Many of our friends are retiring now from the job they have worked at for many years. Some are planning to continue to work after retirement, while others are adamant that they will not work again. They want to enjoy life and forget about having to get up to go to work. Various surveys have been completed by a host of organizations and it turns out that the majority of residents expect to work after retirement, primarily to stay mentally and socially active. Many people are retiring earlier than our parents and they need something to keep them alert and active. Following this approach will actually help them live longer as well.
Work After retirement – Never
One couple we know tell us that not only do they not want to work again, they do not miss any of their colleagues at work. Their social life and challenges they get will be more than enough to keep them active. In fact he listed the things he is not going to miss while retired:
- Getting up early to go to work
- Commuting to work everyday
- Meetings with people he does not respect
- Working on projects that make no sense to him
- Not having the time to pursue hobbies
Sounds a little sad but that is their opinion! They plan to travel a lot and see the world. Another golf’s 5 or 6 days a week and loves it. They go south in the fall so they can golf even more and spend the winter in California golfing. Too much golf for me, but everyone has to find something that they enjoy. Another friend of ours plans to work as long as he can. He says he would be totally bored at home and would probably drive his wife crazy. This is also a little sad since it implies that he has no hobbies or interests outside of work.
Work After Retirement – Surveys
Surveys we have read about people who plan to retire, indicate that seven-in-10 (70 per cent) plan to work during retirement, primarily to remain mentally (72 per cent) and socially (59 per cent) active. However, nearly half of consumers (44 per cent) expect to work after they officially retire out of financial necessity. This latter group has not saved sufficient funds for retirement and feel they must continue working during retirement.
Many residents, as much as a third of residents think they will need between one and two million dollars to fund their retirement, while half (51 per cent) believe they will need less than a million dollars. The remaining group of retirees feel that they need (16 per cent) two million dollars or more for their ideal retirement.
The amount of money that you need really depends on the life style that you plan to lead in retirement. New cars cost money as do many trips and visits to family. Expensive condos or vacation homes are also a factor. Many residents are finding that the plan to downsize is really not practical with builders pricing homes at a cost that does not make sense to a lot of seniors.
Sources of income for most residents are :
- Registered retirement savings plans
- Pension plans for some
- Government benefit programs
If you are retired and reading this post, you have already started your retirement journey. You are in the process of making decisions to work or not to work. If you are still working, save as much as you can afford now so that you have options when you do retire.
Comments from anyone who has retired and your thoughts about what to do in retirement are appreciated. Our readers will enjoy the assistance you may be able to provide them about working after retirement.