Retirement isn’t a magical time when all the cares of life disappear. The unexpected can happen any time in life. There is no shortage of reasons why we may have to work past retirement age. Consider these:
Statistics and surveys are indicating that most people don’t have enough money saved up to retire. And the future of Social Security is highly uncertain, but we can be pretty sure that benefits will be less than what they are now.
The financial markets don’t always cooperate with our long term plans. There may be a stock market crash just before or during retirement. If your finances are tight, this could derail your retirement.
Planning some sort of post-retirement career is one way to develop a back up plan in case any of the above become a negative factor in your overall retirement plans.
You can be either employed or self-employed in retirement, and which one you choose will be affected by how you want to live in retirement. Especially nowadays. Self-invested personal pensions and traditional pension plans are hard to come by!