Check out all you need to know about working in retirement

Check out all you need to know about working in retirement

Take a look at all you need to know about working in retirement. If you are planning to work during retirement this article is a must-read. Stay here for more information!

Take a look at all you need to know about working in retirement. If you are planning to work during retirement this article is a must-read. Stay here for more information!

Americans are living longer, and in a world where the average 65-year-old can expect to live well into his or her 80s, what was once known as the post-work years have become the springboard for new, fulfilling journeys — each different from the other.

Americans are living longer

While everyone's goals and circumstances will be different, it's also a fact that continuing to work will affect your assets and may require new, careful strategies for managing your income. Here are some things to think about when considering working into your later years.

Perhaps retirement is your chance to transform an interest or a passion into part-time work. However, that transition can come with a price tag, and it's best to be prepared for it in advance — ideally while you're employed and outlining what your retirement income and spending needs will be. You may realize, for example, that you'll need additional training or education.

If your plan involves starting a business, you also need to consider capital costs. It may be harder to get a small-business loan after you've retired because you'll likely have fewer working years to repay the money. Consider both public and private sources of capital; new, innovative forms of raising capital, such as crowdfunding sites, can also prove useful — particularly if you're planning to start a nonprofit enterprise or a venture related to the arts.

If your plan involves starting a business, you also need to consider capital costs.

If working in retirement is a priority for you, remember that location can have a major impact on expenses and quality of life. There are states that offer low unemployment, high job growth potential, a lower cost of living and a favorable tax environment — but they may not always be the best place to pursue the type of post-retirement career you're considering.

If your new paycheck allows you to delay taking Social Security, you should consider it. Postponing Social Security payments can significantly boost your available retirement income when you most need it. Each year you delay, your total benefits could increase by as much as 8% per year until age 70, when you earn the maximum.

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