Bridging the Gap

The transition to retirement can be challenging. A bridge job can help you adjust, give you some extra income and provide fulfillment and social connection.

By Laura Mellett

 

When it comes to retirement, some folks can’t wait to say goodbye to the working world. 

But for many, the road to a happy retirement is smoother when there’s a bridge between their full-time career and full-time retired life, which is why bridge jobs are a popular option for many early retirees.

Bridge jobs are temporary (and often part-time) working opportunities that support the emotional and financial transition to retirement for those who don’t necessarily want to start an entire second career or even commit to working part-time long-term.

TCDRS Member Services Field Representative Richard Ashcraft has counseled many soon-to-retire members as they weigh the pros and cons of bridge jobs.

“I met a member yesterday who retired on May 31^st and started working part-time on June 5,” Richard says. “Why? Because it fit her life and schedule with what she needs during this transition time.”

“Her commute is now 5-10 minutes, she works 32 hours per week and she wakes up looking forward to going to work every morning,” he continues. “The stress she dealt with and everything that goes with the full-time career is now gone. She’s excited and looking forward to her first retirement benefit payment on June 30^th and is still earning 'fun money’ that she looks forward to spending on her home.”

Here are a few things Richard recommends considering:

Dollars and Sense

First, there’s the financial aspect of taking a bridge job. If you retired earlier than you became eligible to start drawing Social Security or Medicare and have been feeling the strain on your retirement budget, a bridge job with health insurance benefits might be just the thing to get you through that gap period with healthcare and maybe even a little spending money.

Social and Emotional Considerations

Some retirees realize that their careers were their prime sources of fulfillment and social connection. If that’s you, a bridge job can ease that transition by allowing you to stay connected to other people or try something new or enjoyable, often with more flexibility and less stress than a full-time position. 

Richard recalls a recent conversation with a member in Nueces County who was working full-time in the county parks department and part-time at Home Depot. “He told me, ‘I don’t want to stop working at Home Depot because I am just not ready to stay at home,’ so not only that financial aspect but that emotional aspect.”

At the same time, Richard warns it is also important to consider that switching from being the boss to having to report to other people can be a challenge for some.

Finding the Right Fit

For anyone considering a bridge job, finding the right fit is essential. Some retirees become entrepreneurs in retirement, often pursuing a passion they’ve had with other family members. Others seek out new employers who provide flexibility for them to travel and pursue hobbies, or perhaps an employer who will offer health insurance coverage to part-time workers.  

“I’ll ask members, what do they enjoy doing? Who do they enjoy doing it with?” Richard says. “It causes them to think out loud about the transition.”

Recently, Richard spoke with a retiree who had been struggling with the transition to retirement, but found the financial security, social engagement and a sense of purpose she had been looking for in her bridge job.

“They can certainly be a wise choice,” he says. “The important thing is just making an informed decision.”

Personal Finance