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Welcome to Issue 207 (60) — Should I get a part-time job?

If you read last week’s newsletter — How did my budget pan out? — you will know my current views on getting a part-time job. However, it remains a question I have asked myself, and one that many retirees also ask.

Should I get a part-time job?

I view retirement as an opportunity to relax and savour the rewards of years of hard work. However, many people dread the prospect of retirement, as they have financial worries or feel they need to continue working to remain relevant in society.

For many retirees, the story doesn’t end with a handshake and a gold watch. A growing number of retirees have chosen to return to work on a part-time basis. But is a part-time job in retirement a smart move or a step backwards?

OK, let’s have a look at the pros and cons of getting a part-time job in retirement.

The Case For a Part-Time Job

What are some advantages of getting a part-time job? Well, I can see at least five:

1. Health Benefits — Staying mentally and physically active through part-time work may contribute to better physical and mental health. Being busy can be highly beneficial. Additionally, the extra income can reduce any financial anxieties. However, we have to be careful not to overdo things and make ourselves ill through over-commitment or the stress of having a job.

2. Purpose and Fulfilment — Retirement doesn’t mean giving up our skills or passion. Whether we are mentoring, consulting, or working in a local shop, part-time work can provide a renewed sense of purpose and identity. Again, this is good for our mental health and helps slow cognitive decline.

3. Social Interaction — Loneliness is a common issue in retirement. A part-time job helps us connect with others, such as colleagues, customers, or clients. Again, this is all good for both our mental and physical health.

4. Structure and Routine — Work gives our week shape. After years of structured days, some retirees find that too much free time can be disorienting (for the record — I don’t!). A part-time job can provide just enough commitment to keep us active without overwhelming our day.

5. Supplementing Our Income — This is most probably the number one (should I have put it first in the list?) reason retired folks get a part-time job — money. Pensions, savings, and state benefits don’t always stretch as far as we would like, especially with the constantly rising cost of living. A part-time job can provide us with a financial buffer without the demands of full-time employment.

Well, that’s six reasons why I think retirees should consider taking on a part-time job. However, numbers one to five can be addressed by doing voluntary work. So, unless you need the money, it could be a good idea to consider a voluntary role, such as with a local charity.

Is there anything I have missed? Please let me know in the comments if there are any other reasons why we should consider a part-time job in retirement.

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So, what is the argument for not returning to the workforce?

The Case Against a Part-Time Job

I have looked at the ‘pros’ for getting a part-time job, but what are some reasons not to return to work? Here are five reasons not to go back to work (and number five may surprise you):

1. Emotional Burnout — Some retirees discover that even a low-commitment job brings back the stress they thought they’d left behind. Office politics, customer complaints, or pressure to perform can quickly sour our experience.

2. Impact on Benefits or Taxes — Additional income can affect our tax status or government benefits, depending on your country’s rules. It’s wise to do your homework before signing up. I know of several people who, by taking on a part-time job, have been pushed into a higher tax bracket in their country. In their cases, they may be financially better off by taking unpaid voluntary work.

3. It Might Not Be Necessary — Ask yourself: Are you working because you want to, or because you feel you should? If your finances are stable and you’re otherwise content, there may be better ways to stay active and engaged, as I have suggested — voluntary work. There is always a shortage of volunteers.

4. Physical and Mental Demands — Not all part-time jobs are easy. Some can be tiring or stressful, especially if our health isn’t what it used to be. What once felt manageable might now feel like a strain. I can’t imagine doing my old job. I think it would kill me in a matter of weeks.

5. Reduced Freedom — Retirement is our time. Even part-time work can limit our ability to travel, spend time with family, or do nothing guilt-free. We may find the return to scheduled commitments restricts our newfound freedom.

6. OK Boomer — The fifth reason for not taking paid employment in retirement is a bit of an odd one. If you don’t need the money, then why take a job that could go to someone who needs it? There is a feeling among other generations (X, millennials, Y, and Z) that we Baby Boomers (if you are retired, you are likely a Baby Boomer or Jones) need to exit the workforce to make way for the younger generations. It’s argued that it’s time for us to retire and free up the paid jobs.

Bottom line, there is no one-size-fits-all answer. For some of us, a part-time job in retirement provides meaningful engagement and financial security. For others, it simply feels like an unnecessary return to responsibility. The key is to assess our goals, our health, and our lifestyle — and to choose what truly enriches our retirement years.

Me? Unless I have a financial disaster, I can’t see myself returning to paid work. I wouldn’t like the stress and routine. I can get my social interaction through volunteering and friends. I feel that for me, there is nothing to be gained in returning to the paid workforce.

What about you? Did you retire and then return to employment? Or have you gone down the voluntary work route? Please share your experiences in the comments.

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Next week

Next week in issue 208 (61), I buy a cake, stick four candles (or should that be fork ’andles — you will need to know UK comedy to get that — see Greatest Comedy Moment — The Two Ronnies — Fork Handles) in it and celebrate four years of the Retirement Newsletter. It doesn’t seem possible.

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Until next time,

Nick

PS: If you would like to contribute something to the newsletter — a story, advice, or anything else — please get in touch.

Please note: I am not a financial advisor. When I write about money and financial matters, I base my opinions on what I have read over the years about money and retirement preparation. IT IS NOT FINANCIAL ADVICE.