Working After Retirement

There are many reasons why a person looks to a second career after spending years in a classroom. Some retirees find the days long without the routines and daily pressures of teaching. Some people want new experiences and enjoy interacting with people. In this day and age, some people need to work longer because of financial need.

Whether you need additional funds for retirement or along with a new career comes a paycheck, there are some things to consider. First of all, how will the new affect OTTP benefits? To get the facts, log on to the Ontario Teacher’s Pension Plan site at http://www.otpp.com/wps/wcm/connect/otpp_en/home/member+info/working+after+retirement. Often retired educators are tempted to work in some educational capacity, part time or on a contract basis. At the OTPP site the rules and limits of this sort of work is outlined. However, you can work in a non educational capacity to the extent that fits your needs. A good financial advisor would be happy to give you advice on this topic.

There are other issues to take into account. Does the new career offer medical benefits? How will the additional paycheck affect your income tax amount? Start a list of all the questions that need answers and make sure to find the answers.

Some newly retired people opt for a short term job placement to see if continuing to work is really for them. There may be “contract” placements that are right for them. York University has prepared an information kit at that outlines many aspects at: http://www.atkinson.yorku.ca/ace/publications/Should_Know.pdf. After reading this document, a trip to Monster.com may prove useful in identifying the types of contract positions available and the skill base and job requirements needed. Check out http://jobsearch.monster.ca/jobs/?q=contract&cy=ca. If you are concerned at all about legal issues in contract work, this site may be a benefit to you: http://www.lbwlawyers.com/publications/contractandselfemployment.php.

Using a Contract Work approach may be a good way to approach volunteer positions. In some volunteer organizations, new volunteers are treated almost like full time employees, but without the benefits or paycheck. While working out your contract with the organization, the type of work, the hours expected and the responsibilities you have are clearly defined. This will give you the ability to plan a life around the volunteer position. In addition, the contract will have a beginning and an end, the proverbial light at the end of the tunnel, so to speak.

The Government of Canada has some websites that are worth a visit prior to re-entering the work force. Check Out: http://www.jobsetc.gc.ca/categories.jsp%3bjsessionid=07A7ED74EBCEFEA7A4E9B42025C9D654.jvm11?lang=e&category_id=540. Here some interesting topics are discussed, such as how your income will affect your pension, how much time you wish to devote to working, how working will affect your lifestyle, etc.

Another site worth visiting can be found here: http://www.jobsetc.gc.ca/categories.jsp?category_id=740&crumb=68&crumb=740. Both sites offer advice and consider issues that the new retiree may not have thought of.

Nothing beats good communication. Talk about your plans with your family and friends. Talk with people who presently work with the organization or company that you are considering. Sometimes while hiring a new employee on a part time basis, the company can lay off a full time employee. If you are this new employee, how will you be received by the other workers?

I mentioned before that keeping track of questions that crop up along with the answers is a good procedure. When talking with your financial planner, make sure the question list goes along with you and that you get the answers to those questions. It is interesting that nearly the same questions come into play if you are planning a work vacation with an international relief agency or down the street with Habitat for Humanity.

Starting with your list of questions, do your online research. Find out what the company employee relations are like by Goggling the company or organization and checking out their employee relations. Be aware that some employees are very hard to please, and they tend to be very vocal with their criticism of a company online. However, by reviewing comments online you can get a good idea of how the company or organization treats those who work for them.

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