MILWAUKEE (CBS 58) -- Only 11% of future retirees expect not to work at all during their retirement, according to financial experts. As partial retirement becomes more common, experts say it is important to weigh both the advantages and drawbacks.
Tony Drake, founder and CEO of Drake & Associates, joined us on Wednesday, Sept. 3 to talk about considerations for those planning to work in retirement. He said many choose to work to stay socially connected, while others continue out of necessity.
Benefits of working include boosting savings, delaying Social Security claims and maintaining structure. However, high-stress jobs, tax penalties and impacts to Social Security benefits can present challenges.
Experts recommend reviewing healthcare coverage, income needs and tax obligations carefully before making a decision. Consulting with a financial advisor may help determine if partial retirement is the right strategy.