Retirement part-time work

Some people decide it is best for them to ease into retirement by having a part-time job. Those who possess skills that are in demand find it profitable and comfortable to work as consultants, freelancers, or temporaries. Many who follow this route like the arrangement so well they stay with it for years—long beyond the normal retirement age of 65. Others stay with the plan until they find even part-time work so demanding they give it up. Still others move into full retirement when they discover they no longer need the additional income or the contacts that work provides. 

If you have not already done so, before reading this section, turn to Appendix A and complete the Inventory of Retirement Activities (IRA). When this has been accomplished and you have read the chapters in this section, you ll be able to compare your high, average, and low retirement interest activities decide if Plan A (leisure), Plan B (leisure plus part-time work), Plan C (leisure plus a volunteer activity) or Plan D (full-time work) is best for you. 

Caird and Woodward retired simultaneously from the company in the 1950s. Woodward died on 5 September 1959. Caird then returned to her pharmacy roots, undertaking part-time work in a hospital pharmaceutical department, first at the North Middlesex Hospital and then at Highlands Hospital. Her longtime friend, Mrs. E. Bradford, commented on Caird s longevity in the hospital service When Ella Corfield finally... 

Max Tishler was born in Boston on October 30, 1906. He received the B.S. in 1928 from Tufts College, and the M.A. from Harvard in 1933 while working part-time as a pharmacist. The Ph.D. degree was awarded in 1934 by Harvard. After scientific collaboration with E. P. Kohler and J. B. Conant, he joined Merck Company, Inc. Research Laboratories in 1937. After retiring from Merck, Dr. Tishler was appointed Professor of Chemistry at Wesleyan University in Middletown, Connecticut (1970 -1972) University Professor of Sciences (1972 - 1975) and Emeritus (1975 - 1989). 

Full- and part-time career possibilities are researched so that you know your chances of finding satisfactory employment if retirement doesn t work out. 

Another part-time arrangement that s growing in popularity is phased retirement. Under this arrangement, workers stay with their current employer but reduce the number of hours worked. This allows the employer to retain needed skills and the worker to try retirement—a win-win opportunity for both. To make phased retirement attractive, the Internal Revenue Service has proposed a rules change that allows workers 59 years or older who cut back on their hours to supplement their earnings with a partial pension from the same employer. 

The need for income is the primary reason people seek work. With retirement there is less need for income The cost of educating children has usually been met, the home mortgage has been paid off, and daily living expenses are less. When you compare your income and expenses in retirement, you may find that you no longer need to generate income. However, if your retirement is not adequately funded, working either full- or part-time may be necessary. 

The new roles of retirement fall into four major categories. In the next chapter they are identified as Plans A, B, C, and D. Plan A is leisure. You choose not to work (either for money or as a volunteer). Plan B involves working for money, either for someone else or in your own business on a part-time basis. You give up some of your leisure time, but not all of it. Plan C involves volunteer work, usually through an organization. It also replaces some of your leisure time. Plan D replaces leisure time with full-time work. 

If you have decided to design a retirement strategy (even if you actually entered retirement without one), how will it differ from others What factors in your life will make your retirement more difficult What factors will make it easier How will these factors determine whether you will need to work part time To help... 

After retirement I ll have all the money I ll need to live a life of leisure. 1 0 9 8 7 6 5 4 3 2 1 It will be necessary for me to work part-time to supplement my income. 

Don t overlook the opportunity to stay with your profession on a part-time basis. If you are happy with your work before retirement and want to continue on a less-demanding basis, you may be able to mix work with leisure at your own design. 

Of over 4,000 retiring executives, 49 percent became consultants or worked part-time, 13 percent took full-time jobs, and 12 percent went into business for themselves (according to a study by Drake Beam Moran, Inc.). 

What do you want out of retirement Do you want to move Do you want to stay where you are for part of the year and spend the rest of the year someplace else Do you plan to travel Do you plan to work either full- or part time In what activities do you plan to engage Do you have a dream place in mind What does your life partner want When you begin by thinking about and discussing these issues, your retirement location decision will be easier. The basic message is Plan around the activities and lifestyle you wish to pursue in retirement and make sure the location you choose will support them. 

For all of her working life, Tchaykovsky held a part-time position as School Medical Officer with the London County Council, refusing offers of a full-time position, as she contended it would interfere with her many social causes. During the First World War, she became active with the East London Federation of Suffragettes.14 Tchaykovsky was forced to retire from the position of School Medical Officer at the age of 65, but kept active with her voluntary work until her death in Watford on 4 February 1956, aged 80 years. 

The pharmacist workforce would increase in size if pharmacists postponed retirement and instead continue to work either full-time or part-time. Likewise, the size of the workforce would be increased if fewer pharmacists... 

While many older workers contemplate retirement, many may also wish to continue working in a part-time capacity. Since they can be a tremendous resource for engineering organizations, experienced retirees can be enabled to work on-call, consult hourly, or even work a limited number of hours per week or per month, benefiting both the firm and the older worker. 

Wim Herman de Groot worked for more than thirty years for Unilever, mainly in Research and Engineering. Before retiring in 1990 he was Unilever s world-wide expert on sulphonation matters. Since 1984 he has been a part-time professor in the Chemical Engineering Department of the Eindhoven University of Technology, The Netherlands. Professor Herman de Groot is a course director for an annual "Practical Sulphonation Course" in Amsterdam under the auspices of the "Center for Professional Advancement", New Jersey, U.S.A. 

Retired personnel are sometimes interested in part-time or contract work. It makes sense to utilize retirees wherever feasible to do so, as their loyalty, experience, and past performance are known qualities. It is also a good... 

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