Work After Retirement?

[Albert]

My immediate manager just broached the subject of me doing a little bit of part time stuff after my retirement. I told him it's something I might consider although there was no concrete plans and no commitments. For those of you who may have been through this I'm looking for advice:

 

Should I consider it at all?

Is there anything I should try to negotiate?

Is there a reason why it might be a bad idea?

Is it worth seeing if they'd cover health care in lieu of pay?

Just looking for any feedback from folks who've tried it.

Thanks,

 

[Paul Mihalka]

Just some loose comments. Unless you have a lot of money and a long bucket list of things you want to do, definitely get some work, something that creates a obligation, like having a time schedule, or have to finish this or that by that day. Something open ended does not really work. Continue in your present work part time is good if you like it. Else find a job that is related to a hobby. Health care: If you are 65 you got medicare and my experience that is all you need. Employers love it if they don't have to pay vacation (par-timer) and health insurance. When discussing the employment be positive that you'll want flexible off-time for vacations or whatever, with some pre-notice to the employer - not "hey tomorrow I go on a two week vacation". Obviously all this is IMHO and probably not worth $.02.

[Albert]

Thanks Paul! That's just the kind of feedback I'm looking for.

[upflying]

Employers love retired part-timers. No benefits, just hourly. You still have a lot of time off with some extra cash for the cruise.

If I wasn't working as a retiree, I'd be sitting in front of the TV...to die prematurely.

Only folks who complain are unions who complain you are taking jobs away.

[Albert]

Just for clarity I'll still have to pay for health insurance for 2 years before I'm eligible for Medicare. That' why I was thinking in terms of that as compensation.

[Danny caddyshack Noonan]

Albert

Check around to see if there are any retiree/contractors there now. They may have a company that handles all of the details for you....you just work and get paid.

We have a lot of them where I work. Many are great sources of information while a few others are great locations of withheld information for job security reasons.

 

I've got another 11 years before I really retire (medical retired LEO) so I do plan on contracting back if there is work and I'm inclined.

 

Don't slow down too much when you retire, inertia is a mean mistress! Best wishes.

[marcopolo]

One of the great joys of retirement -- for me, anyway -- is not having to be a slave to a schedule. Why would you work all this time to get to retirement, only to immediately turn around and work to a schedule again? Now, if income is a consideration, that's a different matter. And for us up here, of course, health care coverage is not a consideration at all.

[Peter Parts]

Curious, you didn't mention being concerned if your retirement nest-egg will last long enough and how the extra income changes things.

 

An Excel spreadsheet which is a predictive cashflow for retirement, that I made appeared recently in the Globe and Mail (newspaper) - if anybody wants a peek at it.

 

spreadsheet

 

(For math geeks, there also is a geometric mean version that correctly calculates past market and compounding effects in order to better estimate future results.)

 

Ben

[Quinn]

I retired early but would have stayed if offered reduced hours and stress. The biggest mistake is retiring FROM something and not TO something. Expect to rattle around at loose ends without a schedule of some kind. Even if it's going to the gym three days a week and volunteering at a school the other two days, it will force you to keep up social life and adult commitments.

 

Remember that this should also be the most active part of your retirement; you're not going to feel like bungie jumping in another fifteen years. I'd suggest putting off re-doing the kitchen while you can still ride more than an hour without stopping to pee.

 

I'd probably ask for three or four days a week, three weeks a month with the entire months of June and November off. With the understanding that all the problems I leave unfinished at the end of my week will be handled by someone else before I come back the next.

 

-------

 

 

[1springer]

Well, what ever you do have a plan in place with regards to how your going to spend your first few days and months. Transitioning into retirement can be tricky for many. The abrupt change from a busy and rewarding career to the opposite has caused many an unhappy retiree. As a friend commented, it was like riding at 100mph for years then suddenly slamming on the brakes. The folks that I know took a long dreamed of trip or something else that put an event between them and the last day of work. My best buddy is a meticulous planner and even he said the "away" time ended up giving him much more clarity as to how he wanted to spend the rest of his life.

 

Then again you may be one of those folks that sails into retirement with out a hiccup. The important thing is to be happy!

[Dave McReynolds]

Being self-employed, I have the luxury of cutting back rather than cutting loose. For a couple of years, I tried cutting back to half-time, and then to quarter-time, but what I found was that I managed to stay down at the office about as much as I ever did anyway. So I really didn't feel like I was half or 3/4 retired, and didn't end up taking any more trips or doing any more of the retired stuff I had planned to do than I would have when I was working full-time.

 

So finally at the end of last tax season, I pulled the plug on all but a few relatives and close friends, and now I really don't have any reason to come to the office at all other than to open the mail a couple of times a week for an hour or so. This has forced me to make some more concrete plans about what I want to do with the rest of my life, and actually start doing some of them. I do feel sort of at loose ends, like my life has lost some of its purpose, but excited at the same time about new opportunities that are opening up. I also feel like I was beginning to lose my edge at work, and the likelihood that I would make mistakes that would put a crimp in my retirement was increasing. So I think I picked the right time to do it; I just have to make sure that whatever I do with my life from this point on is worthwhile.

 

I think it makes sense to stay employed until you qualify for Medicare, if you have health coverage as part of the deal. Of course, this assumes that you like what you're doing enough to want to keep doing it.

[malcolmblalock]

Speaking only for myself and my experience (11 years retired now), if they want you, you can likely set the terms, within reason. I did part time work on projects that interested me and felt worthwhile, working the days I wanted to work and off when I didn't want to work. I do agree with marcopolo that, to me, retirement doesn't mean leaving one job just to do another one and work all the time. If that's what someone wants to do, why retire at all? I'll repeat--if they want you, you can call a lot of the shots.

[Bud]

Stopped working 11 years ago and never looked back.

 

If work is you whole life, you need to transition into something else. But you post here so work isn't the only thing you think of.

 

The biggest change was being with my wife many, many more hours per day than when we both worked. It ended up working out very well. We still like to be together after 45 years of marriage. We have separate interests that neither one begrudges the other.

 

I'm currently getting ready to set up a CNC router in my workshop. Something new to keep the mental processes sharp. My cabinet maker friend is already lining up stuff for me to do with the new toy. Hopefully it will help pay for all the fun I'm going to be having.

 

We both enjoy sailing together and the time on the boat is some of the very best!

 

We are lucky to not have to continue to be employed in retirement.

 

I went to a pre-retirement workshop. The presenter said the following:

 

On January 1st some of you will wake up and be retired. You will say "Oh Shit, what did I do?"

 

Some of will wake up and not be retired. You will say "Oh Shit, what did I do?"

 

I woke up and said "Wow, I'm really retired!"

 

Listen to your gut, you will know what is right. And if you don't like working, you can quit any day you choose.

 

Let us know how it turns out.

[Selden]

My immediate manager just broached the subject of me doing a little bit of part time stuff after my retirement. I told him it's something I might consider although there was no concrete plans and no commitments. For those of you who may have been through this I'm looking for advice...

I did this briefly, then decided I was more interested in spending my time in other ways. Talk with your manager about whether he would prefer to employ you, say half-time, or as a consultant. If as a consultant, look into PA law for setting up an LLC. In Georgia, it was very easy, and my former employer said they found it much easier for bookkeeping purposes, dealing with an LLC.

[Selden]

I retired early but would have stayed if offered reduced hours and stress. The biggest mistake is retiring FROM something and not TO something.

This is a very good point. In my case, I'm enjoying an extended lull between a career as a librarian/IT person and becoming an innkeeper when my mother (91, going on 92) is no longer able to manage her B&B. My father-in-law died last month, and we have started planning a trip to Alaska this spring, as I don't think I'll get another chance to disappear for 3 weeks. I have mixed feelings about running a B&B (my wife is not at all enthusiastic), but I know that it will certainly keep me from being bored.

[CVA-42]

Should you consider it at all? Only you can answer that question. To me, there are only several basic reasons to consider working after you've "retired": You need the money; you don't need more money but you'd like more for whatever reason; you love the work; you want something else to do because you're bored; you feel unfulfilled. I retired some years ago from a good paying but highly stressful job and I still pinch myself once a week to make sure I'm not dreaming. I had more than a few offers from consulting firms, some of which I actually considered, but they gradually petered out and I was glad. After a few years of retirement I ran for City Council and won. I wasn't bored - - just saw a lot of things going on that I thought were wrong. Oversaw the building of a new wastewater treatment plant; overhauled the water billing system; overhauled the wastewater collection system; got the City nearly self-sufficient in terms of generating our own drinking water; on and on. Very fulfilling but very time-consuming, especially for a job that paid zero. It's out of my system now. I keep pretty busy doing all the things that are necessary day-to-day plus things that I like to do. Life is good. Would I consider consulting now? Not on your life. But I would consider volunteering at the animal shelter.

 

A couple of comments have been made about Medicare being all that one needs. No supplemental insurance? How does that work out?

[Peter Parts]

When I read these BMWST discussions of retirement, my appreciation in the good people here is enhanced. If only we could have as much civility and helpfulness in "certain" other topics in "Other Topics".

 

Ben

[Paul Mihalka]

"A couple of comments have been made about Medicare being all that one needs. No supplemental insurance? How does that work out?"

 

For us it worked out well. We are lucky (wife 75, I 81) that we are in pretty good health. If it is a major event with stay in a hospital, Medicare A covers it 100%, including drugs. If doctors visits, first they adjust the charge to what medicare would pay, than you pay 20% of it. Drugs is your problem. Most drugs have generic equivalents and there are lower than drugstore priced Internet outlets.

[smiller]

That's what I'm doing now, semi-retired but still working part-time on a couple of projects. It's working out great because I can pretty much set my own schedule and divorce myself from workplace politics, but still stay challenged and involved with co-workers, and feel like I'm still contributing. It's a great segue from full-time to no-time, and of course the money doesn't hurt either. Plus you might be able to stay on your employer's health plan which can be a huge benefit for pre-65 retirees. I'd say go for it, what do you have to lose? You can always opt-out later if it doesn't work out for you.

 

[Albert]

One of the great joys of retirement -- for me, anyway -- is not having to be a slave to a schedule. Why would you work all this time to get to retirement, only to immediately turn around and work to a schedule again? Now, if income is a consideration, that's a different matter. And for us up here, of course, health care coverage is not a consideration at all.

 

Thank you all so far. Mark, I'm probably leaning more toward your thoughts at this point. I'm not too worried about boredom. I started a to do list several months ago and have lots of projects lined up that will share time with "fun stuff". I'm not averse to working on some projects after retirement but I'd kind of like to kick things off in full retirement mode and get the feel. I'm thinking of proposing a couple of months waiting period before committing to any post retirement work. Thanks again to you all, please keep it coming.

 

[Peter Parts]

"A couple of comments have been made about Medicare being all that one needs. No supplemental insurance? How does that work out?"

 

For us it worked out well. We are lucky (wife 75, I 81) that we are in pretty good health. If it is a major event with stay in a hospital, Medicare A covers it 100%, including drugs. If doctors visits, first they adjust the charge to what medicare would pay, than you pay 20% of it. Drugs is your problem. Most drugs have generic equivalents and there are lower than drugstore priced Internet outlets.

 

But as a biker in the US, I am mostly concerned about hospital emergency room services, not hospital stays. What does my Medicare A cover there (including ambulances, etc.)?

 

Ben

 

Paying for medical care in retirement (or before retirement) in Canada is a non-issue. Nice!

[Patallaire]

Albert:

In my practice, one of the first questions we ask, since we know what our clients wealth and income picture looks like, is "What are you going to do in retirement?", when we get play golf, read, etc. we ask our clients to reconsider as golf is not a retirement plan, it is a hobby, that can be enjoyed more but it is hardly a life purpose. Financially we can design a program, it is the other issues that we as them to consider. We find that many clients take time off for a while, then come back into the workforce in some capicity. They may also take classes in a college, etc. We think that you may be retired for a very long time and we plan to age 95 +. So, ask yourself the question, "What is your life purpose in Retirement."

[Albert]

Albert:

In my practice, one of the first questions we ask, since we know what our clients wealth and income picture looks like, is "What are you going to do in retirement?", when we get play golf, read, etc. we ask our clients to reconsider as golf is not a retirement plan, it is a hobby, that can be enjoyed more but it is hardly a life purpose. Financially we can design a program, it is the other issues that we as them to consider. We find that many clients take time off for a while, then come back into the workforce in some capicity. They may also take classes in a college, etc. We think that you may be retired for a very long time and we plan to age 95 +. So, ask yourself the question, "What is your life purpose in Retirement."

 

Pat I think you raise a very interesting point here. We've been working with a financial planner for about a year now and, I believe, we have our ducks in a row. They have a long term financial plan for us. Upon their recommendations we've consulted a lawyer and prepared wills, living wills, estate plans, etc.. Upon their recommendation we have an independent CPA to handle our taxes and provide some independent oversight of our situation.

 

Your second point is a bit more thought provoking, "What is your life purpose in Retirement.". I'm not sure I have a clear answer for that. Certainly we have plans to travel and various projects around the house that will keep us pretty busy. The closest "life purpose" might be our 1.5 grand children that we watch 2 days a week (with more to come we hope).

 

Since no one who gets there (retirement) has had the opportunity to experience it before hand there's obviously some unknowns. It feels somewhat like your first day of school when you were a child. Will the other kids be nice? Will there be bullies? Will I like it? I think that, for that reason, I can't really define a life purpose ahead of time. There must be a part of retirement that we simply have to grow into. Your comments certainly have my wheels turning nonetheless.

 

I would be interested to know what kinds of responses you've heard in your profession. Thanks for the post.

 

[LandonBlueRT]

From my perspective it depends on whether or not you need the supplement to your retirement income. When I retired in '94 I promised myself I would never be gainfully employed again unless I needed to supplement my income. At this point I have not needed to do so.

[mickeym3]

Agree with Albert about the "life purpose". It's essential of course to keeping balance and and continuing the growth journey. Been retired 4 years and keeping our grandchildren several days a week has been rewarding, after all what could be a better legacy than helping get them started on the right path. I'm at the point where I need to start looking to when the kids will be less dependent on us and start school.

[kmac]

I have often heard the mentality that you can "never have too much money". I however do not agree with that concept.

 

A person only NEEDS SO much money to live.

So the question, as has been raised already, is how much do YOU need to not only survive, but enjoy your remaing years? {ouch, I did not mean that to sound harsh...sad reality tho}

 

On the other hand, there are people who retire and seem to give up on life, as if they have no reason to get up in the morning, so they kind of wither away and pass fairly quickly.

I doubt that would be you, or for that matter most anyone on here, because we all seem to have a passion for this hobby. Retirement often gives us an opportunity to explore and enjoy this hobby/sport/way of life even more...a GREAT reason to get up in the morning.

 

So back to the start, how much money do you and your loved ones need to enjoy what is left? {rhetorical of course}

Only you can decide.

 

If you really like your job/career then working for a couple weeks or months and then taking a great road trip or vacation for a a while, return to work for some extra vacation money...then great.

 

If like me, you can not stand your job and can not foresee doing it a day long than I absolutely HAVE too...then there is your answer.

 

I personally know I can never return to my old job after this series of neck surgeries, so at 49 I am a bit freaked out about trying to figure out what to do for the next years...a bit scary. Sucks to be 19 years into a Union Carpenter career and not finishing out my last 11 for a full retirement package, but life is what it is.

 

I hope your answer comes clear.

 

Post pics what of whatever trips you take on your "part time" OFF...lol

[kmac]

I did not see Pats comments before I posted my reply.

 

I agree, having a purpose is important. JUST riding is not likely enough of a purpose and could possibly get old at some point. Especially as age sets in and riding skills diminish.

 

Personally, I forgot to mention, that in my case I am very active in my congregation and have a regular ministry. That has always, and WILL always be the biggest part of my life.

 

Being in a simple tradesman career I have ALWAYS looked at my job as simply how I PAY for my life. It is NOT my life. My God, my wife, my daughter, my friends, and my interests ARE my life. Hanging drywall and framing are just how I pay for that stuff.

 

Might be a different way of looking at things.

[JohnnyJ]

I have thought this through because I am getting close to retirement. I would prefer to work a lot of hours for short periods of time, get big chunks of money to buy toys or travel, and then take time off to play with the toys (or travel).

 

In my line of work a typical job would be to work outages at the nearby nuclear power plant. Lots of overtime and few days off, but it is only for a month or so.

 

The trick is to not be dependent on the money.

 

Johnny J

[Patallaire]

Albert:

Most times we ask that question, at first blush, we get blank stares. It is after much discussion with their spouse, and with themselves that they begin to frame what a day will look like for them. It always begins with either the family, helping to raise grandchildren or a hobby. We ask them to look beyond that as children get older and don't want or can't be with grandparents as much, hobbies get either physically improbable or weather dependent. So, as the client digs deeper we see people who want to volunteer, we have clients who find meaningful part time work, who start their own small business, etc. Retirement, like your work life is not a static experience, it is dynamic. You will go through different stages, that is part of the joy and learning part of it. Many clients tell me they are just so busy, they don't know how they ever worked! We do know that work expands to fill the alloted time, but they feel busy and purposeful.

If you look, and I don't intend for this to be a commercial, at my web site, you may find some useful material. Also, if you want a booklet we have for you and your wife to look at independently to see what your vision of retirement is{you would be surprised at how many spouses are on different pages} drop me a PM with your address and I will mail it to you. It creates in-depth discussions.

There are no right or wrong answers for what you want to do or be in retirement, just be aware that this is not your fathers retirement, we, in the industry project our planning to have you not run out of money so we are planning to age 95 and beyond, your remaining decades will be all be different, recognize that and enjoy each one for what it offers you. We have excellent roll models on this site, they appear to travel, have purpose, don't seem to be bored and are certainly not boring. Your retirement is yours and yours alone, enjoy it.

[Albert]

Good stuff! Thanks Pat.

[Peter Parts]

Lot of retired northerners think about being a snowbird in Florida this time of year. We bought a condo in a place that's really a big resort (with a very large and well-equipped club wood shop) and for a price that once was hard to imagine.

 

Sort of negative on bikes - can't blame 'em after listening to Harleys around here. But then the terrain is not too appetizing for riding.

 

Now we are thinking of moving to a summer "resort" in Canada. That could be ANYWHERE in British Columbia.

 

Ben

[markgoodrich]

I quit work the minute I realized I could, 5 1/2 years ago. My work was a way to pay for my life, not a way of life. I don't miss it a bit. I realized I would miss the daily human interaction, and dug around for some ideas.

 

One which really worked out well was pretty simple: I contacted a friend and a close acquaintance who were nearing retirement age and suggested they contact one or two (men) each, not friends, but acquaintances (I didn't want it to immediately become an old friends' club) to meet once a month or more to discuss the issues surrounding retirement...of which there area many. It worked out great. Each person brought something useful to the discussions. Over the course of about a year we ran out of retirement issues to discuss, but continued gathering, picking topics, staying away from politics. We would add a new "member" whenever someone dropped out for one reason or another. The core of the original group still meets three or four times a year, and we've added some younger guys. Nowadays we pick a couple of TED talks to discuss.

 

Aside from the intellectual stimulation, the group has brought opportunities for new friendships and new activities. Four of us are going to Sequoia National Park in September on a five day hiking adventure, for example.

 

As another poster said, hobbies, volunteering, etc, come and go, and offer fulfilling, enjoyable activities.

 

Be prepared to be proactive in finding new people to interact with. Men find this much, much more difficult than women. You will probably be surprised at how quickly your current cohort of people you interact with fall away when you quit showing up for your usual activities, mainly work.

 

 

[Albert]

Really good ideas Mark, thanks.

 

Funny story, my long time boss (who hired me) retired several years ago and stopped by the office a month or so ago. At the time he retired he had been asked if he'd like to do some consulting after retirement and he indicated he'd get in touch in a month or so. He told me that after 6 months he thought about calling and then said to himself, "what the F*@? am I doing? I don't want to go back and do that." He's happy.

[OoPEZoO]

My work was a way to pay for my life, not a way of life.

 

That pretty much sums up the way I look at it. Unfortunatly, I think I still have 25-30 years till I could consider retiring

 

Along the same lines, I had an interesting conversation with my Sister last week about our parents pending retirement.

Our Dad could retire any time he chooses, but has decided to wait till our Mom can also. The problem is that while our Dad got older and became interested in more activities and hobbies, our Mom has appeared to do the opposite. My Dad keeps himself so busy that we have no worries about him finding something to pass the time (something my Sister and I have inherited as well). We both voiced concerns for my Mom though, because besides being included along with my Dads hobbies (travel and such), She really doesn't have any more hobbies of her own. Grand kid #1 is on the way currently, and I know that will take up some of her pending free time, but overall I am concerned about what she will do with the rest of it. I'm not sure she has enough other interests left to fill the day. As we all know, too much free time can be a bad thing if you don't have the motivation to find something to fill it up.

 

We both agreed that its something we need to bring up with her and see what she has planned.

[kmac]

I agree with the vast majority of what you said Mark, with one exception.

In my experience, many women have a harder time make long term deep relationships. I find that they can bond and talk with other women quite quickly and easily, but often fizzle out quickly also. This is based on a wife, a daughter, a mother, and 2 sisters. None of them have any really CLOSE old friends. They may still keep in some touch with old friends, but not like I do.

 

I still talk to my best friend 3 or more times per week. We lived next door to each other from the age of 2-5 years old and have NEVER not been best friends. Some of my other regular hang out friends go back 30-40 years and we all have much deeper relationships than my mife and mom and sisters do. The women in my life seem more about who is around them "now"....

 

Please do not think I am saying one way is BETTER than the other..they both have advantages and value.

 

Along with Mitch, I completely agree with men and women and hobbies or activities. There is NO absolute of course and we all are different. But again, none of the women in my life really have any serious hobbies.

 

My wife and Mom are well involved in a ministry volunteer work, which is great, but neither have any other hobbies. No fishing, no model building or airplanes, motorcycles or hiking {other than the occasional NP hike} no hot rodding...the closest thing my wife had to a hobby was scrap booking years back. But once every picture we have ever taken was scrap booked that fizzled out. Now new pictures are turned into books from Costco in a few minutes for cheap...

 

I know I would stay busy if I were to be able to retire right now at 49 yrs old. My wife I worry about a bit. It is not that she lives for her work per say, but she is an RN and takes great pride in her work and what she does for her patients. She is a true care giver and great at it. But if she retired, I know she would still have her ministry, but I am not sure if she would not start to physically and mentally deteriorate some.

 

 

[taters]

Definately take it after you have

Taken a course or two at your local community college

Taken in a matinee or two or three

Read all the books you have wanted to

Taken a few bike trips

Worked on your golf game or your hobby

Joined your local gym

Joined your local pistol range if your into that hobby

Planned some outings with the grandkids

Subscribed to Netflix. Gotta love " foyles war"

Become a regular at your local bookstore. Gotta love the hot coffee and cushy chairs

Ten other things of your choosing

More work ? I don't think so