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Praise

"A fascinating and extremely helpful book for anyone planning to switch careers-from one of the nation's leading experts on the subject."
Richard Eisenberg, CBS MoneyWatch.com

"Kerry Hannon is a top-rate personal finance journalist filled with smart practical advice."
Diane Harris, Executive Editor, Money magazine

“Follow Hannon’s road-map to make sure you’re on the way to a passionate—and prosperous—career.” |
Jean Chatzky, Best-selling Author of The Difference and Pay it Down
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"A must-read for anyone-at any age-curious about a career change. A perfect blend of inspirational, readable stories and logistical, practical advice," Beth Kobliner,
Author of Get a Financial Life: Personal Finance in Your Twenties and Thirties.
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"Hannon's engaging profiles reflect the passion of those who have chosen to take a different path with their lives while her practical, how-to advice will make the journey smoother for others who are still summoning up the courage to take that leap of faith."
Tim Smart, Executive Editor, U.S. News & World Report

"Kerry Hannon provides an essential roadmap and guidebook, full of great ideas."
Jim Connor, Assistant Managing Editor, CNBC Business News

"Hannon's practical guide is a must-read for anyone in a career transition and life reinvention."
Brian Kurth, President, VocationVacations & Brian Kurth+Company Buy the Book

Retirement

5 Costs of Going Back to Work

Articles - Retirement

Consider these trade-offs before returning to work after early retirement.

By Kerry Hannon | July 20, 2010

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SECONDACT.COM

You're ready to head back to work after a few years of chilling in early retirement. Maybe you need to for financial reasons or simply want to for personal reasons. The bottom line: It will be nice to have fresh cash flowing in and an employer to pick up the tab for health insurance if you're not eligible for Medicare yet. And no one can argue that being productive simply feels good.

Whether it's a full-time or part-time gig, before you sign yourself back in for another tour, take some time to consider these five real costs of returning to the work force.

But figuring how big a nest egg you’ll need can be a wake-up call

By Kerry Hannon

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When you tap into Fidelity Investments' myPlan Snapshot, an online retirement planning calculator, and finally get down to the fine print, it warns: "This model calculator provides only a rough directional result that should not be acted upon or relied on."

How Much Do You Need to Retire?

By Kerry Hannon
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Photo: Getty Images

Jeffrey Jacobi, a Katy, Texas, air conditioning contractor, plans to retire soon. Or he did. He’s not so sure now, given the current economic crisis. The 66-year-old has been steadily socking away enough savings to let him and his wife enjoy the equivalent of 100 percent of their salary over three decades of retirement. But even so, he wonders, will it be adequate? “Until now, I was feeling pretty confident that I had done a good job preparing for our retirement, but now I’m worried that it’s not going to be enough,” he said. “Our retirement portfolio is down nearly 30 percent in the last month. With the Wall Street bailout, everything is so uncertain. And now they’re talking about a recession that could last anywhere from three to eight years.”