If you’re worried you’re taking too much money out of your retirement accounts, or you’re looking to amplify what you’ve already saved, consider taking on a part-time job or gig work to generate extra cash flow.
Not everyone has had the chance to save enough for retirement, or they may have plenty of money but find themselves bored—a part-time job can help in either of those instances.
A job in retirement, even if it’s only for a few hours a week, can bring retirees plenty of perks. One of the biggest, of course, is more income, which allows retirees to draw down less from their retirement savings, thus allowing those investments to continue to grow over time. In some cases, retirees may even be able to add more money to their savings or investment accounts, or splurge on a big trip or dream goal.
See: I retired at 50, went back to work at 53, and then a medical issue left me jobless: ‘There’s no such thing as a safe amount of money’ A quick caveat for those already receiving Social Security benefits before their Full Retirement Age: make sure you’re not going over the earnings threshold, or you might see some of your benefits reduced. In 2022, the earnings threshold is $19,560 for people before their Full Retirement Age—the Social Security Administration will deduct $1 for every $2 earned above that amount.
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