Today's jobs often make few physical demands and may even be done at home. Some organizations prefer to workers because of their stability and life experience. But success in the job market may also call for technical skills that retirees cannot easily gain or maintain. Training and retraining have become increasingly important for those who want to work at older ages.
Predictability
Employment prospects among retirees vary greatly because of demands for different skills, and can change with health, family or economic conditions.
About half of all retirees retire earlier than planned, often because of job loss or poor health.
Managing the Risk
Retirement plans rarely allow for phased retirement, so a bridge job usually means working for a new employer. Re-hiring of retirees also is growing more common. These kinds of jobs often have lower pay or benefits.
Postponing retirement may be the most powerful way for workers to improve their retirement security. This allows retirement savings to keep growing while the workers accumulate more benefits from Social Security and retirement programs. Medicare-eligible retirees can take a job knowing that they will have health care coverage, even if the employer does not offer it.
Conclusion
Retirement planning should not rely heavily on income from a bridge job.
Many retirees welcome the chance to change careers and move into an area with less pay but more job satisfaction, or fewer demands on their time and energy. However, it may be difficult to find jobs in tight employment markets.
Terminating employment before age 65 may make it difficult to find a source of affordable health insurance before Medicare is available. Note that COBRA coverage usually ends after 18 months (36 months if disabled). As of 2014, health care coverage is available through state exchanges (most states).$
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