Jobs for Retirees Do you need additional retirement income? Your reasons for staying in the workforce are a primary factor in what you determine to be your retirement income need. If your need is financial, like so many others, determine exactly how much you need to supplement your Social Security and other retirement income. Do you need to work full time, or would part-time provide enough money? Do you need health-care coverage to supplement Social Security? If so, that may be a factor in how many hours you choose to work and the type of work you do. You will need to calculate retirement income need and base your job choices accordingly. To help calculate retirement income need, use one of the many online calculators. One of the best is available from the American Association of Retired Persons at www.aarp.org. If any organization is helpful as a retirement income planner, this one is. They have many tools to help determine your retirement income need, and how much you can expect from Social Security and employer retirement plans. In addition, they have a listing of the best employers for workers over 50. How will working affect your retirement savings? From Social Security to employer retirement plans, the laws that govern your money are nearly endless. The calculations about retirement income and how it works in different scenarios may also surprise you. Did you know that waiting to draw Social Security may actually pay you less in the long run? Consumer Reports at www.consumerreports.org has a few clear, easy-to-understand reports that detail various scenarios. Visit their website and the Social Security website at www.ssa.gov for more information. Do your homework and know what the ramifications are of your decision to continue working. If calculating retirement income or using an on-line retirement income planner on your own makes your heart pound with dread, consider visiting a retirement income planner for assistance. Be sure to choose one from a reputable organization. Financial planners who are paid a set wage, meaning their income is not based on commissions, may be the best bet for good service. I’ve made the decision to continue working or to return to work. Now what? When you’ve determined how much retirement income you need and how it will affect your other income sources, you have several decisions to make. You can work full-time or part-time, stay with your present employer, switch jobs, or become your own boss. Each choice has pros and cons, and each can have a dramatic effect on your income and savings. If you plan to continue working, staying with your current employer may be your easiest choice. You already belong to a retirement plan and don’t have to wait to sign up and become vested as you would with a new employer. You might be entitled to health care coverage as well, which will help pick up the expenses not covered by Medicare. Another reason to stay with your current employer is a 1996 tax law that allows you to postpone taking distributions from your employer’s retirement plan until you actually retire, even if you are older than 70 1/2. If most of your retirement savings is with your current employer, staying put may allow you to defer taxes. Also, some companies are waking up to the impending talent shortage and inventing ways for people to work longer, either by continuing current jobs or trying flexible schedules and contract arrangements. If you love what you do, this might be a good option. If you like the predictability of being an employee but want a fresh start with another organization or a different field, this may be the way to go. Many people are making the switch from business to nonprofits, where the pay is a little less, but the atmosphere is often nicer. This also offers that important feeling of making a difference. Striking Out on Your Own. Fed up with taking orders from other people? You’re not alone. Consider starting your own business, which will allow you to define your hours based on your retirement income need. You can also save on health insurance because yours is already subsidized through Medicare. The cost of a supplement to Medicare, if you need one, will likely cost far less than a regular insurance plan. Many smaller companies offer benefits beyond the health care and retirement plans. Extras can include paid sick, vacation, and bereavement leave. Some also offer long-term-care, disability, and life insurance, and some benefits may extend to spouses and domestic partners. Whether you need additional retirement income, you want to stay mentally active, or you just like working and never plan to retire, be sure to review your options and do your homework. Calculate retirement income needs according to your lifestyle and future plans. Otherwise, the decision might end up costing you money instead of saving it.