You might have to work part-time
It may not have crossed your mind, but it’s the reality for a lot of American retirees. This comes from the fact that some people end up taking up such a job because they want to keep active, both mentally and physically, as it brings about a lot of health benefits. Some find retirement boring after working for so many years, and a part-time job helps them keep a routine.
But the ugly truth here is that some retirees end up having to keep working because they can not afford not to. So be it that you have to, by choice or necessity, it’s something to keep in mind. We all love to envision ourselves relaxing once retired, but the reality may be very different, even if you are just bored.
3 Responses
A lot of truths were spot on. Disappointed to see that there was no mention of Medicare Advantage Plans available from numerous major insurance companies that will pay a lot more than straight Original Medicare. Copay’s are modest and mostly all costs are fully paid when you hit the maximum out of pocket level. There is also the Gap coverage option. This is important info that should have been included.
My spouse and I waited until age 70 to start collecting social security which has made a big difference for our long term plans. The 8% increase per year for the four years after our age 66 regular retirement age gives us 32% more.
We have a moderate LTC plan which has a reasonable rate which will help IF we need it later in life.
This article does not address the federal taxes you will have to pay on those benefits based on ridiculous levels of income that have not been adjusted for years.