Retirement is often viewed through the lens of a financial planner, that is to say, when do you want to retire and how much will you need to save to do it? Work and save until you reach that number, and then stop. And the popular narrative is that once you reach that age and retire successfully, it becomes a time for reinvention and rebirth. The common question is “what will you do to fill the work shaped hole in your life?”
The fact is that you could actually keep working. As many retirees live longer, healthier lives, it could sometimes be more practical to work beyond the age of retirement. This can also benefit your physical and mental health, as well as help to improve your finances.
Roughly 20% of Americans of the age 65 or older are either actively working or seeking work. A job can help to structure your time while keeping you active and engaged, and following a routine has numerous health benefits. Studies have shown that people who work past age 65 are three times more likely to report being in good health and about half as likely to have serious health problems like cancer or heart disease. This makes sense, as even desk jobs encourage some amount of activity. Physical activity also greatly reduces the risk of serious falls and other health issues.
The idea of retirement as an entirely new life can be overwhelming. Rather than framing it as a complete reinvention, think of it in terms of entering a new stage of life.