Financial Planning, Retirement Issues


Older Workers Planning Not to Retire

Older Workers Planning Not to RetireRemember the slogan ” Freedom 55″, you do not see that being advertised very much these days. Many people suffered greatly during the period through 2008 and 2009. If you did not lose your job, you lost a lot in the stock market and that usually means that Freedom 55 went out the window. The value of your home declined a great deal as well so now you are probably underwater as well in terms of your the value of your home vs. your mortgage. So now you cannot retire when you planned, but maybe it is not that bad.

It turns out that there are many older workers that are not planning to stop working even if they have the money. Many people enjoy the challenge, they enjoy the camaraderie of working with people and they enjoy some of the fringe benefits that working offers. They have some where to go every day and something to look forward too. It turns out that before the recession really kicked in, many people were already planning to work beyond their normal retirement and it was not for the money. True many have to work now whether they want to or not, but with the benefits that come with the job, it may not be so bad.

Older Workers Planning Not to Retire – Challenge of Not Retiring

Consider getting up in the morning and not knowing what you are going to do the rest of the day vs. going into work and meeting the challenges of your job. Some people would say you are nuts, you need to get a life and set your priorities. Believe it or not many people enjoy going to work, they enjoy the challenge of solving problems and dealing with issues that they can resolve. If your job involves a lot of stress, you may want to deal with this particular challenge and manage it so that the stress becomes manageable and enjoyable. We all need some stress in our lives.

Lots of people want to retire from their current job and move to something else. The changed environment is often a challenge, an enjoyable one and many people rekindle the spark that they might have lost in their current job.

Camaraderie of  Working

If you enjoy people and being around people, then you will miss your job unless you replace it with something else. Many people view their jobs as part of their social life ( they actually do work as well) because they have fun at their job and with the people they work with. Some will retire and then go back on contract to the same job and the same company. A lot of government workers seem to be able to do this quite easily at high rates of pay.  While some do this simply for the money, others do this because they love to work and they just do not see themselves spending time at home, golfing or traveling all of the time.

Fringe Benefits

There are also fringe benefits that go with work. Many people just go to work and do not have any real fringe benefits. However if you are a middle manager or senior executive your going to miss the power, the support you get from staff and the travel benefits. Quitting or retiring is tough for some who miss these fringe benefits. Even having somebody arrange your travel schedule for you can be a big issue for many executives. If you are used to having somebody do all of this for you, then it can be time consuming and confusing as well. Computer support is a big issue. Now you have to do your own, there is no one to set up and configure your computer or support you when you have a problem with your computer. The best advise is to learn how to do all of this stuff before you retire and be able to do most if it yourself!

Looking Forward to Going to Work

If you look forward to going to work, then you are enjoying work and all that it offers. Everyone is different. For some, work may offer the challenge they are looking for, for others it is just plain interesting. For many people they really like the social time at work were they interact with other people. This can be really important for many people if they do not have a lot of outside activities they participate in.

We know some people who have no hobbies and do not belong to any clubs. They do not go out much and as a result, work is the social outlet for them and the opportunity to interact with people. So if you really like going to work, then consider carefully what you will do after you retire and if you really need the outlet that work offers.

Self Worth

Self worth is also very important. Many people identify with their jobs and measure themselves and others by the type of job they do and the amount of money they earn. Once you retire this all goes away and you can only identify with your past achievements, unless you get involved in other activities such as volunteering and supporting organizations that help people. Unfortunately not every one can or wants to volunteer. If you are the type of person who really identifies with work and measures your self worth against the job, they you may not want to retire just yet.

Retirement is a very personal decision. Make your decision carefully. Work is good for all of us under the right conditions. If it is not fun it is time to change.

Feel free to leave your comments and suggestions that will help those who are getting ready for retirement. Spam comments will be deleted!

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