Tons of people are "un-retiring" and going back to work. Whether it's for the extra money or the mental engagement, many retirees are re-entering the workforce.
And employers are thrilled about it. These new candidates have decades of experience, are willing to roll up their sleeves and already know all the soft skills needed to do business today.
In addition, most retirees are coming back part-time, which employers love, because then they don't have to pay out benefits.
Still, "the average American has saved less than $50,000 for retirement," says Lisa Featherngill, a member of the American Institute of CPAs Personal Financial Planning Executive Committee.
So before you boomerang back to work, consider of the following:
1. Your tax rate may change. If you are adding to your income, your Social Security benefits may become taxable or you may bump yourself into a higher tax bracket. So run that calculation so you are not caught off guard come tax time.
2. You can defer Social Security.
If you don't need the money, consider dealing your benefits. "Every year you delay adds 8% to your payout," says Featherngill. So if you want till 68, since full retirement is 66, you essentially will get 116% of your payout.
3. You need to brush up on your interview and tech skills.
Many interviews are done on Skype or over the phone these days, so you need to be comfortable with that. "And then go on YouTube, watch some videos and take online tutorials to learn the latest tech," suggests Monster Career Expert Vicki Salemi, career expert at Monster.com.
4. You really do have a lot to offer.
Stand tall. You really have a lot to offer. "And if there was some time between your last job and now - or if you got let go in a downsizing - its ok - it happens to the best of us," says Salemi. Just be honest. But maybe you traveled the world during that time. Let your prospective employer know because that all adds to your value.
5. It is time to follow your passion -- FINALLY.
You finally can pursue what you really love. So whether it's pets, plants or perfume - there are part-time jobs in all those fields. Go for it. The last thing you want to do though is add stress in retirement. So find a job that will make you happy.
And thanks to the gig economy and telecommuting, there are a ton of great options now, but here are ten part-time retiree suggestions:
Whether you are crafty, love woodwork, consider selling something, says Salemi. So many budding entrepreneurs have found their home on Etsy (ETSY) . The best part if you can do it all from home on your own time schedule.
(For some basics of selling on Etsy, click here.)
Especially if you have background in accounting or finance, firms are always looking for part-time help. And come tax time, the folks at H&R Block or your local tax preparer's office are looking for more hands on deck. The great part about tax season is it will end, and you can have your free time back until next tax season.
Uber actually has partnered with AARP's Life Reimagined program to recruit seniors actively. And they are offering a "$35 incentive -- equivalent to a full tank of gas in many cities - for all driver-partners who sign up through Life Reimagined and provide ten trips."
So worth considering. Lyft has a similar program.
Especially if you live near a school or college campuses. And if you're really inclined, become an adjunct professor and hang out on campus more.
Or consider becoming a substitute teacher. You most likely will have to pass a basic skills proficiency exam, but requirements vary state to state. Check out this link for more info.
The health care sector is exploding and so are the job opportunities, even at the part-time level. And it's not just in caring for people. You can work as a greeter in a hospital, be a patient advocate or help complete insurance forms, says Salemi.
So if the sector interests you, find a way to get involved.
The sky is the limit here. From Macy's (M) to Home Depot (HD) , retail stores are always looking for part-time help. So pick a store you like because you will probably get some discounts, reminds Salemi.
And again, the work can be seasonal. So you can work around the holidays and then go back to your retirement freedom in the off season.
Not only do they still exist, but they also need people. Especially if you enjoyed office work and are willing to work a few weeks at a time, temp work may be your perfect solution. And don't forget, that temp job could lead to a larger role if you are so inclined.
Why not retire in a place you love and spend your days telling people about how fabulous it is? So whether its Paris or Capitva Island, Fla., there are museums and tours on land and sea. So get out there.
This is super-hot trend and a fantastic choice if you want to work from home.
Whether you help someone keep her calendar, make travel arrangements or even help with social media (since you took some online tutorials to learn how!), there are a ton of things you can do to help another executive, all from the comforts of your own home.
If you lived a good life and don't need the money, consider volunteering. So many organizations could use your help. Whether you love pets or kids, you want to help your local community or our country at large, there is an organization for you that most definitely could use your help.
So give your time back. It may turn out to be the most rewarding experience of your life.