As people get older, they tend to look towards retirement as a segment in their lives in which they can relax and take it easy. Yet many people choose to return to work after they retire, for any number of reasons. Considering financial, social, and personal factors, here are 10 reasons retirees end up going back to work:
1) Poor Planning
Since retirement means living a day to day life without a paycheck and with a lot more free time, it requires planning ahead to make sure you will be able to have the retirement experience you want. If you plan to be active in doing many things when you retire, you have to make sure you save enough beforehand. As such, it is beneficial to plan to set aside money as you work to put towards the future. Additionally, you should account for any major changes in your life and how they will impact your retirement plans. For instance, someone who has multiple young children will likely have to develop a different retirement plan than a single person who lives alone and has recently received a promotion. Whatever your circumstances, understanding their roles in your retirement plan is crucial if you want to stay retired.