may make you feel socially liberated.
Working later in life can reduce dementia and improve your emotional, cognitive and mental health. You don’t need to work on paying jobs, but volunteering may suit your needs as well, but some people may combine the benefits of mental health with the desire to work.
5. You want to keep moving
Many of us use goals as a driving force to get things done. The physical benefits of the job can keep your weight manageable and increase your activity level. But for some people, the idea of having a place to go and having a task to accomplish is enough drivers to keep moving. Working later in life can lead to longer lives for some workers.
Conclusion
Resignation doesn’t have to be forever. It’s not for everyone. Whether you’ve been forced to quit or you haven’t been able to find a job for a while, you don’t have to stay that way. If you are on a fence, consulting with a financial advisor may help you clarify your goals and financial needs at this stage.
Regardless of your age, you can return to the workforce. Find the right one for you, whether it’s your income needs, skills, lifestyle, or long-term goals.
Bankrate Rachel Christian contributed.
©2025 Bankrate.com. Distributed by Tribune Content Agency, LLC.
Original issue: March 7, 2025, 2:15pm
