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Work trends among elderly folks have changed significantly. According to Bloomberg News, America’s elderly population is now more than twice as likely to have a job in old age than they were just 35 years ago. Working seniors now comprise more than 20 percent of the 65+ population. The statistical spike has varied causes, among them increased general health, inadequate retirement savings, and expensive health care costs.
No matter your reason for considering work after retirement, there are several benefits to trying it out. From maintaining important social connections to bolstering financial security, working a job as an older person can make your golden years more meaningful. Below, we’ve outlined some of the more common benefits to working in old age. Just remember that, if you decide to work, you should always be prepared to respond to a personal health emergency – whether that means investing in a medical alert system or having appropriate emergency contacts in your cell phone.
Why is Social Health Important?
Many seniors struggle to maintain meaningful social connections in old age. Reading and exercising are great ways to keep the mind and body in shape, but working can further improve those functions. Seniors who work after retirement typically remain more socially connected and active. This, in turn, can lead to overall health benefits, both physical and mental. A study conducted by the University of Oregon found that working through retirement may increase your overall life expectancy. The researchers found this was likely tied, however indirectly, to increased happiness and physical activity.
How to Have an Encore Career
Some people prefer to stay in the workforce because they love their jobs. Some feel as though they didn’t have an earlier opportunity to try a position in which they’d been interested. Trying a new line of work can be an especially beneficial experience for seniors. This can help older folks to develop new skills, continue to learn, and earn income in the process. Many seniors thrive in encore careers, so this may be an important consideration.
Bolstering Your Financial Security
Financial security is the top concern for most seniors, regardless of the size of their retirement savings. Living on a fixed income through Social Security can be difficult, and adding varied income streams to your long-term investments can help bolster your finances. Additionally, the longer you wait to receive Social Security payments, the bigger those monthly checks will be. If you stay in the workforce longer, you will increase your fixed income payments down the road.
Importantly, those who choose to work through retirement may do so because they have not had the opportunity to save for retirement. Working a full- or part-time job can help mitigate the stress of living on a small savings account. Plus, some elderly workers may be eligible for health insurance benefits through a job. In some cases, you might even have partial or total coverage for a medical alert system.
Staying Safe at Home and Work with a Medical Alert System
Whether you choose to work through retirement or stay at home, you’ll want to feel secure in your decision. Part of that should come from understanding your emergency support system. The medical alert systems from Alert1 are a great way to provide care in the case of an emergency, both at home and on the job. We have a range of medical alert systems designed to support senior lifestyles, no matter which you may choose.