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UnPacking “UnRetirement”

Mature business woman in black glasses writing on board while standing during group meeting
SAVE PDF

The ubiquitous Baby Boomers are responsible for yet another trend: workers returning to work—although not necessarily to their old positions—after retirement.

Indeed, a 2017 survey found that 39% of U.S. workers 65 and older had “unretired” from a previous job.


Why? More Money, for One Thing

Unretirement answers multiple needs. Many retirees discover that they miss the challenges and the personal fulfillment that the workplace can offer. For others—according to at least one survey: it’s an economic decision.

So what would our advice be to those contemplating the move?

First, figure out if you want and need to unretire. If you think you’re being forced into it, assess your situation with the help of a financial expert. You may find that your funds will likely last longer than you think—or that you’re comfortable adjusting your spending, your investment portfolio, or your financial goals.


Investing for Growth

If unretirement is the path you need to take, our first suggestion might be to bolster your investment portfolio. Many retirees flee to the safety of cash—but cash barely grows over time. You can probably afford to take on more risk, especially if you’re collecting Social Security or an old-fashioned pension.

Let’s say three-month Treasury bills compound at 2% going forward. Over 25 years (a reasonable time horizon for today’s 65-year-olds), a $100,000 portfolio would grow to only $164,000. If stocks return 7% a year—not their double-digit results of the past decade—and intermediate-maturity bonds return 4%, the same $100,000 in a 60%/40% mix of the two assets would grow to $432,000.* That’s better.

*Calculations are based on annual compounding, reinvested dividends, and monthly rebalancing back to neutral weights.


Planning Counts

Reaching for more growth isn’t the end of the story:

  • Keep an eye on your spending. Some old rules of thumb may be too aggressive
  • Keep your portfolio diversified by asset and geography.
  • Be prepared emotionally for some short-term volatility.
  • Don’t abandon cash. Maintain a cash emergency fund.
  • Track your portfolio at least once a year on how well it’s meeting your objectives.
  • In all these endeavors, having a financial-planning professional on your side can help ensure your success.


Will Your Social Security Check Go Down?

Finally, if you’ve reached your “full retirement age” (between 66 and 67 for Boomers), you can work as much as you like with no effect on your Social Security benefits. If you’re younger, your check will be reduced. But no matter what your age, up to 85% of Social Security benefits may be taxable, depending on your total income.

Is “unretirement” right for you? Come see us at People’s United Advisors.

Related Links

Heath Insurance in Retirement

Retirement Heatmap

Estate Planning in the New Tax Regime

People’s United Advisors can help

Come see us about prudent investing.

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People's United Bank, N.A. merged into M&T Bank. It is now People's United, a Division of M&T Bank. Although account documentation or other materials may continue to reflect the People's United Bank, N.A. name or logo, new wealth management accounts opened on or after that date will be opened with M&T Bank or it's People's United Advisors Inc. or Wilmington Trust, N.A. affiliates. For more information please go to www.wilmingtontrust.com, reach out to your relationship manager or refer to your account agreement(s).

Investment products are offered through People’s United Advisors, Inc., a registered investment advisor. People’s United Advisors, Inc. is a wholly-owned subsidiary of M&T Bank. Investment products may involve risk, including possible loss of principal.

Investment Products:

• Are Not Insured by FDIC or any Federal Government Agency
• Are Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate
• May Go Down in Value


Form CRS - ADV Part 2A - Privacy Policy - Legal Disclosure

PUA is not soliciting any action based on this material. It is for general informational purposes only. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors.

On April 2, 2022, People’s United Bank, N.A. merged into M&T Bank. It is now part of M&T Bank and its former branches and most services will operate as the People’s United division of M&T Bank until we complete the integration of our systems later in 2022. M&T Bank is a Member FDIC, Equal Housing Lender and Equal Opportunity Lender.

By using People's United Online Banking, you agree to the People's United Electronic Services Agreement.

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