Many Senior Adults 50+ Say Retirement Is Not For Them
July 15, 2022
by Michael Yublosky
Two online articles posted just this week mirror subjects I have been writing about recently. “Retirement isn’t for everyone” appeared on Insurance News Net on Wednesday. The previous day Yahoo! Finance had posted “Second career acts increasingly popular as seniors deal with rising costs and longer lifespans.”
The first article’s author claims to be an expert in retirement. His message is that retirement for some possibly means leaving one job to find a new one that involves “something that they are very passionate about.” Something they can do for the remainder of their lives.
Retirement has evolved over the past century. Leaving factory jobs requiring years of physical labor and retiring to a life of supposed leisure is not the scene today. We are a more service-oriented economy, able to live longer and can physically extend our work life.
Setting finances and extended life spans aside, for some retirement is just not in the cards. I know it wasn’t for me, that’s why I like to refer to it as ‘transitioning’ rather than retiring.
Identify loss is common, especially for men who retire or are forced to retire early. The author claims that it is more common for retirees to have “…higher rates of depression, substance abuse and reduced social interactions when compared with non-retirees.”
If you think that retirement is not for you, he recommends approaching your next phase as one with less stress. Consider something you are passionate about and will bring you joy. He offers additional advice.
The Yahoo! article reports on the retired Canadian population. It sends some messages to many senior adults that are all too familiar by now. Sometimes retirement is simply not the right fit and a large percentage of retirees “boomerang” back to the workforce. Others lack the long-term financial means to sustain a long retirement.
It reported on a June survey of retired Canadians 55+ years of age. Outliving their assets was a noted fear since most “don’t have defined-benefit pension plans, or corporate pensions indexed to inflation, to rely on.” Some 62% either delayed or where planning to delay their retirement due to insufficient savings. Rising inflation was a contributing factor for 54% of those surveyed.
Other reasons cited were need for a life’s purpose, being useful, wanting to contribute, being involved, help feeling alive, occupying your time, feeling socially connected, etc.
The article also cited some positive attributes of senior adults wishing to return to the workforce that companies should consider:
- they tend to stay on the job longer than younger workers.
- their experience and knowledge mean lower recruitment, hiring and training costs
- they generally possess a stronger work ethic
- they function well in group settings and
- they need less supervision