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Unretirement is the New Retirement

Unretirement is the New Retirement

Retirees have different ideas of retirement and what retirement means to them. Some of them may surprise you.

Retirement is often looked to as a season to relax, to travel and make memories, and to spend time focusing on hobbies and projects you enjoy. However, what if the things you enjoy are the very things you’ve been doing all along? You may not need to work after retirement, but you may like to.

If you’re considering returning to the workforce post-retirement, you’re not alone. A growing number of retirees are choosing to work in some capacity, with most heading back into the workforce about two years after retiring. According to the Wall Street Journal, one-third of the U.S. labor force is comprised of workers over the age of 50. In fact, Boomers are finding that today’s workforce options offer better pay, benefits, and working conditions than job options for previous generations.

“We see three things driving this trend: Retirees want to have a financial safety net as they live longer than previous generations, they want to pursue something meaningful, and they want to avoid boredom”, said Irv Munn, CERTIFIED FINANCIAL PLANNER™ Practitioner. “Retirees need a reason to get out of bed in the morning. They want a way to pay their bills but don’t necessarily want the same type of job they have done their entire lives.

Know Your Why

When asked why they’re returning to the workforce, most retirees cite that they enjoy working, that employment provides a sense of purpose, or that they enjoy the social connections formed at work.

Identify your personal motivation for working and determine how that fits with your retirement plans and goals. As you move through retirement, continue to assess your employment options; what works for you now may not fit with your retirement goals in two, five, or ten years.

Have a Game Plan

Employment can impact your Social Security, health insurance, and your monthly income goals. Sit down with your financial advisor to discuss how much you’ll bring in if you continue to work, as well as any potential penalties, healthcare costs, or taxes that might impact your long-term financial plans.

Get Creative

If you enjoy working, but don’t want the traditional 8-5 job after retirement, there are other options. Now is the perfect time to launch that business or pursue that idea that’s been ruminating for a few years – nearly 25% of today’s entrepreneurs are retirement age.[1]

Other options include part-time work in a new career field, using your talents as a freelancer or consultant, or joining the gig economy. Gig jobs are particularly common in IT and creative industries but are found in nearly every industry. Boomers are working as Uber drivers, professional dog walkers, and personal care assistants for the elderly.  Don’t assume that working after retirement means sticking to what you’ve been doing all along.

Know your resources

You can use a job site specifically for gigs. In today’s economy, your options are truly endless! Check out our list below to find the right gig search site for you.

  • FlexJobs.com offers flexible, part-time, freelance, and telecommuting jobs. The site requires a monthly fee, but they thoroughly vet all employers who want to list jobs. It is a great way to avoid scams.
  • Freelancer.com has several different kinds of job opportunities, including fixed-price and hourly projects. Seekers place bids and receive the job if their bid is accepted.
  • Gigster is a niche job site specifically for people looking for gigs in IT, with a focus on software development. A bit of a cumbersome screening process, but many of the jobs are lucrative, so this is a great site for IT professionals looking to begin gig work.
  • Guru.com has thousands of freelance jobs in a variety of areas. You can search for jobs by category, payment type (hourly or fixed price), location, and more.
  • LocalSolo.com allows freelancers to find gigs in several industries. The site initially only listed jobs that involved face-to-face contact with the employer, but now they also list telecommuting jobs.
  • TaskRabbit allows post requests for help with various chores and tasks, ranging from making deliveries to cleaning houses to moving boxes.
  • Toptal helps IT and finance freelancers find gigs. Jobs range from coding to software engineering and financial modeling. They only accept a percentage of freelancers who apply. however, if accepted, you have access to some excellent IT and finance positions.
  • Upwork offers a variety of hourly and fixed price projects for freelancers to complete. Upwork, which streamlines the process when you are working for multiple companies.

Just Be Confident

While it may seem that younger workers are all around, employees over 50 still make up a significant portion of the workforce.

Older professionals who can provide mentorship, unique insight, and specialized skills are highly esteemed. Retirement is a milestone, and it can also represent an opportunity to give back to companies and to your community. Be confident in what you have to offer and find a company that understands the professional value that comes with your age and wisdom.

The rules for retirement are changing, and the possibilities are unlimited. We can help you navigate financial security whether you choose full retirement, part-time employment, or entrepreneurship.

However you choose to spend your time, remember to enjoy your retirement. After all, you’ve earned it!


Any opinions are those of Munn & Morris Financial Advisors and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

[1] https://www.forbes.com/sites/forbesfinancecouncil/2018/04/09/entrepreneurship-the-retirement-solution/#637663af20c6

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