I know this may be a controversial topic. However, “Why You Should Never Retire” is the actual title of a recent article in the Economist. It’s a tongue-in-cheek look at how the concept of retirement is evolving and states that pursuing “pleasure cruises, golf, and tracing the family tree are not that fulfilling.”
For many of us, work provides many meaningful aspects of life in addition to a paycheck. If we assume that we need to retire just because we’ve reached a certain age or hit our magic retirement savings account number without examining the personal benefits we derive from work, then stopping suddenly to retire may put our lives into a tailspin. This is especially true for those highly-driven folks who love the buzz of being in the middle of the action!
Many of us derive some of these things from our work – to a different extent of course, based on our individual situations:
- sense of purpose and meaning
- opportunities for personal growth and learning
- being part of something bigger – a team or your organization’s mission
- having intellectual stimulation
- feeling useful
- overcoming challenges and solving problems
- connecting with others socially
- achieving things and being recognized
You might be surprised to learn that there is a new movement of people “unretiring” to return to work. According to a recent survey, 12% of retirees aged 62 to 85 plan to go back to work this year. Some for financial reasons, but others because they are missing some of the elements I mentioned above. This shift to return to work will have profound impacts on our economy, succession planning, and will require that organizations adjust to the influx of older workers by offering jobs with greater flexibility.
I encourage you to reflect and consider how work meets your personal needs and provides other intangible benefits before making the decision to retire. I’m here to help if you want support from a retirement transition coach to sort this out.