Consider this – is it time to come out of retirement?

What a question! Most of us never thought we’d be asking ourselves this after finally being able to give up the 9-5. Times have changed though, and retired people are going back to work in droves for a variety of reasons.

But why? Well, when you think about it there are some good reasons:

  • Additional money – with £7.20 as the national living wage in the UK (as of 11/6/16), working 15 hours a week would bring in an additional £108 a week. According to nidirect, you can work and still claim the State Pension if you are old enough but tax may apply if you earn more than the tax free allowance allowance. Other benefits may also be affected so check before making a decision.
  • Savings – if you work for a big retailer, or a firm with incentives, you could take advantage of employee discounts.
  • Are you getting a bit lonely at home? Going back to work gets you back in a social environment where you become an asset to a team again.
  • Do you feel like you’re losing your sharpness? Getting back to work and having set tasks combined with problem solving and social interaction is a great way to stimulate your brain again.
  • Has boredom struck? A new skill learnt on the job or a new industry to work in could provide the stimulus you needed.
  • Top up your workplace pension savings – if you’re working then you can make use of employer matching contribution schemes.