Continue Working

One of the ways to increase your chances of a successful retirement is to continue earning money. If you are willing and able, you could stay full-time, drop to part-time, or even work for yourself or consult. All of these benefit from continued income, probable higher social security or pension benefits, and less withdrawal stress on the portfolio, but each approach has their advantages and disadvantages

Type of Work	Advantages	Disadvantages
Full-Time, continue saving	Can accumulate more assets Maintain standard of living If at same job, it’s a known commodity Health insurance and other benefits continue Can ride out market drop easier	Less free time Less quality of life
Full-time, stop saving	Increased standard of living due to higher cash flow If at same job, it’s a known commodity Health insurance and other benefits continue Can ride out market drop easier	No more additions to assets Less free time Less quality of life, but better due to higher cash flow
Part-Time	Standard of living may not drop much due to extra income More free time and probable higher quality of life than working full-time (sample retirement) If at same job, it’s a known commodity Health insurance and other benefits may continue Can ride out market drop easier	Suitable job may be hard to find Likely no more additions to assets If different job, could be stressful learning role Health insurance and other benefits could cost more May need to supplement income with portfolio withdrawals
Self-Employed / Consult	You control your work schedule More free time and probable higher quality of life than working full-time (sample retirement) May enjoy work more and/or make more money Can ride out market drop easier	Could be stressful developing business Lots of unknowns Likely no more additions to assets You may have to buy your own health insurance at a higher cost if spouse can’t provide May need to supplement income with portfolio withdrawals

Besides monetary gains, other benefits of continued work include a sense of purpose, pride, and social and mental stimulation. Many people find work more satisfying when it is optional.