With every passing voice are joining together to propose an increase in the retirement age. Many reasons will drive you to work again. This happens with numerous professionals who miss their work. Some of them just want to follow their passion just because they have the time now after retirement. Whatever the reason going back to a job or raising the retirement age can be extremely satisfying. American politician and a potential contender for the 2024 Presidential election Nikki Haley recently said in a political meeting in Iowa about her willingness to increase the retirement age for Social Security and Medicare.
1. Reason Behind Raising the Social Security Retirement Age
Recently there has been a rise in the built-in retirement age for Social Security. Yet, the increase ends with the people who were born in the year 1960 or before that. Even after witnessing a pandemic like Covid and its variants life expectancies continues to rise steadily. Dennis Shirshikov, the head of growth for Awning.com in New York City and an Economics professor at the City University of New York, the steady increase in life expectancy is the actual reason behind the increase in retirement age.
2. Impact of Increase of the Social Security Retirement Age
Some domains should continue after a certain age and everyone should respect that. For instance, an athlete can take part in rigorous running competitions but after age, they have to restrain themselves from doing it. They still can perform marathons and continue as coaches. Otherwise, there can be some extreme consequences for them.
But some job doesn’t need this sort of physical involvement. These workers will be healthy mentally and physically if they continue to do their respective work. Some workers can choose to change their working field and take up the job they have been planning to do something else for their entire life.
3. Is it Worth It? Going Back to Work After Retiring
This is no surprise that people are going back to work even after their retirement. Due to inflation, there has been created an urgency for money, and increasing the retirement age would bring a solution to this unfortunate scenario. Lawrence Sprung, founder of Mitlin Financial in Hauppauge, New York, said, “Working after full retirement age can help you make sure you are in a better position financially for the rest of your life”.
4. Working After Retirement
There can be plenty of reasons to go back to work even after retiring, and financial independence would be one of the prime reasons. Following your passion could be another reason to go back to work. Socializing and staying connected would be another reason to back to work. Taking a break from your daily routine and boredom you can join your work back.
5. Collecting Social Security and Working Together
Anyone can collect social security and still go to work after their retirement. But it has various rules and regulations regarding this matter. You can enjoy both but sometimes if you are collecting social security and working but you haven’t reached your retirement age then you might experience some reductions in your benefits.
There are several job options that you join after your retirement but try to avoid a job that requires laborious deeds so that you do your job and take care of your health too. Jeopardizing your health for the sake of your job would be a shame. So you should apply for desk jobs. Or you can start a small business. Or you can follow your singing or painting dream when there is nothing that could disturb you. If you are willing to indulge your time in something productive, you must opt for it.
