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6 Things to Consider if you want to unretired

Life changes.  Although the idea of retirement may have seemed like a good idea at the time, now you may want to or need to return to work.  If you would like to unretired, here are 6 things to keep in mind.

  1. Consider updating your skills:  No matter how long you have been out of the rat race, business has changed and evolved.  Depending on the type of job you are looking for it may make a lot of sense both professionally and financially to update your skills. Take a computer class at your local community college or just simply use the internet to see how the type of job you are looking for has changed.  Updating your knowledge could go a long way.
  2. How will you be affected personally:  Going back to work means you will no longer be on your own schedule.  You now have to be accountable to a work schedule and the whims of a boss.  This may mean less golf time, grandchildren time, or charity time.  Be prepared for a change in your life and schedule.
  3. Social Security Impact:  If you are at or below your full retirement age, you may be penalized for making income over the thresholds allowed by Social Security.  These penalties could be substantial.  Be sure to go to www.ssa.gov to find out if you will be penalized.  If so, you may want to reconsider returning to work or put a hold on your benefits for a while. 
  4. Consider the Income Tax Impact:  Once you begin working again, if you are collecting Social Security, a pension, or even required minimum distributions from your retirement account, consider the impact this will have on your taxes.  If you are already in a relatively high bracket in retirement, going back to work may only put half of every dollar earned back in your pocket after taxes. 
  5. Health Insurance:  If your new employer provides health insurance that you are eligible for, inquire if the insurance could be a supplemental policy to your medicare.  Health insurance can be a huge benefit providing additional supplemental coverage at almost no additional cost. 
  6. Look for fields where age is a positive:  If it is your intention to find a job outside of your former career, then consider that certain industries lend themselves to jobs with a more mature approach.  Consider looking in one of the following fields: banking, travel, luxury items, lifelong learning, retail.






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