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Part Time Work in Retirement – Is It For You?

Part Time Work in Retirement – Is It For You?

Many people would like to work part time in retirement.

In fact, in a 2013 Gallup poll they discovered that 61% of Americans plan to work part time in retirement. Out of this number, 34% said that they would work part time because they wanted to while 26% said they would work part time because they had to.

But how do you actually find a part time job you would like?

Well, here’s one thought.

If you are already working and doing something that you enjoy, it might be worth seeing if there is a way to create a flexible retirement working arrangement with your current employer.

The following video from CNBC outlines some ways that you may do this;

Here are some of the highlights of the video;

Be upfront with your boss

Let your boss know that you are interested in potentially working part time in retirement. Emphasize the value that keeping your experience and expertise would have for both the company and yourself

Identify who you could train

Propose a solution for who you could possibly train to cover the work for the time that you will not be there.

Suggest a flexible schedule

Suggest what a flexible schedule may look like and how you would make it work.

Make sure your are physically, mentally and financially fit

Be sure that you are physically, mentally and financially fit to manage this new lifestyle.

Negotiate for health and retirement benefits

If possible, negotiate to hold onto any health or retirement benefits you may have for as long as possible.

Be sure you can afford the paycut

Before moving to a flexible or part time work arrangement, be sure to make sure that you can actually afford the paycut as well as the potential savings reductions to your current retirement funds.

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