Evan Vitale

Evan Vitale – More Thoughts On Retirement

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By Evan Vitale

We all look forward to retirement (some day), but retirement planning isn’t always about how much you’ve saved in your retirement account. Instead, a decision on when to retire can also be determined by your state of mind and your abilities.

Here are some things to consider when you begin to think about setting a retirement date:

How do you feel about your job? In other words, do you reluctantly go to work every day? Do you still enjoy your job? Are you able to contribute to your employer and continue to build your retirement savings?

Do you know what you want to do when you retire? Have you made retirement plans? Where will you live? Will you be moving? If you don’t know the answers to these questions, then you should spend some time to consider all the possibilities before you retire.

On the financial side, will your retirement lifestyle and interests require additional income? Have you saved up enough money so you can afford the planned extras? If not, then you’ll probably need to work a little longer and save some more money so you can afford the retirement lifestyle you desire.

With retirement, do you plan to work in a part-time position at your current job or seek something less demanding? Does part-time employment and its salary play a role in your retirement lifestyle?

Will you be starting a new business when you retire? If so, do you have the needed capital investment in order to start?

How about your children? Are they self-sufficient? Have they graduated from school and in the workforce?

How will you be spending your retirement time?

Will your spouse continue to work during your retirement?

Is your mortgage paid off? Will you be moving into a smaller house or condo during retirement?

Are you over the age of 62 and qualify for social security benefits?

Are you over 59 ½ with a sizeable IRA or 401(k) account?

Have you saved enough money?

Tough questions, but you need to honestly answer each one of them before you jump the ship and head to retirement land. Be ready!

 

Evan Vitale – Working While Retired

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By Evan Vitale

Retirement, for some, may not be exactly what they had planned. Unfortunate things happen; poor planning, etc. Anything can ruin one’s retirement plans and force a person to delay retirement or seek a part-time job during retirement in order to make ends meet.

It’s not unusual to see older individuals working at retail stores and restaurants. Some want to continue to work for socialization. Others must continue to work in order to meet monthly expenses. It’s the reality of retirement for some.

Now it may seem that working during retirement defeats the purpose of retiring but there are some advantages in working during retirement years. Typically, “retirees” works jobs that are not long-term and most don’t require long days and overtime.

If you can afford to retire and you’re working merely for the social aspect, consider being a volunteer at a local non-profit organization; church or school. Some feel happier by contributing to society than adding a few dollars to their pocketbook by greeting people at a super store’s front door or refilling soft drinks at the burger joint.

If you must go back to work for financial reasons, try to find a job that is less stressful and more fun for you. Many employers welcome retirees as employees because they have experience and they understand the meaning of arriving to work on time and being a good worker.

Here are some considerations when looking for a part-time job during your retirement years:

  • Try to find something close to where you live. If possible, you should have to travel far to find part-time employment. Consider gas expenses, parking fees (if parking is not free) and wear and tear on your automobile.
  • If a part-time job is more than 10 miles from your residence, check out public transportation. It might save you some money and be more convenient for you.
  • Will you have to stand several hours at your new job? Or lift heavy boxes? Consider these factors on your health and stamina.
  • How many hours are you willing to work per week? What will your budget require?
  • Even with a part-time job are there any benefits such as employee discounts on purchases, free meals, etc.? Sometimes these might be helpful.

Working during retirement doesn’t have to be a bad thing, especially if it fills a need for you and the employer.