Why You Should Never Retire

Maybe because you love your work, or maybe you just need the money. Either way, you would be joining the wave of people declaring they will never retire.

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Why you should never retire

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For the majority of people over 40 years old, it’s always been an expectation that you would retire sometime in your 60s. Pretty much our entire financial existence has revolved around saving for that retirement goal. But things are starting to change.

There now is a significant movement of people working well into their 60s, 70s, and 80s.  There are a lot of people now saying they will never retire.  And there’s a lot of reasons to say that trend is a good one.

Some of you may think that’s a crazy idea given how long you’ve been planning your retirement. But given the great recession and the fact that many people’s bank accounts haven’t fully recovered, finances are just one of the many reasons to reconsider.

Take a look at some of our other top reasons to never retire.

1. Brain Health

It doesn’t matter what age you are.  It’s somewhat accepted that when you stop working, it can have some adverse effects on multiple fronts.  Physical and mental health can deteriorate for starters just because you may not be out and about as much.

But you are also losing a lot of mental stimulation and social interaction in many cases. Yes, there are always exceptions to this rule, but typically people’s socialization level goes down after retirement.

A 2016 study by Oregon State University found that “working past age 65 could lead to a longer life, while retiring may be a risk factor for dying earlier.”  They found that “healthy adults who retired one year past  age 65 had an 11 percent lower risk of death from all causes.”

2. You Enjoy Your Job

Imagine this; you enjoy your job. Now I realize that’s not the case for a lot of people. But for those of you who do, why quit something you love.

Employers are becoming more and more open to employing older workers for the long haul. They realize you bring significant experience to their operations, and also to the younger generations.

Related: 5 Great Jobs for Workers Over 50

3. Financials

We have to state the obvious sometimes.  For those of you who may be concerned about the financial impacts of retirement, continuing to work is a clear benefit. And in today’s economy that is becoming a real worry for more and more people as retirement approaches.

A significant number of people approaching 60 still do not have their retirement accounts appropriately funded. If that’s your situation, don’t sit idle, but also realize you’re not alone.  Read this article to see how your savings compare to others in your peer group.

Continuing to work is one way to solve this problem, but you also need to be conscious of the fact that your health is another factor in this equation. If your health becomes an issue as you age, working may not be an option. So do everything you can to boost those savings.

Working after traditional retirement age will feel much better as a choice rather than necessity.

4. Social Connections

Whether you’re an introvert, or thrive in a world of social interaction, connecting with others is essential. It can have significant effects on your happiness. Retiring can be an isolating event for some people. In turn, it can lead to higher levels of depression and other mental issues.

Related: High Paying Jobs with Little Schooling

5. Mentoring

We live in a world where there is no more loyalty to companies.  Young people change jobs the way you change underwear. That leaves companies grappling with more turnover and less retained knowledge capital.

It makes your role and value so much higher to many companies. Not only can you personally benefit by commanding a higher price tag, but you can also have a positive economic impact.

Helping to ensure great businesses thrive, and new ones grow is a hugely important factor for our economy.

6. Boredom

I don’t know about you, but barring some hobby or extra-curricular activity, I’d be bored stiff. Now, I do have to admit I know a handful of retirees that truly keep themselves busy.

But for everyone that is busy and fulfilled, there’s one who is bored and searching for more to do.  If you are financially set, continuing to work can be a great way to stay busy with very minimal stress.

7. Don’t Get Stuck as the Babysitter

Oh boy, every one of you with grandkids knows what I’m talking about here. Yes, you love the grandchildren, but getting stuck taking care of them multiple times a week is dreaded by many.

The problem is, if you’re retired, sometimes that’s the expectation put on you. It can be great to spend time with the kids, but sometimes you want to show up and leave on your terms.

When it turns into a job (an unpaid job at that), it can be a stressful situation if it’s not something you planned on doing.

8. Pursue Your Dream

This is one of the best reasons to never retire. Especially if you have saved plenty of money, this can be the perfect time to pursue another career in a dream job.  Better yet, it might be a time to take a shot at starting a business of your own.

So if you don’t fit into that category of people who genuinely love their job, turn in your resignation and get started on your new venture. With working later into life becoming the norm, you can find work in almost any industry.

Keep in mind if you don’t have relevant skills, you may need to go back to school for some training. But chalk that up to an investment, and another reason you did such an excellent job of saving for retirement.

Here are some resources for helping to update your resume, especially if you are changing careers.

9. More People Are Doing It

This isn’t so much a reason to never retire as it is an opening of the door. Sometimes people think that retiring is something they are supposed to do. It is something ingrained in many of us born before the millennial generation.

But feel free to throw that notion to the wind. According to a 2017 Gallup poll, 74% of Americans plan to work past retirement age.  “63% say they will continue to work but work part-time,” and another 11% will continue to work full time.

10. You’re in Great Health

If you enjoy working and are in excellent health, then staying in the workforce might be a good idea for you.  Sometimes our overall health can be affected by how mentally happy we are.  If you’re comfortable going to work every day, and already in good health, why mess with a good thing.

11. Help a Good Cause

For those of you who have a mission-based heart, this is a great opportunity. Maybe doing charitable work has always been a priority for you, but time has been an issue. There are so many great opportunities to help people and organizations.

Whether it’s helping kids, the elderly, or the poor, you can make a considerable impact by lending your skills to these organizations.  Working doesn’t mean you have to make money.

If you can afford to lend your time to charity work, it can be one of the most fulfilling activities anyone can offer.

The Bottom Line On Why You Should Never Retire

The list of reasons to never retire is just going to keep growing as the trend continues. Frankly, I can’t see the mentality ever switching back to one of a defined retirement age. There are just too many positive reasons to keep working.

Most of the research to date has shown benefit to both physical and mental health for people who continue working past retirement age.  If that’s not enough, it might be your chance to work on something you are truly passionate about.

And lastly, it means you don’t have to worry so much about that 401k balance like you’ve been doing for the last 20 years.


Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines, or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

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4 years ago

If you started work in at 15 or 16 in a trade that required a lot of physical effort and being on your feet all day for at least 12 hours a day 6 days per week you may not want to do it until you are 80 really.

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