3 Reasons Not To Retire

Forbes ^ | 3rd June 2024 | JanFreedre

[Cronos]

We are living through what is being called the silver tsunami. According to Legal Jobs, “about 10,000 baby boomers turn 65 each day, and the entire generation is expected to reach retirement age by 2030.” While many people spend their working years aiming to eventually retire, there are reasons why complete retirement should not be a primary goal.

For my book, Leading with Wisdom: Sage Advice from 100 Experts, I interviewed more than 100 top authorities about leadership and life. A recurring theme during these conversations was the idea that complete and total retirement should not be anyone’s end goal.

1. Retirement is an antiquated term. The Social Security Act was passed in 1935, establishing 65 as the official retirement age. This was set at a time when the average life expectancy was about 61 years old for men and 65 for women. Life expectancy for men is around 74 and for women it is about 80. Based on his research, MIT Age Lab Director Joseph Coughlin says that retiring at age 65 gives us about another 8,000 days—basically 21 years—to figure out what to do with our lives.

2. Midlife Is A New Life Phase.

3. Connection Is Protection.

For most people, workplaces are where they get their social interaction

..What Should You Do?

Don’t retire from life. Reframe aging Find new ways to stay relevant and engaged.

[RckyRaCoCo]

Mom just turned 95, grandmother on fathers side lived into her 90’s.

[bert]

Start your own business. You have skills and talents that were not mainstream but salable.

It is not necessary to try to work all day everyday. It might take a year or so to get in a salable groove

[yldstrk]

I am working at it.

[Georgia Girl 2]

I nearly worked myself to death running a business. Now I do what I want to do everyday which is hang out with Mr. GG2 and enjoy our rural property. We have plenty of friends.

[Justa]

So child support payments starting at 76?

[Texas resident]

Retirement is a financial number. Check.

At 62 I looked around and discovered that I had no debt.
My kids were financially independent of me.
House and cars were paid off.

I don’t call it retirement, I call it slowing down. I got off the corporate rat wheel and mostly do what I want to do now.

We are travelling more and working on a project car together.

[telescope115]

I was forced to retire early due to health issues. I wouldn’t mind doing something part-time for some extra cash, now that those issues are under control.

[Redleg Duke]

I was a contractor at Hanscom AFB, MA and I retired about 8-years ago. As a retired Army officer, I realized that the USAF was going woke and it was becoming a toxic work environment for me.

Now, that seems to have spread across the economy and there really isn’t a place for a straight white male, especially a Christian.

[unread]

"Bull dump. I'm retired for 9 years now. Busier than ever keeping up the place."

Yup, I did pretty well for the first ten years. Me and my bro motorcycled all over this country. We fished the everglades every chance we got. We did a lot of fun and interesting things..

But, in the last four years, since covid, It seems I can't even get out of my chair...(sigh) I'm going on 18 years in retirement.

[Labyrinthos]

For me, retirement is a financial number not an age number.

Bob Brinker, who hosted a syndicated weekly radio show for 32 years, called this the "land of critical mass," which is the point where a person's investments will generate more income per year than the person spends, thereby allowing the person to live the lifestyle they want without financial concern.

Critical mass is not the same for everyone and depends upon lifestyle, location, debt, and other factors. For my wife and I, critical mass is when we can comfortably live off a 4% return on investments, without having to invade principal, plus social security. We reached that point several years ago, which allowed my wife to retire in 2021 at age 62, and I will be retiring at age 65 at the end of this year. Using the 4% rule plus social security (I will receive the maximum benefit and my wife 50% of the max), our annual retirement income will exceed our average earned income over the last five years, with lower expenses, and our children will have a significant inheritance, when we pass from this life.

With that said, the decision for me to retire is easy: I have been working since the age of 12 cutting grass, shoveling snow, painting houses, washing dishes, McD's etc. I put myself through college and law school working two to three part-time jobs. I owned a successful law practice for 38 years, which allowed us to send our children to private schools, and live debt free except for a modest mortgage on a modest home. Although I will probably miss the intellectual aspects of practicing law, I will not miss the 80-hour work weeks, entitled clients, or the stress of complex litigation. We will fill our time managing our investments, relocating from the Northeast to the Southwest, meeting new people, hunting & fishing, travel, reading, writing (for pleasure), grass-roots politics, mentoring, and most importantly, spending more time with our children and grandchildren.

[Lizavetta]

Definitely understand and increasingly appreciate why men find younger women.

I'm 14 years younger than my husband and he calls me his child bride and forever young. His friends routinely say they don't want women their own age because they just look, well, old.

[drSteve78]

You seem nice. Not so much happy, but nice.

[OldGoatCPO]

I left the workforce entirely at age 62. Technically, I still work because I teach a one hour class three nights a week, and they give me a small stipend. I do it for fun. I can come and go as I please. One of my students fills in when I am gone.

While I did not plan to retire that early, financially, I was able to, and I am glad I did. The article touches on how our bodies change as we pass through midlife. Well, in your sixties, your body changes damn near every year. I am glad I do not have to force this body out of bed at six and rush into a job.

The author is correct about one thing. Find something to do in retirement. I have a friend who travels all over because he is involved in home brewing. I have another friend who collects antiques and travels across the country to antique stores in the most out-of-the-way places. He loves it even when he does not buy anything. I have a friend who does metal detecting; it does not matter what it is: do not sit on the couch, watch TV at until 4 am, get up at noon, and turn on the TV again.

[1Old Pro]

Smart employers would retain workers in their 60’s and even 70’s and create a hybrid part time model. The reason is that these workers are experienced, competent, show up, and are generally efficient. Keep them around for 2-3 days a week and they will probably get the work done for a full week of the lazy incompetent folks on the payroll.

[cyclotic]

I’m about the same. I love my job but can’t wait to quit and start the new adventure. Three years or so to go.

I’m not quite counting the days but I am glancing at calendars.

We just ordered a rooftop tent for our truck and plan to do lots more camping.

My wife and I already volunteer thousands of hours a year so volunteering more is probably part of the equation.

[cgbg]

I am retired and love it.

If you don’t know what you want to do when you are retired you can figure it out....

Write down a list of everything you enjoy about life.

Part of that list will be things you can spend more time on when you retire.

You don’t have to justify those things you enjoy to anyone else.

They belong to you.

[bert]

I “retired” in 1995 but kept my hand in. I began walking the mile to my post office box every day. I noticed a down the street neighbor whom I knew of for many years.

He mowed his yard twice a week.

We struck up a conversation one day and discussed retirement.

He told me he mowed twice a week to have something to do. As a civil engineer he said he went to work at @#$$%^^ every day and someone told him what to do. Now, he didn’t go to work every day and didn’t have someone to tell him what to do and he just didn’t know.

Those were among the saddest words I ever heard

[OldGoatCPO]

That was my father. At 75, he was forced to leave his job because his employer could no longer insure him. He bought a truck, trailer, tools, and mower and started his handyman business. At 82, his body quit on him despite the appearance of being in his sixties. His retirement consisted of five years of assisted living, the first couple of years in his home, needing assistance to walk to the bathroom, and the last three years in a facility. While he and his wife made occasional trips in their seventies, he hated to be away from work for more than a week.

That is not me. I stay busy but will not be tied down by a job. If retired people want to get up in the morning and accomplish something, there is plenty to do in retirement. The government needs Boomers to keep working, so we draw SS for a shorter period, if at all.

[Mr. K]

what do you do?

I am a software engineer- and I get AT LEAST 10 calls a week for work.

(used to get 10 calls per day)

[Repealthe17thAmendment]

I'm 62 and plan to retire at 65. At that time, I'll look at my financial situation before deciding to take Social Security. My wife and I have worked for quite a while, and after raising our children we both started saving money at a reasonable pace.

Along the way, we have developed a few hobbies and interests, and hope to continue to pursue those, as well as do more volunteer work. The most important thing for us is that we are healthy, and have a full life with family, beyond what we do as our careers.

As long as I am healthy, and financially stable, retirement looks like a very exciting chapter of my life. And as I see it, I've earned it by making sacrifices and planning correctly over the last 40 years.