Retirement is a period of life many people look forward to. But sometimes, seniors find themselves dissatisfied with retirement once they're actually in the thick of it either due to financial reasons, personal ones, or some combination of both. If these signs of dissatisfaction apply to you, it may be time to un-retire -- and return to full-time work.
1. You're depleting your savings more quickly than expected
The money you save for retirement in a 401(k) or IRA needs to last throughout your senior years. So if you've been dipping into your savings at a more rapid pace than anticipated since retiring, you may need to stop the bleeding by returning to work for a few more years.
Image source: Getty Images.
Doing so could help financially in a couple of ways. First, if you start earning a paycheck again, you can use that money to pay your bills and leave your nest egg alone. Second, if you earn enough, you might manage to add to your savings so there's more money to tap going forward.
2. Your Social Security benefits aren't going very far
Many seniors assume they'll manage reasonably well on the income they collect from Social Security. But if you're an average earner, those benefits will only replace about 40% of your pre-retirement income. And most seniors need about twice that level of income to live in a comfortable manner.
If you don't have much savings and are struggling on Social Security, it could be time to go back to work and use your earnings to build some savings. Having that cushion could make a huge difference, especially if rising living costs outpace Social Security raises.
3. You're bored out of your mind
Some people think they'll retire and spend their newfound free time traveling and enjoying all sorts of activities. The problem, though, is that those things cost money, and you may not have enough of it to do the things you love. And so, if a lack of money has sentenced you to a retirement spent sitting around watching TV all day, it's easy to see why you might be less than happy.
If you're overwhelmingly bored in retirement, there's no need to force yourself to continue on that path. Instead, it could pay to return to a job for a few more years so you can build some cash reserves that give you more options for keeping busy.
Don't just stick out a bad situation
There's no rule stating that you can't go back to work once you retire. It's not so unusual for seniors to un-retire due to financial concerns or those related to personal satisfaction. If you feel that retirement isn't working out for one reason or another, you shouldn't hesitate to explore your options for returning to the labor force for a bit more time.
Another thing to keep in mind is that you don't necessarily have to go from not working at all to holding down a 40-hour-a-week job. If that doesn't appeal to you, look at part-time work. You may not earn as much as you would with a full-time role, but you might still manage to improve your financial and mental picture.
