Part-Time Work and Hobbies: Balancing Leisure and Supplemental Income

Everyone’s vision for retirement is different, but now more than ever, people are looking for ways to stay active and engaged—while still enjoying the benefits of financial independence. If you’re not entirely content with the idea of sitting at home in a rocking chair during retirement, you may be intrigued by the possibility of returning to work (at least part-time) or picking up a new hobby. Both can have significant emotional, mental, and physical benefits—maybe even a few financial ones too.

Here’s what to consider about picking up part-time work or pursuing a new hobby while enjoying retirement in Charleston, South Carolina.

The Retirement Landscape in Charleston

Charleston is an incredible city to retire to, and it offers no shortage of resources and support for people looking to enjoy retirement to the fullest. From a wide variety of peaceful retirement communities to scenic walking trails, water sports, volunteer opportunities, and more, the city has a little something for everyone.

Staying active in retirement is key to keeping away health risks like heart disease, Alzheimer’s, dementia, depression, and more. With Charleston’s year-round sunny skies and warm weather, retirees have no trouble getting around and finding fun activities to participate in.

Not to mention, we consider South Carolina to be a fairly tax-friendly state for retirees, with special state tax incentives like:

• No tax on Social Security income
• Property tax exemptions for homeowners over 65
• No estate or inheritance tax

What Are the Benefits of Part-Time Work in Retirement?

Why would someone leave their job behind just to pick up part-time work in retirement? Because there are numerous benefits to doing so beyond the additional income.

The transition to retirement can be jarring for many people, especially those who’ve spent 30-40+ years building a longstanding career. Going from having a set schedule and routine every day to total freedom is exhilarating but also anxiety-inducing. Many people feel that they lose their social circles when they retire, and they miss how work helped them feel fulfilled and purposeful. 

A part-time job can ease the transition into retirement while relieving you of the stress and commitment of a full-time, high-level job. It’s a great way to get out of the house, maintain a schedule (albeit more flexible), meet community members, and regain that sense of purpose and belonging.

Of course, earning supplemental income isn’t bad either—especially if you can leave your retirement savings in their accounts to grow for longer. If the markets are experiencing a period of volatility, a part-time job can help you stay invested during a downturn so your portfolio has time to recover. Otherwise, withdrawing when your portfolio’s value is down can impact your retirement income in the long term.

Popular Part-Time Work Opportunities in Charleston

What part-time work you choose is entirely up to you, but consider playing to your strengths or finding work that aligns with your hobbies. For example, if you’re an avid gardener, you might enjoy working at a local greenhouse or plant shop.

Consider seasonal work around the holidays or summertime, which tends to pay competitively and only lasts for a few months at a time. 

Remember that with the recent rise in remote work, you aren’t limited to what’s available in Charleston. You can find opportunities to freelance virtually, offer consulting services, tutor students, teach a class at the local college, or do anything else that strikes your fancy. 

How to Balance Work and Leisure

Remember, you’re meant to be enjoying retirement, especially since you’ve spent decades preparing and saving for it. While there are plenty of great benefits to starting a part-time job in retirement, it’s still important to prioritize your happiness and well-being.

For example, many part-time retail positions require employees to stand for their entire shift (up to eight hours or more) and lift heavy objects. Many will also require employees to work at least some weekends and holidays, which may interfere with your social schedule or family plans. Unless you have no other option, try to find opportunities that are low-stress, not too physically taxing, and flexible enough to work with your other obligations.

You can dedicate certain days to work each week while reserving other days for relaxing, pursuing other hobbies, visiting with friends, or doing anything else that brings you joy. 

The Importance of Hobbies in Retirement

Work aside, take some time to explore new hobbies (or revisit old ones).

Similar to a part-time job, a hobby can help get you out of the house, meet new people, and stay physically active—all of which are critical to your well-being in retirement. There are genuine health risks associated with being lonely and inactive in retirement, which hobbies can help you combat.

According to the Centers for Disease Control (CDC), social isolation can significantly increase a retiree’s risk of early death from multiple causes, including physical inactivity and smoking. It’s also been cited as increasing a person’s risk of dementia by around 50%.¹  

Considering most people lose their social circle once they leave work behind, exploring a hobby is also a great way to build new connections with people with similar interests in the community.

Popular Hobbies in Charleston

Located along Charleston Harbor, Charleston is a coastal city with many unique outdoor activities to pursue. The warmer climate lends well to year-round horticulture and gardening, golfing, fishing, walking, biking, and boating.

If you’d like to find a hobby that includes opportunities for giving back, check out volunteer opportunities in Charleston, including:

• Local parks and gardens
• Food banks
• Museums and historical societies

Or, if you’d rather stay inside, there is no lack of art workshops, food classes, book clubs, poetry readings, and other creative endeavors to keep you feeling fulfilled and occupied in retirement.

Creating a Balanced Lifestyle

We can’t emphasize enough the importance of staying physically active in retirement. 

According to the CDC, adults over 65 should aim to achieve each week:² 

• At least 150 minutes of moderate-intensity physical activity (30 minutes a day, five days a week)
• Or 75 minutes of vigorous activity.
• Two days or more of activity focused on strength training.

If you’re not much of a gym-goer, try and find hobbies incorporating some “active leisure” into your routine. For example, a bird-watching group may require walking along Charleston’s many walkways each week. You may also want to check out group fitness classes designed for retirees. These can be a lot more fun and socially stimulating than hitting the gym by yourself every day.

Financial Considerations of Working in Retirement

If you pick up part-time work in retirement, speak to a professional about the potential tax implications of earning additional income. Taxes may be withheld from your paycheck (if you’re a W-2 employee), but you may need to adjust the withholdings if you receive other taxable income forms (like required minimum distributions).

Suppose you’re working as a freelancer, contractor, or consultant. In that case, you may not have taxes withheld from your income, which means you’ll need to pay quarterly taxes to cover the tax liability of the additional income. Again, a tax professional can help you determine the appropriate action.

Making the Most of Your Retirement in Charleston

The great thing about part-time jobs and hobbies is that you can quickly pivot and try something else if you don’t like them. But the benefits make them worth exploring, especially if you’re concerned about feeling purposeful and fulfilled throughout retirement. Incorporating something steady into your routine can help make the transition more manageable, and the paycheck is a great way to supplement your savings.

If you’d like to discuss your retirement plans, don’t hesitate to reach out to our team today.

^Sources:

^{1Loneliness and Social Isolation Linked to Serious Health Conditions}

^{2Physical Activity for Older Adults: An Overview}