FUN FACT: One in every five Americans who have retired from one career go on to hold at least one retirement job. And no wonder–there are big financial benefits to staying busy in the Private Sector, as many senior living community residents are discovering. Phil Taylor at US News and World Report compiled a list of reasons to stay in the rat race. Among them:
Supercharge your Social Security. “If you delay claiming Social Security between ages 62 and 70, you will receive more of a benefit when you finally do take it,” says Taylor. And since Social Security uses your highest 35 years of earnings to calculate your benefit, your high salary now could replace a lower salary year in the past, effectively increasing your benefit.”
Save More Money. In addition to the obvious plus of making more money, (“You will have more time to save for when you do stop working,” writes Taylor), when you’re on the job you’re also less likely to be out spending it.