There are more and more people who are choosing to remain active in the workforce even once they have reached retirement age. In some cases, this is because said individuals need to continue working. However, there are plenty of people who remain active in the workforce because they enjoy what they do, meaning that continuing to work is a perfectly sensible option for them. Whatever the case, interested individuals should know that there are some signs that they might want to give coming out of retirement some serious thought. Here are 10 signs that it might be time to come out of retirement:
1. Your Retirement Savings Are Not Enough
It is not uncommon for people to have insufficient retirement savings, which is something that can happen for a wide range of reasons. For example, someone might have started saving up too late. Likewise, someone might have underestimate their need for retirement savings. Whatever the case, there aren’t a lot of good solutions for the problem of insufficient retirement savings, meaning that coming out of retirement might be the best one.
2. You Are Struggling to Cover Expenses
A sure sign that someone should come out of retirement is when they are struggling to cover their costs in each month. Certainly, there are other potential solutions such as cutting down on the costs. However, there is a limit to how much that can help, meaning that people in said situation should give coming out of retirement some serious thought.
3. You Have Unexpected Expenses
Sometimes, people who are retired get hit with unexpected expenses that make their financial situation unsustainable. This is particularly common because age is correlated with higher chances of getting a wide range of serious medical problems, which tend to be rather expensive.
4. You Are Feeling Unfulfilled
With that said, there are plenty of people who come out of retirement because they find that retirement isn’t for them. Simply put, there are a lot of people who find satisfaction in their chosen line of work, meaning that being retired can actually make them less happy. When that happens, going back to work isn’t a bad idea.
5. You Are Getting Lazy
Speaking of which, some people have been known to become so bored by retirement that they start getting lazy, which is something that can have a horrendous impact on their health because inactivity is the cause of some serious medical problems. If this is the case, that is a sure sign that someone needs to either get back to work or get involved in something else that will get them going again.
6. You Are Lonely
Loneliness is a problem that impacts a lot of seniors out there. Unfortunately, retirement can contribute to this problem because a lot of people are reliant on their fellow employees for much of their human contact. Suffice to say that a lack of human contact is very unhealthy, meaning that it needs to be remedied as soon as possible.
7. Retirement-Based Relationship Issues
Retired couples see a surprising number of divorces. Sometimes, this is because spending more time with one another reveals flaws that were not apparent before. Other times, this is because the boredom causes one partner to start doing things that irritate the other with disastrous consequences. Whatever the case, going back to work might not be the healthiest solution, but it is nonetheless a solution.
8. You Want to Learn Something New
Being retired means having more free time. As a result, it is not uncommon for people who are retired to either start doing something new or start learning something new. One excellent example is someone who chooses to start their own business that they never had the time for in the past.
9. You Want to Help Someone Else
There are cases when someone chooses to come out of retirement for the purpose of helping other people. For example, a loved one might have some kind of serious medical problem, which can be treated with sufficient money. Likewise, a friend might be starting a new business, which could really use the input of someone with a lot of build-up expertise and experience.
10. You Have Run into a Financial Disaster
Unfortunately, there are times when someone will see a significant chunk of their retirement savings wiped out because of some kind of financial disaster. The best example in recent times might be the Great Recession, which wreaked havoc on a lot of people’s finances. When that happens, said individuals might not have much choice but to make a comeback to the workforce.