What do you picture when you think about your retirement? Do you imagine finally being free from work and having more leisure time to do whatever you please?
If you’re in retirement, do your conversations often center around recalling “the good old days” from before you retired?
Many of us have an idyllic image of retirement. But have you taken a hard look at whether the concept of full retirement might actually be flawed?
Here’s why I’ll never retire and why you shouldn’t either.
YOYO Retirement
As we’re living longer, the cost of living and inflation are rising at a faster rate than ever before.
According to a recent survey, 65% of Americans worry about running out of money in retirement.
According to the experts, both Social Security and Medicare are on the road to insolvency if changes are not made soon. Americans can expect the full retirement age to be pushed back further, with benefits to be reduced.
And in case you haven’t noticed, our national debt is over $33 trillion and climbing daily.
Which means all of us are paying for it.
When I think about the situation and direction we’re hedging, it hits home that in today’s “YOYO retirement” (You’re On Your Own) world — outliving your savings is a real risk.
The Hard Truths
The reality is that life in retirement can be hard. Here are some harsh truths that people don’t talk about:
You lose motivation — without work to structure your days, you’ll lose motivation and lack direction. For many people, this leads to laziness and poor eating habits.
You lose touch with reality — when you’re working, you interact with people and contribute to society. When you retire, you’re in your own little bubble and often disconnected from the rest of the world.
You lose social connections — a big part of our social lives revolves around coworkers and the interactions at work. When you retire and your spouse and friends are still working, it’s hard to maintain social activities.
Also, if you move to a new city after retiring, you’ll be leaving behind your social circles.
You may get dementia — studies found retirement is associated with reduced gray matter volume in areas linked to complex planning. Without consistent mental challenges, your cognitive abilities decline at a faster rate, which could lead to increased illness and dementia.
You lose purpose—work serves more than just a way to earn a living. Work gives our days structure and our lives direction. Without new objectives, we lose confidence and a sense of purpose.
You might die early — studies found that retired men have higher mortality rates than men who keep working or start a new career after retirement.
Staying engaged and having interactions at work have been shown to delay cognitive decline and reduce the risk of depression.
Living or Passing Time?
Most people spend their retirement years feeling idle and “old.”.
Their days consist of waiting for the few holidays each year to gather with family. Without having a real sense of purpose or meaning, you’re simply passing time.
But there’s no rule that says aging means you need to be inactive.
Just look at some inspiring examples of people who stayed active in work and their passions well into their senior years:
– Warren Buffett (age 93) still the CEO of Berkshire Hathaway.
– Rupert Murdoch (age 93) continues to oversee his media empire.
– Clint Eastwood (age 92) recently directed and starred in Cry Macho.
– Anthony Hopkins (age 84) remains a prolific actor in films and TV.
– Bob Dylan (age 81) still tours and records new music.
– Mick Jagger (age 78) continues performing with the Rolling Stones.
– Jay Powell (age 71) is Chairman of the Federal Reserve Board of the U.S.
– Richard Branson (age 71) runs Virgin Group and pursues new ventures.
Frequent Mini-Breaks
I once took a six-week work sabbatical and traveled to Europe. The first three weeks were exciting and fun, but by the fourth week, I became bored and disengaged. I realized that being a full-time tourist didn’t stimulate me and that I kept craving to get home to my daily routine, work and social interactions.
In “The 4-Hour Work Week” by Tim Ferriss, he recommends taking mini-vacations every 7–10 days. These short breaks help with exhaustion and break the cycle of burnout.
For instance, spend a weekend in a nearby town or just take a day off to do something out of the ordinary.
The great thing is that you can take many mini-vacations throughout your life.
Curious about how full-time retirement is going for many retirees?
Read the Reddit threads on Boomers who retired in Naples, bored out of their minds.
Alternatives to Retirement
There’s a misconception about work that you need to keep doing the same job or type of work.
But if you achieve financial independence, you will have the freedom to try new things. The gig economy and advancements in tech and AI have created new possibilities.
This new reality makes it possible to blur the lines between work and “retirement.”
Retirement shouldn’t be seen as an end to one’s working life, but as a transition to a new phase where you remain engaged and continue to derive meaning from your life.
And working even part-time can boost your financial security.
Purpose
Around two years ago, I made the decision to leave the corporate world and pursue business creation. It’s been challenging but also incredibly rewarding. I’ve grown far more in this time than I did in the previous decade in 9–5 jobs.
Having a routine, goals to hit, and interacting with different people—all of these are stimulating.
You can fill your life with purpose so that you’ll never want to fully retire. Working into your sixties, seventies and beyond is not only possible; it’s healthy.
For me, working regardless of age means I’ll keep growing, which is something I’ll never want to give up.
