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Why Resolute Forest Products Employees Are Embracing Retirement Jobs – It’s Not Just About Money

'Increasingly, Resolute Forest Products retirees are recognizing that their retirement plans need to evolve with rising costs and changing expectations—side gigs provide not only additional financial security but also a sense of purpose and fulfillment, crucial for a well-rounded retirement experience.' – Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement Group.

'Many Resolute Forest Products retirees are finding that returning to work in some capacity offers more than just extra income; it enhances their mental and social well-being, providing both financial and personal fulfillment during their post-career years.' – Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

The financial challenges retirees are facing, including inflation and rising healthcare costs.
The growing trend of retirees pursuing side jobs or gigs for additional income and personal fulfillment.
The broader benefits of working in retirement, such as maintaining mental health, purpose, and social engagement.

Many Resolute Forest Products retirees are discovering that their ideal retirement scenario is not as financially stable as they had imagined, especially as the financial landscape continues to shift. The reality of living on a fixed income has brought unexpected challenges for many. A record 11.2 million Americans over 65 are employed today, with this number expected to rise to 14.8 million, or 8.6% of the workforce, by 2033, according to the U.S. Bureau of Labor Statistics. Once thought to be uncommon, this trend is becoming more widespread as retirees look for additional income to cover rising living costs and maintain their desired lifestyles.

While many factors contribute to this shift, money concerns are at the core of the challenges retirees face today. A recent D.A. Davidson survey reveals that 60% of retired Americans wish they had a side career or gig, compared to just 8% who already do. A startling two out of five retirees say they can’t afford their dream retirement, emphasizing the growing financial strain on this group, including those who retired from Resolute Forest Products.

Undoubtedly, inflation has played a significant role in this shift. In recent years, the cost of living, including essentials like groceries and gas, has seen a sharp increase. Many retirees, including those who spent years at Resolute Forest Products, are finding that their money doesn’t go as far as they had hoped, especially after entering retirement with expectations about their lifestyle. The uncertainty surrounding Social Security only adds to the problem. While the Social Security trust fund is not expected to run out of funds until 2035, many retirees are concerned about the future of this vital financial support, particularly as life expectancies rise and the fund’s long-term viability is questioned.

Retirement planning is also affected by personal factors beyond inflation and Social Security concerns. Many retirees, even those from companies like Resolute Forest Products, don’t have enough saved for retirement, and some even carry significant debt into retirement. Additional financial pressures, such as supporting aging parents or adult children, can also strain retirement funds. Medical costs only make matters more challenging; according to Fidelity Investments, a 65-year-old retiring in 2024 can expect to spend an average of $165,000 on healthcare throughout retirement. These costs can create a significant gap between expectations and reality, highlighting the need for additional income.

A side job can provide more than just financial stability, even for retirees who aren’t facing immediate financial challenges. Many find that working in retirement helps them stay engaged and gives them a sense of purpose. According to the D.A. Davidson poll, 55% of seniors with retirement gigs cite maintaining social or mental engagement as their primary motivator, and 93% of retirees with side jobs report that they love their work. This highlights the broader reality that employment, even in retirement, provides a framework that supports mental and physical well-being for retirees, including those who worked at Resolute Forest Products.

Take Andy Roy, a 74-year-old retiree from Saratoga Springs, New York. After a long career working for himself, Roy began mowing the grass at the Albany Rural Cemetery a few days a week four years ago. Roy admits that while the job pays well, the true benefit is the sense of purpose it provides. “It’s beneficial. I feel like I’m helping. It serves as a small anchor during the day and gives me a sense of purpose,” he says. Beyond the work, Roy has formed close friendships with his coworkers and developed an interest in the rural cemetery movement. While the pay is appreciated, he acknowledges that the sense of fulfillment is the true reward, something Resolute Forest Products retirees may also discover after leaving their careers.

Similarly, 72-year-old Merry Farnum, a retiree from Falmouth, Maine, has taken on a new challenge as a launch driver at Handy Boat, a local boatyard. After working as an Associated Press news photographer, Farnum now spends her days transporting people between land and their boats, a job that keeps her active and outdoors. “The biggest payoff is the challenge and the structure it gives my life,” she says, noting that the money is useful, but the real motivation is the sense of accomplishment. Farnum’s experience demonstrates that working in retirement can offer financial stability while enriching one’s life, just like retirees from Resolute Forest Products who take on new challenges in their post-career years.

In recent years, the demand for such opportunities has surged. With the growth of the gig economy, retirees, including those who spent years with Resolute Forest Products, can now pursue work that aligns with their interests and abilities, free from the constraints of the 9–5 schedule. Thanks to platforms that facilitate side jobs—like tutoring, freelancing, pet sitting, and driving for ride-sharing services—retirees can find work that is both financially rewarding and personally fulfilling. This flexibility allows retirees to decide how much they want to work, balancing their financial needs with the desire for leisure and personal time.

It’s important to consider the potential benefits of side gigs beyond just the financial stability they provide. Many retirees, including former Resolute Forest Products employees, seek a sense of purpose and belonging after leaving the workforce, which can be found through freelance or part-time employment. Maintaining an active lifestyle can also boost cognitive function and lower the risk of depression, issues that are common among retirees who may feel isolated or disconnected.

However, retirees considering whether to pursue a side job should also be aware of potential impacts on taxes, health benefits, and Social Security. Income from a side job may affect Social Security benefits depending on when an individual starts receiving them and how much they earn. It is also crucial to consult a financial advisor to fully understand the tax implications of extra income and how it fits into the broader retirement strategy, especially for Resolute Forest Products retirees looking to get the most out of their post-career years.

In conclusion, more and more retirees are incorporating side gigs or retirement jobs into their retirement plans. While financial strains, like inflation and rising healthcare costs, are pushing many to seek additional income, the benefits of working in retirement go beyond just financial gain. Retirement jobs help retirees maintain an active and rewarding lifestyle, offering social interaction, mental stimulation, and a renewed sense of purpose. Whether it’s for debt repayment, growing retirement savings, or simply staying involved, retirement work is an essential component of a fulfilling post-career life for former Resolute Forest Products employees, as well as other retirees.

A recent AARP study reveals that many seniors over 65 are working not only for extra income but for mental and social engagement as well. According to the report, nearly 60% of part-time working retirees cite the opportunity to stay active and connected with their communities as a primary motivator. Work provides an organized way to maintain mental sharpness and social connections, crucial elements for well-being as individuals live longer. AARP’s December 2024 article, 'The Benefits of Working in Retirement,' discusses these findings, which also resonate with Resolute Forest Products retirees.

Examine how more and more retirees are seeking side employment for mental stimulation, purpose, and social interaction in addition to extra income. With inflation, healthcare costs, and concerns about Social Security, many retirees—including those who worked for Resolute Forest Products—are turning to flexible work options to stay active and enhance their retirement experience. Discover how part-time jobs, such as driving a boatyard launch or working at a local cemetery, are helping retirees reach financial stability while maintaining fulfilling, structured lives. The growing trend of working in retirement offers advantages that go far beyond financial gain.

Retirement is like a car that’s been sitting idle in the driveway for years. It runs fine, but without regular maintenance and direction, it may start to feel uninspired. Just like a car needs fuel, upkeep, and a destination, retirees are finding that side gigs provide more than just extra income—they give a sense of purpose, a chance to connect with others, and an opportunity to maintain both physical and mental health. Rediscovering purpose is more important than simply reentering the workforce, something many Resolute Forest Products retirees are discovering as they explore new roles after their careers.

Articles you may find interesting:

Source:

Riquier, Andrea. 'Why a Record Number of Adults Over 65 Are Working – And It’s Not Just About Money.' MarketWatch , 30 Apr. 2025, pp. 1-2. marketwatch.com .
'Financial Impact of Side Jobs on Retirement Savings.' AARP Research , 2018, pp. 3-4. aarp.org .
'How Side Gigs Can Improve Mental Health for Retirees.' RL Communities Blog , 2023, pp. 1-2. rlcommunities.com .
'The Benefits of Social Engagement for Seniors.' Baptist Retirement Community Blog , 2024, pp. 2-3. baptistretirement.org .
Barron's Staff. 'Retirees Face Sticker Shock on Healthcare Costs If They Don’t Prepare.' Barron's , 8 Aug. 2024, pp. 1-2. barrons.com .

How does the Pulp and Paper Industry Pension Plan interact with other retirement savings options that employees may have? Employees at the Pulp and Paper Industry are encouraged to understand the implications of their pension benefits when considering their overall retirement strategy. Given the complexity of retirement planning, how should one factor in the Pulp and Paper Industry Pension Plan alongside personal savings, employer-matched contributions, and other investment accounts?

Pension Plan Interaction with Other Retirement Savings: Employees in the Pulp and Paper Industry should consider the Pension Plan as a foundational part of their overall retirement strategy. When planning for retirement, it's crucial to balance the pension benefits alongside personal savings, employer-matched contributions, and other investment accounts such as RRSPs or TFSAs. The Pension Plan, contributing a stable retirement income, can complement more flexible savings vehicles that provide additional liquidity and growth potential, especially considering tax implications and withdrawal strategies for an efficient retirement portfolio.

What are the key factors that determine the monthly pension payment upon retirement for employees in the Pulp and Paper Industry? Understanding the formula that calculates the pension benefits based on earnings, years of service, and the applicable rates is crucial for employees planning their retirement. Can you elaborate on how these elements work together to produce an individual's retirement income?

Key Factors Determining Pension Payments: The monthly pension payment for employees in the Pulp and Paper Industry is primarily calculated based on credited service, eligible earnings, and the applicable pension benefit rate. The formula integrates years of service with the employee's average earnings and the benefit accrual rate of 1.55%. This means the longer the employee's service and the higher their eligible earnings, the larger the pension payout. The calculation is also influenced by early retirement reductions or post-65 service, ensuring that employees' retirement income reflects their contribution history(Pulp_and_Paper_Industry…).

In what circumstances can employees of the Pulp and Paper Industry expect a reduction in their pension benefits, and what specific actions can be taken to mitigate this reduction? An in-depth examination of early retirement options, the choices available at different ages, and the financial implications is vital for long-term planning. What steps should an employee take before deciding to retire early?

Circumstances Affecting Pension Reductions: Employees of the Pulp and Paper Industry may face pension reductions if they retire before the age of 65. Early retirement between 55 and 65 incurs a reduction in pension benefits, ranging from 3% to 18%, depending on the age of retirement. To mitigate this reduction, employees can consider working longer or maximizing other retirement savings before electing early retirement. It's essential to review the pension reduction tables and consult the Plan Administrator to understand the financial implications of early retirement(Pulp_and_Paper_Industry…).

How are employee contributions structured under the Pulp and Paper Industry Pension Plan, and what is the impact of these contributions on overall retirement savings? Employees need to understand how their contributions, along with the employer's match, affect their future pension benefits. Could you detail the contribution rates and how they relate to the final pension payout?

Employee Contributions and Pension Benefits: Employees contribute 8% of their earnings to the Plan, while employers contribute 10%. These contributions directly impact the pension benefits, with higher contributions resulting in more substantial retirement payouts. Contributions stop once 2080 hours are paid within a plan year. Understanding how both employee and employer contributions accumulate is crucial for estimating future benefits and integrating them into overall retirement savings(Pulp_and_Paper_Industry…).

What is the process for employees of the Pulp and Paper Industry who experience a significant life event, such as marriage breakdown or disability, to adjust their pension plan? Employees need to be aware of the rights and options available to adjust their benefits in light of personal circumstances. What documentation is needed, and how does the process work?

Adjusting Pension Plan for Life Events: Significant life events such as marriage breakdown or disability allow employees to adjust their pension benefits. In the event of a marriage breakdown, 50% of the pension earned during the marriage may be split with the spouse, and specific forms and legal agreements are required for this process. Disability provisions may allow the employee to continue earning credited service without contributing. Employees should submit medical evidence or legal documents as necessary to the Plan Administrator to process adjustments(Pulp_and_Paper_Industry…).

How can employees in the Pulp and Paper Industry ensure that their personal information remains secure while accessing their pension benefits? Given the sensitive nature of financial information, it is crucial for employees to understand the privacy measures in place. What steps are taken to protect personal data, and what should employees do if they have concerns regarding their privacy?

Securing Personal Information: The Pulp and Paper Industry Pension Plan takes employee privacy seriously by using appropriate safeguards to protect personal information. Data is only shared with pension professionals for plan administration purposes. Employees can access their personal information and correct inaccuracies by contacting the Plan Administrator. If employees have concerns about data security, they should report them immediately to ensure their privacy is maintained(Pulp_and_Paper_Industry…).

What resources are available for employees of the Pulp and Paper Industry to access more detailed information about their pension benefit calculations and options? Seeking information through the right channels is essential for making informed decisions about retirement planning. Can you provide an overview of the tools and resources available to employees for understanding their benefit entitlements?

Resources for Pension Information: Employees have access to a variety of resources to help them understand their pension benefits. These include the Plan’s official web portal, personalized pension statements, and direct assistance from the Plan Administrator. For more detailed information, employees can consult their collective agreement and Plan documents, or they may contact the Administrator for personalized pension projections and guidance(Pulp_and_Paper_Industry…).

In terms of the Pulp and Paper Industry's collective agreements with the Public and Private Workers of Canada (PPWC) or Unifor, how do those agreements affect pension benefits? Understanding these agreements is critical for employees as they directly influence the terms of the pension plan. Can you explain how these agreements shape the benefits structure and payout options?

Impact of Collective Agreements: Collective agreements between the Pulp and Paper Industry and unions like PPWC or Unifor directly influence pension plan provisions. These agreements determine contribution rates, eligibility, and benefit structures. Changes in collective agreements may lead to adjustments in pension benefits, so employees should stay informed about any updates to their collective agreement terms(Pulp_and_Paper_Industry…).

What implications does the Pulp and Paper Industry Pension Plan have for employeesâ€™ beneficiaries, and what should employees know about designating a beneficiary? It is imperative for individuals to understand the importance of beneficiary designations. What processes should employees follow to ensure that their beneficiaries are appropriately designated and informed?

Pension Plan for Beneficiaries: Employees must ensure they appropriately designate a beneficiary for their pension benefits. In the event of death before retirement, the spouse or designated beneficiary will receive the pension benefits. If no beneficiary is designated, benefits are paid to the estate. Employees should complete and update their beneficiary designation form regularly to reflect their wishes and avoid legal complications(Pulp_and_Paper_Industry…).

How can an employee in the Pulp and Paper Industry contact the Plan Administrator for assistance regarding their pension benefits? Knowing the proper contact information and support channels is essential for employees navigating their retirement benefits. What are the best ways to reach out for help, and what types of inquiries can the Plan Administrator assist with?

Contacting the Plan Administrator: Employees can contact the Plan Administrator, LifeWorks, for assistance with their pension benefits. They can reach out by phone, email, or mail for inquiries about retirement estimates, pension adjustments, or general benefit calculations. The Administrator provides essential support for processing retirement, termination, and death benefits(Pulp_and_Paper_Industry…).