A lot of retirees like to work part-time after retirement. It’s a great way to stay active, mentally, physically, and within the community. Plus, it brings in supplemental income a lot of retirees use for discretionary spending, rather that dipping into retirement or investment accounts. For some, working in retirement years is necessary — especially for anyone who has gone through a gray divorce, as discussed on Page 2.

 Of course, every person’s situation and desires are different. In a recent Transamerica Retirement Survey of Workers, 56% of currently employed people intend to pursue part-time work post-retirement. However, the survey noted issues with the strategy. While this 56% intend to work part-time in the future, fewer are actually accomplishing that goal.

 One of the biggest reasons post-retirement work doesn’t happen is a skill mismatch. Industries change and businesses change. As we age, we have to be extra proactive in keeping our skill sets up-to-date. Fall behind and you give employers a legitimate reason to skip over your résumé. Another challenge retirees face (as well as the workforce at large) is simply a reduced number of jobs due to automation.

 The Transamerica survey also showed that 72% of workers have the support of their current employer to continue working after age 65. However, the Transamerica Center for Retirement Studies (TCRS) President, Catherine Collinson, says reality is very different. “Look at the labor-force participation rate and you see a very steep decline after age 65.” Employers may be supportive, but many retirees are not sticking around.

 The problem is that there aren’t many employers that have the ability to shift full-time workers to part-time positions. All too often, it causes productivity and workflow issues within the business. Many businesses need full-time workers to make up the difference, and it doesn’t make logistical sense to keep part-time workers on.

 If you want to work post-retirement, Collinson gives this piece of advice: “It’s important to have a plan, but also to be mindful that things can happen along the way. You should have a Plan B and maybe even a Plan C. That way, if one pathway doesn’t work out, you’ll have others to follow.”

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