Will You Work Beyond Traditional Retirement Age?

Posted on 1-23-2024

Does your income strategy beyond traditional retirement age include receiving a paycheck?  

This week, Craig Siminski, of CMS Retirement Income Planning, shares with us an article discussing the advantages and disadvantages of working later in life:

More than seven out of 10 current workers in a recent survey said they expect a paycheck to play a role in their income strategy beyond traditional retirement age.

In fact, 33% expect to retire at age 70 or older, or not at all.

If you expect to continue working during your 60s, 70s, or beyond, consider the advantages and disadvantages carefully. Although working can enhance your retirement years in many ways, you may also face unexpected consequences, particularly when it comes to Social Security.


There are many reasons why you may want to work during retirement. First and perhaps most obvious, a job offers a predictable source of income that can help pay for basic necessities, such as food, housing, and utilities.

Working may also allow you to continue saving on a tax-deferred basis through a work-based retirement savings plan or IRA. Traditional retirement accounts generally require you to take minimum distributions (RMDs) after you reach age 73 or 75, depending on your year of birth; however, if you continue working past RMD age, you can typically delay RMDs from a current employer’s plan until after you retire, as long as you don’t own more than 5% of the company.

 (Roth IRAs and, beginning in 2024, work-based Roth accounts do not impose RMDs during the account owner’s lifetime.)

Moreover, employment can benefit your overall well-being through social engagement with colleagues, intellectual stimulation, and, if you’re employed in a field that requires exertion and movement, mobility and fitness.

Working may also provide access to valuable health insurance coverage, which can supplement Medicare after the age of 65.

Keep in mind that balancing work-sponsored health insurance and Medicare can be complicated, so be sure to seek…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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