Un-Retirement? Really?
Yes really. According to Kiplinger.com, in May of 2022, 3.4% of people who retired in the past year returned to work, and over 20% of all retirees went back to work.
Money Reasons
Starting with a pandemic, add a dash of inflation, a glob of war, and a pinch of recession, and you have a receipt for a possible retirement savings dilemma.
There’s the minor offset that rising interest rates have on our cash savings, and the announced increase in social security payouts in 2023 that will help, but a lot of people are still in a mess.
Some people will be able to survive these chaotic times with only an occasional stiff drink to get them though, but others may not. Returning to work will be a serious consideration.
You Weren’t Ready To Retire Reasons
If it can happen to Tom Brady, it could happen to you. You’re retired, living in your 10,000 square foot, waterfront mansion with your super model wife, and you realize that you have more to offer, more to contribute to the world.
You find that you are bored out of your mind and it becomes clear that you weren’t ready to hang up the knee brace.
Staying Healthy And Sane.
Maybe the best thing for your health and sanity is to go back to work in some form. Staying active and connected with others may be best accomplished by working, especially if you loved what you did.
Things To Consider If You Are Thinking About It
The tight labor market is making older and experienced workers look like a good option. Older workers are more dependable and reliable. They also are no longer chasing the brass ring or trying to climb the corporate ladder, so they’re less likely to jump ship.
The employment situation is changing as you read this. Layoffs are starting and the number of open positions may be shrinking if a recession hits.
Ageism in the work place is real and something you need to be aware of. This article from AARP gives you the data.
Part-time is a viable option. It may be the best option for both you and the employer. What if you could engineer a part-time arrangement that allows you to cover all or most your living expenses and postpone tapping into your retirement savings?
Do you need to brush up on your skills, especially tech stuff? Touch base with people in your field who are still working to see what you’ll need.
Make sure your LinkedIn profile is up to date and reflects your current mission.
You must be flexible regarding work arrangements and benefits. You will probably have to make trade offs.
Financial Matters
You’ll need to review the impact that any income you earn will have on your Social Security benefits if you’ve started to collect it. Know the earning limits and impact exceeding those limits will have on your benefit.
How will your health insurance be affected?
Know how your taxes will be impacted.
It would be best for you to meet with you financial and tax folk to review your plans and options.
Here’s an article from Kiplingers.com that gives you the details of what you need to consider. Returning To Work
As an added bonus, here’s a link to a moneywise.com article listing some of the best job search websites for retirees: Job Search Sites For Retirees
Dollars And Sense
I found this informative chart on Ritholz.com. It gives you annual spending of the various age groups by categories.
Health And Vitality
Breath-Work 101
From the second you were born you knew how to breath. You don’t have to think about it. Air goes in and air goes out. Piece of cake.
But there’s a lot more you can get out of breathing besides blowing up balloons. One of the gifts I received when I turned 65 was an surprising elevated blood pressure diagnosis. Besides a low dose prescription, my doctor suggested I explore breathwork, which I did. Whether its the meds or the breathing, my blood pressure is back to normal and I feel so tranquil.
Breathwork has been found to:
Reduces stress and anxiety.
Improve your immune system
Lower your blood pressure
Better lung function
Two breathwork techniques for stress reduction
Box Breathing — Apple has made this a native function on the Apple Watch and Navy SEALs use this technique designed to quiet the mind during periods of stress. Close your mouth and slowly inhale through your nose for four seconds, hold your breath for four seconds, exhale through your mouth for four seconds, then hold the exhalation for another four seconds. Repeat this technique for a few cycles to reach a relaxed state. I use this method for two minutes as a prep for my daily meditation practice.
4–7–8 breathing — I first heard about this method from Dr. Andrew Weil, who believes that this technique helps you get to sleep, reduces anxiety, helps to manage cravings, and helps to control or reduce anger responses. Place the tip of your tongue against the ridge of tissue behind your upper front teeth. Quietly inhale through the nose for four seconds, hold your breath for seven seconds, then exhale audibly through your mouth, making a whooshing sound for eight seconds. Repeat the cycle at least three more times for a total of four breaths. Exhalation should take twice as long as inhalation. The absolute time you spend on each phase is unimportant; the ratio of 4:7:8 is important.
Fun And Frivolity
The Most Unique McDonalds Locations
When you think of McDonalds, off the wall architecture doesn’t leap to the top of the list. The website Atlas Obscura has gone out and found some of the most unique McD’s around the world including a mansion, spaceship, and an airplane. The Most Unique McDonalds In The World
A Quote to Chew On
“Determine early on whether your passion is your true calling, or just a fantasy to get out of your system.” Tami Zhu via Forbes Magazine