Already Retired or Close to It? Here’s a List of Costly Risks You Should Know

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#1 Category: Personal and Family Risks—Employment Risk

As you already know, the vast majority of retirees plan to boost their income by working either full time or part time during retirement. As a matter of fact, some companies tend to hire retirees due to their stability and better life experience.

However, a favorable outcome in the job market also depends on some technical skills that, unfortunately, older people cannot easily gain or maintain.

So, take into consideration that employment prospects will vary significantly because there are big demands and high expectations for quite different skills. They can also vary greatly because of health, family, or economic conditions.

Note that when you want to choose the exact point at which you’ll want to retire, you will most certainly change your entire future. For example, if you decide to retire later, you will probably have a greater amount of money when it comes to retirement savings, but there’s virtually no certainty that appropriate employment will remain available.

“Not having employment at any point can reduce your retirement income from Social Security, as well as if you have a pension from your employer. It may also take longer to collect your pension if there is a stipulation regarding years of service,” says Allan Katz, CFP®, president, Comprehensive Wealth Management Group, LLC, Staten Island, N.Y.

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