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Should You Ever Retire?

Should You Ever Retire?

| January 23, 2020

Many Americans seem to count down the days until they can finally retire and relax.

There is plenty of advice on how to prepare for retirement by building up your savings and investing in retirement plans. However, a lot of people don’t realize retiring is a huge life change and may not be what you had expected it to be like. Unfortunately, some people are experiencing disappointment when it comes to their retirement, having spent their entire working life looking forward retirement only to have it be an unsatisfying way to spend their days.

In fact, there is a growing number of people who believe that you should never retire. Warren Buffet, 89, is probably the most well-known believer in this and has no plans to retire from his position of chairman, president, and CEO of Berkshire Hathaway. Aside from the scenario where someone may not have saved enough money to retire at all, there are several reasons why the anti-retirement movement that is gaining more and more traction.


Here are four surprising reasons why you may consider becoming a lifelong worker:


  1. Good Physical and Mental Health

It’s a widely known fact that retiring can have negative effects on a person’s health. It so important to stay physically active and mentally engaged, as they say ‘if you don’t use it, you lose it’.  If you are doing work that is keeping you motivated and doing something you are passionate about, you generally are in better spirits.

In addition to keeping you mentally and physically engaged, the decision to continue work could essentially save your social life. For many people with decades-long careers, retiring from work also means leaving a network of friends you may have had for most of your life. It can be especially hard to cope with the lack of social interaction when entering retirement, so continuing your professional endeavors is a great way to maintain an active social life.


  1. Job Satisfaction

For many Americas it can feel like when you reach a certain age, you’re expected to retire. But what about folks who really love their job?

Buffett loves his work so much he says he's "tap-dancing to work every day." When put that way, it makes sense that he has no intentions of retiring. For those lucky enough to really love their job, it stands to reason those people are not necessarily looking forward to retiring.

The reality is not everyone is lucky enough to love their job so much that they want to spend their entire life working. If that is the case and you’re not satisfied with your work, then you should think about a change of scenery, whether or not that change is retirement is something you’ll need to decide for yourself. Retirement may actually be the perfect time to look at trying a second career in a different field, starting your own business, or even becoming a volunteer in an area you have true passion for. This can be an exciting time to re-invent yourself and focus on a new path.


  1. Valuable Experience

If you think about the knowledge and expertise gained over a career, it can seem like a waste to retire and put those skills away. According to data from a recent survey done by the Society for Human Resource Management, employers are increasingly recognizing the higher level of knowledge and experience older employees bring to the table.

"Skilled workers are a hot commodity," says Tony Gagliardi, state director of NFIB for Colorado and Wyoming. "As minimum wages continue to climb, if I have to pay $15 an hour, I want a $15-an-hour worker and not get someone starting from square one that I have to train. These [older or retired] people have skills. Let's utilize them," he said.

Even if you decide not to retire, you don’t need to overexert yourself working 40 hours a week or more at a full time job. Many older workers work reduced hours or act in a consulting capacity.


  1. Financial Stability

When you retire, you essentially become completely dependent on your savings for the rest of your life. The Harvard Business Review analysis shows the average human life span has been continually increasing. According to the analysis, life expectancy was just 47 years at the start of the last century, is currently 79 years, and could reach 100 years by the end of the century.

If you were smart enough to start early, the income from your savings and other sources like Social Security will help pay for most things, but longer lifespans and the rising cost of healthcare will mean a big change to your lifestyle in order to make those funds last.

According to a survey Fidelity Investments conducted last year, "working longer is relatively powerful compared to saving more for most people. We have shown that career length is a powerful determinant of the standard of living in retirement," the report said.



Choosing whether or not to retire is a decision that everyone will have to make for themselves at some point, and it’s true that what will work for one person will not necessarily work for another.

Regardless of what you decide to do, it's important to have a financial plan for retirement just in case. Working with a financial advisor is a great way to ensure that you’re on track with your financial goals. We have decades of experience at your disposal and are dedicated to helping you achieve your future goals.


CONTACT US today to speak with a financial professional about your options.