Part-time Work in Retirement: How to Stay Engaged and Active in the Workforce During Retirement [PODCAST 28]

In this episode of the Retirement Readiness Podcast, hosts Tim Regan and Katie Umland highlight the benefits of part-time work, including providing structure, purpose and social interaction for retirees.

When most people picture their retirement, they think of luxurious vacations, sleeping in late, extra rounds of golf and picking up new hobbies – but for many, retirement actually includes some form of part-time work, even if it wasn’t part of the original plan. 

“A lot of times we find that when somebody goes from all on to all off, it really is a shock to the system,” Regan explains. This can be especially true for spouses that are used to spending their time separately, and are both suddenly home. In a moment, daily routines that have been in place for decades can be disrupted. 

And while some retirees pick up a part-time gig to supplement their income or pay for extra vacations, many choose to return to work for social or emotional fulfillment. 

“For people who enjoy what they’re doing, sometimes it’s just looking and saying, ‘How can I continue to do the parts of my job that I love and get rid of the stuff that I don’t?’”

Regan and Umland explain that retirees could even find a solution through volunteer work in their communities. In some cases, people choose to explore a new job completely different from their previous work. 

Another consideration for retirees looking to rejoin the workforce on a part-time basis is whether extra income would affect their benefits, like Social Security or Medicare. Regan assures that in most cases, there’s a viable solution to help retirees live the lifestyle they want while retaining benefits. 

Learn more about part-time work in retirement by clicking “Play” on the episode – and be sure to check out our other Retirement Readiness episodes!

Key Timestamps and Topics

  • 00:01:03 – Many retirees struggle with the transition from full-time work to complete retirement, particularly for those who have identified strongly with their careers. 
  • 00:03:22 – Some retirees are hesitant to work part-time due to potential financial implications, such as reduced Social Security benefits or increased Medicare premiums. 
  • 00:05:53 – Part-time work in retirement can be an opportunity to pursue interests and passions that may not have been a part of one’s previous career.
  • 00:08:13 – Some retirees work part-time because they need the extra income to bridge the gap between their retirement savings and expenses. Others work part-time to pursue their retirement goals and activities, aligning their work schedule with their desired lifestyle.
  • 00:13:35 – The hosts discuss the idea of working part-time during retirement and the different considerations that come into play. 
  • 00:14:51 – The conversation expands to include the idea that work doesn’t necessarily have to mean getting a paycheck. 
  • 00:15:16 – Katie and Tim emphasize the importance of staying active and finding purpose in retirement. 
  • 00:16:10 – The hosts share their perspective on guiding their children’s career choices. They prioritize finding and pursuing what they love and have a passion for, rather than solely focusing on making the most money. 

3 Key Takeaways

  1. Sometimes the shift from full-time work to no work at all can be a shock to the system – prompting retirees to seek out part-time gigs. 
  2. Part-time work in retirement could serve to supplement your income, but it could also give your daily life structure and meaning. 
  3. Spouses that are used to spending much of their day separately may struggle to find a new normal during retirement. 

Links

  1. PrairieView Wealth
  2. PrairieView’s Youtube

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