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Why Some People Choose to Never Retire

Older employees are the fastest-growing section of the labor market in the United States. According to the Bureau of Labor Statistics, the proportion of workers aged 65 to 74 and older will continue to rise.1 However, if you believe that individuals are working past the age of 65 for financial reasons, you are only partially correct. This workplace phenomenon is actually motivated by a variety of fascinating factors. Let's look at why people opt to work far past the average retirement age.


Retirement has become something of a jigsaw, with individuals scrambling to piece together their 401(k)s, IRAs, HSAs, and other assets to guarantee that they will have enough funds to live on as we age. Nevertheless, pensions aren't the only thing that has changed about our jobs. Self-employed people and Millennials have also altered how we work and, consequently, how we think about retirement. Since 2019, 35% of American workers (57 million individuals) are currently self-employed. Self-employed individuals are less likely to save for retirement than salaried individuals but are more likely to be satisfied with their careers.2 Those who are happy in their jobs are less likely to want to retire than those who are dissatisfied with their jobs. Based on a Transamerica Center survey, nearly half of Millennials - today's youngest working generation - intend to carry on working in some form beyond "retirement" to keep connected in their hobbies and communities.3

We may learn from these two groups of individuals that there is a way to envision retirement in which we can carry on working in manners that validate our interests, nourish our souls, and offer the additional income that many of us require. This plan has two evident advantages: you won't be excessively concerned about retirement finances, and you'll have useful and healthier ways to spend your spare time in retirement.


Some people prefer not to retire in the traditional way because of the financial and personal benefits. Others are drawn to the established health and wellness advantages. A study by Age Wave/Merrill Lynch discovered that working during retirement considerably improves intellectual stimulation, physical exercise, and social relationships - all of which have led to longer life expectancy.2 Working keeps our thoughts busy and, as a result, healthier overall, perhaps aiding in preventing illnesses such as Alzheimer's. While vigorous workouts are the most beneficial to our physical health, any type of physical activity can help prevent the development of age-related muscle and bone issues. Maintaining frequent social relationships has been demonstrated to boost our body's immune system, ego, and sensitivity.


The most apparent challenge with retirement is that you must continue to spend money even if you no longer make it. You must still meet living obligations such as housing, insurance, and food prices, which is difficult for more than half of retired households. If you are currently in this situation, your best bet may be to keep working. It is crucial to emphasize that you are not required to work full-time throughout your 70s and 80s. It is possible to find part-time or less demanding jobs. You may also turn a pastime, such as artwork or crocheting, into a small company to boost whatever funds you may have. Furthermore, whatever contributions you've made to your IRA or other tax-advantaged accounts will go a lot further if you can avoid using them to cover all or a part of your monthly costs.

If being employed during your retirement years seems unappealing, keep in mind that it does not imply that you must work indefinitely. If you can postpone taking Social Security until you're at least 70 years old, your annual payment will climb by 8% per year, which might significantly impact your finances.

Is Retirement For You?

When it comes to retirement, our most significant flaw is that we conceive of it in terms of either working or retiring. The fact is that there is a space in between that is brimming with possibilities and choices. There are possibilities for leaving your 40-hour-per-week office job without entirely leaving the workforce and options that may stimulate your hobbies and interests. It is feasible to keep doing something you value or discover something new to appreciate, contributing significantly to your financial well-being. Finally, you are the only person who can determine what is appropriate for you and your specific situation. Remember that many possibilities are available if you think beyond the tradition of retiring. Your retirement years are entirely yours to do with as you like.

Schedule A Consultation with an Experienced Financial Advisor

Regardless of how our image of retirement develops over time, careful planning is always essential for success. Here at Fourth Avenue Financial, our priority is your overall financial success. We want to help you develop, implement, and monitor a strategy designed to address your situation and changing needs. If you are ready to start planning for your financial future, we are here to help. Contact us today at (304) 746 7977 to schedule a meeting with one of our experienced financial advisors or schedule online:

Securities are offered through J.W. Cole Financial, Inc. (JWC) Member FINRA / SIPC. Advisory Services are offered through J.W. Cole Advisors, Inc. (JWCA). Fourth Avenue Financial and JWC/ JWCA are unaffiliated entities.

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