When Should You Consider Retirement?
The concept of retirement in the traditional sense is a rough transition for any retiree: after having devoted most of his life to a full-time career, there is a radical and dramatic shift in not only how you spend your days, but how you spend your days. how you develop a sense of meaning. If you’re lucky, you got up early and started a job that you love or at least can tolerate; but in the absence of your old lifestyle, you can look at the clock, remembering your morning commute and the idle chatter of former colleagues.
The reasons for retirement, also known as “ retirement, ” are different for many: you probably aren’t ready to rake in tens of millions of dollars in one fell swoop, like boxer Floyd Mayweather, who recently announced his retirement. retirement (again) to fight youtuber Logan Paul. Mayweather’s reasons are simple – make a fortune, clown internet personality in the boxing ring. Yours are invariably different and have very little to do with any show business. So don’t use Floyd Mayweather as a guide.
There are ways to do it right so that you don’t commit your life to a career in an unshakable way, but find a balance that will make your relationship with work and aging healthier. Here are some reasons why you can leave your retirement behind.
Boredom and loneliness
Boredom is a common aspect of aging in general. Without a work routine that defines most of your day, you may start to feel left with the flow. A poll by the UK National Citizens Service last year found that 40 percent of retirees surveyed were working part-time just to get a little chat with them . Among the 1,000 retirees surveyed, the three most common words used to describe their retirement are “boring,” “lonely,” and “quiet.”
Human connections are an integral part of human satisfaction, so if you find yourself wandering about your days and feeling lonely, there is nothing wrong with finding a job. Part-time work is a good balance between the slow pace of retirement and the demands of a traditional career. Indeed, by returning to the job market, be it part-time or full-time, you will join a growing cohort.
Kathleen Mullen, senior economist at RAND, told the New York Times in 2018:
We are definitely seeing evidence that retirement is volatile. The traditional schedule is less: work until a certain age, retirement, the world of knowledge. We see people extend their careers.
Financial difficulties
Compared to many other large and powerful countries, the United States social safety net is quite vulnerable. With that in mind, it’s even more troubling that 66 percent of millennials feel they are not on track for decent retirement savings due to skyrocketing housing costs, according to a 2019 TD Ameritrade poll. A 2013 survey by the Board of Governors of the Federal Reserve System found a similar situation among some retirees.
As the Center for American Progress wrote:
Among respondents aged 55 to 64 – those closest to retirement who should have accumulated significant savings – the proportion of those who do not have a savings or pension was still 19 percent, or about one in five households. close to retirement.
This is only exacerbated by the pandemic economy . If work is a necessity, rather than a means of feeling more connected and motivated, returning to the professional world will not be difficult. Not everyone has a pension or bulky 401 (k) to count on, and while this is the sad reality of the 21st century economy, there are still plenty of low-income jobs in old age .
Combating ageism in the workplace
One positive reason you might consider retirement is that you can be a shining example to those around you as a capable and reliable older colleague. The report of the Commission on equal employment opportunities for 2018, it was found that ageism is thriving in the corporate world. But more experienced workers tend to be a source of institutional knowledge, and you can certainly use that to become an asset if you retire.
Paul Rupert, founder and CEO of Respectful Exits, a nonprofit looking for age discrimination in the workplace, told AARP :
They know the things that are necessary for the success of a company, and if this knowledge is not gathered and passed on to the next generation, this company will lose a huge share of its capital and end up paying a price.
Reviving a sense of pride and meaning
Not all of us are fortunate enough to love our work, but it is true that getting up and striving to be productive within reasonable limits makes us happy. Happiness breeds productivity (although not necessarily the other way around), so if finding a reason to wake up in the morning lifts your spirits and creates a sense of satisfaction, there is no reason not to try your hand at work again.
It is worth repeating that the reasons for retirement are different for everyone. And this is, of course, a serious decision that requires a full study of whether it is necessary both financially and morally. However, there is a chance that this is the case.