If You Are Thinking About Switching To Part-Time, Read This First

A whopping 77% of American workers have experienced burnout working a full-time job. And more than eight in 10 workers from the same study said that burnout at work negatively impacts their personal relationships. 

In other words, working jobs that consume our lives can have devastating impacts, both inside and outside of the office. It’s no wonder that more and more Americans are considering part-time work.

For others, retirement just isn’t in the cards yet. As inflation eats away at our spending power, worries over how long our money and investments will last are a growing concern, especially toward the end of our careers. 

Working part-time impacts Social Security

Your social security benefits could be negatively impacted by working less during your career. Currently, social security benefits can be taken at age 62. 

However, working part-time instead of retiring means you’re earning more money in your career. This extra money could make it possible to delay social security payments, which increases the amount of your monthly check when you start taking benefits. 

Can you afford to work part-time?

Depending on how many hours you work, part-time workers often do not receive benefits like health insurance. 

Ask yourself this straightforward question: Can I afford to pay my monthly bills if my salary was cut in half and I lost health benefits? Note that under the Affordable Care Act, most U.S. companies must offer health benefits if you work more than 30-hours a week.

Will you save money by working less?

For instance, if working less means saving money on expensive childcare, reducing hours could be worth it.  

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