Working in Retirement

[dude]

This subject/theme permeates many of the discussions in the MMM forums (fora?).

http://www.forbes.com/sites/nextavenue/2014/06/05/busting-the-myths-about-work-in-retirement/?partner=yahootix

[Oscar_C]

Given the choice, I'd work in retirement for fun, as I already see myself getting passive income from future rental properties.

Mostly a low stress job, probably in a office supply store for the discounts for materials for projects. Or do tax preparation during the spring for a few months.

[Mrs. Frugalwoods]

Given the choice, I'd work in retirement for fun, as I already see myself getting passive income from future rental properties.

I definitely plan to work in early retirement, but in a more fulfilling, low-stress way than my current 9-5 office grind job. My plan (and my husband's) is to cobble together a bunch of side hustles that I enjoy, plus relish the income from our rental property. I envision myself as a content, side hustling writer, editor, yoga teacher, farmer, hiking guide, Airbnb host....etc! I don't know, doesn't sound like "work" compared to what I do now.

[sol]

Internet Retirement Police here.  I'm pretty sure that people who work because they "have to" (20%) or "need the income to pay the bills and are mostly unsatisfied" (28%) are not, by any definition, retired.  They are working in shitty jobs they don't like and are fantasizing about calling themselves retired.

[RetiredAt63]

I'm too busy to "work".  Much more fun to arrange life around income instead of going back to work to get income to support spending.

Now, growing a hobby so that it manages to pay for itself might be something different, but working because you still need money?  No fun.

Bye for now, the garden is calling ;-)

PS I can do emoticons in my email, do we have a button for it in replies?  I can't find one  ;-(

[Jamesqf]

Internet Retirement Police here.  I'm pretty sure that people who work because they "have to" (20%) or "need the income to pay the bills and are mostly unsatisfied" (28%) are not, by any definition, retired.  They are working in shitty jobs they don't like and are fantasizing about calling themselves retired.

Here we go, actually agreeing on something again :-)  By those definitions, I'm more 'retired' than some of those folks, even though I don't consider myself to be retired, and don't ever plan to retire.  I work from home, do something I enjoy, set my own hours, and could survive without the work income.  (Even though it might mean pinching the pennies a bit harder.)

[brewer12345]

I am talking to a friend about a contracting gig.  I cannot say I have a great deal of enthusiasm for doing lots of work, but this would be working remotely with a good buddy, doing stuff that is interesting, and ideally getting paid damn well for it.  We will see if it actually happens, but I won't shed any tears if it does not.

[Cassie]

I agree that the people that are working p.t. & are not happy probably have crappy jobs. Working for yourself p.t. is entirely a  different thing & is very enjoyable.   I don't ever want to stop but if I get to the point that it is not enjoyable then I will.

[Nords]

The No. 1 reason they’re working, the survey said, is “to stay mentally active.” Money was No. 4, after “to stay physically active,” “social connections” and “sense of identity/self worth.”
And 80% of the working retirees said they work because they “want to;” 20% said they work because they “have to.”

I wonder whether there's any way to get to the truth of this self-reporting rationalizing.

I guess the real motivation would depend on how much of their salaries they're donating to charity?

[MrsPete]

The first paragraph says retired people who work part-time say they do it for four reasons:

- to stay mentally active
- to stay physically active
- for social connections
- for a sense of self-identity /self-worth

I can buy into three of those reasons. 

20% are working because they "have to".  We're all jumping to the conclusion that they "have to" work because they need the money.  Could they "have to" for reasons other than money?  Because they need insurance?  Because they feel that they are nothing without a job; thus, for them, it's a need?

 

[Ottawa]

Just so happens that Darrow Kirkpatrick posted on this theme (more or less) yesterday here: http://www.caniretireyet.com/what-will-you-do-when-retired/ in much more detail. 

I think Nords has posted some stuff as well?

[Nords]

I think Nords has posted some stuff as well?

17% of the people who enter the U.S. military stay long enough (at least 20 years) for a pension.  Of those 17% who retire, about 80% start a bridge career because financial independence was never even on their radar... so this retirement question comes up a lot.

The job search is a little tougher after doing 20-30 years for the same employer and then starting over with a new employer in your late 30s-early 50s.  But a lot of the issues are the same at any age, whether you're military or civilian:
http://the-military-guide.com/2010/09/08/but-but-but-what-will-i-do-all-day/
http://the-military-guide.com/2010/10/11/when-should-you-stop-working/
http://the-military-guide.com/2010/10/14/myths-of-military-retirement-and-early-retirement/
http://the-military-guide.com/2011/01/20/retirement-dont-recreate-your-old-environment/
http://the-military-guide.com/2011/02/02/retirement-the-inevitable-job-offers/
http://the-military-guide.com/2011/01/31/volunteering-for-charity-or-neighbors/