Do I Have to be Retired to Move to a Retirement Community?
The short answer is no! The traditional notion of retirement is evolving. Many seniors are choosing to continue working well into their 60s and beyond, many for personal fulfillment. This may be continuing a professional career or even starting a small business you’ve been meaning to do when you had the time. This trend is reshaping how we view retirement communities and the lifestyles they offer.
The Rising Trend of Working Seniors
The retirement landscape is changing rapidly. The number of older Americans working past the age of 65 is growing. The U.S. Bureau of Labor Statistics forecasts this trend to continue, with the percentage of seniors in the workforce expected to reach 23.3% by 2028, nearly double the rate in 1998.
Seniors are working longer for various reasons. Some need to supplement their retirement savings, while others simply enjoy the sense of purpose, passion and social interaction that work provides. Whatever the motivation, it’s clear that the concept of a work-free retirement is no longer the only path for older adults.
The Benefits of Working While Living in a Retirement Community
Living in a retirement community while maintaining employment can offer the best of both worlds. Here’s how:
- Financial flexibility: Continuing to work can help cover the costs of dream vacations, fun excursions and new hobbies. Social Security benefits can be collected while working, providing an additional financial cushion.
- Structured lifestyle: Many retirement communities offer a range of activities and amenities. Working part-time or flexible hours allows you to enjoy these benefits while maintaining a sense of purpose through employment.
- Social connections: Work provides opportunities for social interaction outside the retirement community, complementing the social life within the community.
- Mental stimulation: Staying employed can help keep your mind sharp and engaged, which is crucial for overall well-being in later years.
- Reduced stress: Living in a retirement community can alleviate many day-to-day stresses, allowing you to focus more energy on your work or career.
How to Make It Work
Balancing work with life in a retirement community is achievable with the right approach:
- Choose the right community: Look for a retirement community that supports an active lifestyle and understands the needs of working residents.
- Flexible work arrangements: Consider part-time work, consulting or remote positions that offer more flexibility.
- Utilize community resources: Take advantage of amenities like fitness centers and social activities to maintain a healthy work-life balance.
- Time management: Create a schedule that allows you to balance work commitments with community activities and personal time.
- Communicate with community staff: Keep the community staff informed about your work schedule, especially if it affects mealtimes or activity participation.
The Social Security Factor
It’s important to understand how working affects your Social Security benefits. According to the Social Security Administration, you can work and receive retirement benefits at the same time. However, if you’re younger than full retirement age and earn more than certain amounts, your benefits will be reduced temporarily. The good news is that these reductions aren’t truly lost. Once you reach full retirement age, your benefits will be recalculated to give you credit for months when benefits were reduced or withheld due to excess earnings.
Finding What Works for You
The idea that you must be fully retired to live in a senior living community is outdated. Today’s retirement communities are evolving to accommodate the changing needs and desires of seniors, including those who wish to continue working. By choosing the right community and balancing your work life with the amenities and social aspects of community living, you can create a fulfilling lifestyle that combines the best of both worlds. Whether you’re working for financial reasons or personal satisfaction, living in a retirement community can provide the support and environment you need to thrive. It’s about creating a lifestyle that works for you, where you can enjoy the benefits of community living while still pursuing your career goals or passions.
The Freedom to Choose How You Want to Spend Your Time
Remember, retirement is not about stopping; it’s about having the freedom to choose how you want to spend your time. For many, that includes continuing to work in some capacity. At Freedom Village at Brandywine, we help our residents embrace this new chapter of life with the knowledge that you can have both: a rewarding work life and a comfortable, engaging retirement community experience. Schedule a visit today through our Community Assistant or contact us with your questions.
