Retirement isn't a foregone conclusion. There are lots of people who decide not to retire, now or ever. The reasons usually fall into one of four categories:
1. I love what I do and see no reason to stop.
2. I haven't saved enough so it isn't an option.
3. I have nothing else to fill my time; I'd be bored silly.
4. I want to start my own business.
I understand the rational of these arguments. If this is the situation, I actually agree with someone saying retirement is not for them. There is one foundational fact about retirement: it is a unique journey for each of us. One size does not fit all. If that means it doesn't fit you at all, or at least not now, then that is your reality.
If you started a company, nurtured it through hard times, and watched it blossom, it is probably much like a child to you. You are proud of its success and maturity. You have a whole range of emotions about your "baby." The thought of selling it to someone else or closing it just doesn't compute.
For a whole range of reasons, you may not have enough money set aside to retire. You may have fallen victim to the siren call of our culture and allowed spending and debt to outpace income. You might have suffered a major financial reversal for any number of reasons. Your answer is to keep working while you dig yourself out of that hole.
Because your work is your life you have no outside interests. Maybe you dabbled with sports when you were younger, or took up tennis because you spouse asked you to. To you, a hobby is just something that means spending money on an activity that doesn't deeply satisfy you. You have a high energy level that is best satisfied by meeting goals, staying busy, and using your skills at something you think of as productive.
You have a dream of starting a business. Maybe you know you can provide a better service or product than your old employer. Maybe you have always wanted to open a franchise. Maybe you are an inventor who believes you have developed a better widget. Retirement makes no sense now. You have big dreams to explore.
Odd, I know, for a retirement blog to tell you retirement isn't always the best choice. Over the last 8+ years of writing Satisfying Retirement, I have learned enough from comments and countless emails that confirm a choice to stop working isn't a foregone conclusion.
Retirement - Not for me!
Hi Bob! I so agree! As you say, retirement, just like life itself, is not a one size fits all. That's why I keep urging people to "rightsize" regardless of your age. As I've said before, my husband and I are not retired, we are instead semi-retired because that suits our personalities and lifestyle. We have lots of freedom, enjoy our work, and also enjoy the additional income that allows us to travel a lot at this stage in our lives. That might change, but we're doing it our way instead of what might work for others. Taking the time to figure that out beforehand (or during) is a real key. I think when we prioritize and then focus on our own unique needs and desires our retirement, no matter how it looks, will be best! ~Kathy
ReplyDeleteOne of the overlooked realities of retirement is that you can change your mind. If you are really not feeling it is a good fit for you, un-retire. Sure, it is probably easier to reach this conclusion beforehand, but to stay in a state that doesn't make you happy is much worse than admitting to yourself (and others) you should have stayed employed.
DeleteI have no issues with any one person's decision not to retire unless it's due to reason three in your list above. Worried about being bored silly? Not only is that a backhanded insult directed at those of us who have already pulled my plug, but it's also a big indicator that one needs to work harder at their own life, because in my experience boredom is pretty much a 100% reflection of simply not trying hard enough. Or, of taking the easy road rather than the road that requires a little more effort.
ReplyDeleteThe other three, though? All make perfect sense to me!
I don't know how someone can be bored after retirement. I understand not having a passion or replacement activities all lined up, or being completely defined by work. But, as you well know, the opportunities for growth and staying busy can be greater than the number of hours in a day.
DeleteWorrying about boredom is a reason given for not retiring, but it is one that is easily resolved.
I always said I'd die with my boots on as I love the work I do. Now that has changed, I'm older, much tireder & my job is subject to a lot of admin interference & government funding cuts making it very stressful. Now, in my mid fifties I just can't wait to retire! But I'll keep busy with volunteer work and I have lots of interests I'd like to spend more time on.
ReplyDeleteOf course, there must be some facets of what you love about work that you can use after retirement. Even without a paycheck, using our life experiences and skills can be very satisfying. Frankly, I much prefer blogging than writing management reports that used to occupy my working hours. Both use many of the same skills but in very different ways.
DeletePeople always equate full retirement with not doing anything useful (like "real" work) or being somehow lazy; you know, slugs, certainly compared to all of the people beating their chests and saying they love Working! I would profess that those that continue to work when they don't have to are the real slackers, since work fills their lives with some sort of purpose they can't bring themselves to fill on their own, as well as filling the time that they wouldn't know how to fill otherwise.
ReplyDeleteIn my case I always thought I would continue working beyond when I retired at 60 for no other reason than to make $. Work didn't fulfill me in any way any more; I had worked all my life and that was what I thought I would continue doing, but the Big Guy upstairs and Deb convinced me otherwise. Now I perform much of the work around the house that I would have had to hire for, I make all the financial decisions and transactions in our portfolio so I don't have to pay someone else to do, we work out pretty much every day by walking/running/home gym, and we travel much of the year. Sounds to me like that scenario, which many of your readers also are doing, makes us the "busier" people than those who have to have others tell them what to do with their days through work :)
I see at least one scenario where working instead of enjoying retirement makes sense: a business or vocation that has always been a dream but could only be pursued after leaving one's first career. If that is fulfilling, then why not?
Delete"Retirement" is a word with all sorts of definitions. Who is to say that spending 8 hours a day turning out beautiful wooden bookcases and selling them isn't a completely valid retirement?
I'd never want to go back to a life that has too much structure and "must-do" demands. But, that is what is right for me (and you, Deb, and most of my readers!), maybe not someone else. To each his own, right?
My work ended when my industry made what I did irrelevant. It was the best thing that ever happened to me and for my family.
I had a boss that was very high-ranking in our organization that was fond of saying, "I work to live, I don't live to work." I adopted that attitude, and as soon as I was in a position to live without working, I was outta there.
ReplyDeleteLife is now a happy mix of being busy when I want to be and lazy when I want to be. My choice (unless my wife urges me to be busy!).
I think too many folks get that phrase backwards and only live to work. But, it is not my place to judge. What makes me (or you) happy may not do it for them. Staying employed may be the absolute best choice, for now.
DeleteEach to their own, for sure. I do think there's a huge responsibility in retirement to do life so life doesn't do you. I'm alluding to living life purposefully without the construct of work. "Retirement is when you stop living at work and begin working at living." I worked to live as well and having interests outside of work certainly contributes to a full life in retirement. I'm 5+ years in and still relish the slow mornings and time at my disposal. I can no longer use work as an excuse for not getting something done. There's time. In fact, I often ask myself how I had time to work.
ReplyDeleteRecently I have begun to slow my mornings down as well. Coffee, the paper, and conversation can mean the start-the-day shower doesn't come much before 9am.
DeleteI do understand the rush that building a business can give. So for those who are of "retirement" age but are feeding their creativity in that way, I say, "Go for it."
Haha, for me, getting out of bed doesn’t happen until 9 am, and I’m usually in my pyjamas until about 10:30. However, I am a night owl, often out walking or working on projects until 10 at night, and seldom in bed before midnight.
DeleteJude
There's the difference. We are in bed by 10 and I'm asleep by 10:30.
DeleteDear Bob and Friends, i can't help it, but whenever i hear a post-retiree prattle on about taking a job (either part or full-time) because he or she "is bored", it's just one of those "things that make ya go hmm, hmm, yeah... So much bs, because the real reason is likely, not enough money. Either way, boredom is for the boring. Hopefully, in about three years, i'll be able to retire - and get the firetruck out of the workforce, and so free up a job for a young person, who then will down the road be able to retire.
ReplyDeleteI think your take on why some retirees want to go back to work is incorrect. But, even for some folks if is for more money, so? With company pensions and decent health coverage a thing of the past it is much more an individual responsibility to prepare for, and manage one's retirement. If more money would help someone lead a less boring retirement by opening up more opportunities for travel or hobbies or whatever, I'm hard pressed to see that as a bad thing.
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