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Dear HR,
I’m about to retire from working at ConocoPhillips after more than 25+ years. However, I can’t seem to imagine life not working since I’ve been doing it for as long as I can remember, and I actually may prefer to stay working in retirement even though I don’t need the money. Is it common for people to do this after working at ConocoPhillips?
-Mr. ConocoPhillips
Dear Mr. ConocoPhillips,
Thank you for your question. Several former ConocoPhillips workers make the decision to work in retirement just because they take pleasure in it. Others do it for the monetary advantages, and some just want to enjoy their lives such as being with family and friends. An individual making a choice on to either carry on working full-time or just part-time has to be based on the benefits they obtained from employment. The benefits that a person acquires from employment can be separated into 2 categories; financial and emotional.
Here are the financial benefits:
FINANCIAL BENEFITS OF WORKING
Compensating for the Decreased Value of Savings or Investments.
Although low interest rates have increased lump-sums, it makes it more difficult to induce portfolio income. Some decide to resume working just to compensate for the subpar performance of their savings and investments.
Hypothetically, you took a COP offer & parted ways with the company earlier than you desired and received less retirement savings than you needed.
Rather than using up the acquired money, some people make the choice to be employed for a little longer to buy the things they’ve always denied themselves before.
Meeting Financial Requirements of day-to-day living.
During retirement, one’s expenses can increase; as a result, continuing work is not such a bad idea to resolve that problem.
Maintain Insurance or Benefits.
An individual might stay employed for longer with the objective to keep their insurance and/or benefits. A majority of employers actually provide free to low-cost health insurance for part-time employees.
EMOTIONAL BENEFITS OF WORKING
Preserving Productivity and Involvement.
Hanging onto work, even if it’s part-time, is an amazing way to continue utilizing the abilities one has learned through decades of experience. Not only that, they’re able to maintain their relationships with their friends and coworkers.
Enjoy Yourself at Work.
Disregard the Social Security program and the retirement age that the government has placed upon everyone. Only you should be the one to dictate how your life should be going and which direction to take it. Many people authentically take pleasure in working and continue to do so because it adds value to their lives.
A New Job Opportunity Arises.
You may unexpectedly encounter exciting job opportunities at a period of time in your life just when you’ve been planning to retire.