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Financial pros and cons of working past retirement age

Many baby boomers who have started retirement and begin new careers are finding one major plus to working, which is health insurance. One of the bonuses to staying active and healthy includes the possibility of an extension of health care benefits.

While not every employer will offer them to part-time employees, some will and it means another way to make sure you are saving money even during your retirement. Some employers may even offer a 401 (k) to his or her part-time employees, which will allow him or her to save more as they continue to work.

The need for financial funds is not the only driver for extended employment. A lot of baby boomers want to get out and stay alert and active. Physically and mentally, the pros of working part-time during your retirement are very attractive.

Of course, there is always a few cons to everything. If a baby boomer decides they want to work more than just part-time after they have officially retired, they may want to wait before starting to collect Social Security benefits until they reach full retirement age, which depends on his or her birth year and varies between 65 and 67.

 

 

 

 

 

 

 

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