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Here are the top ten reasons why retirement might not be what it’s cracked up to be:
The television legend stepped down in 2015. But nine years later, he’s saying that his career retirement is “a myth.”
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You’ll never be able to stop working because of your biological impulses.
To be honest, as long as I’m physically well, I still feel the urge to create. It took me a couple of years to realize that stopping the project had a significant impact on my routine. Without that predictable schedule, I found life to be unfulfilling to quite an extent. That’s why I’ve been searching for other things that truly bring meaning to my life.
This popular Netflix character is currently in its fifth season, but it’s not an actor who’s aging on screen; he’s actually a member of a larger group of Americans choosing to delay retirement into their 70s and 80s.
Numerous Baby Boomers are continuing to work into their retirement years.
Huge Increase in Job Seekers
The number of working-age retired workers in the US economy has seen a fourfold increase since the 1980s.
According to labor economists cited by Pew, advancements in medicine have contributed to older Americans being generally healthier. Additionally, they are less prone to physically demanding occupations and more likely to have higher levels of education than before. These societal changes enable many seniors to continue working well into their golden years.
Generally, though, an individual’s decision to work instead of relaxing on the beach comes down to one of two main reasons: financial need or lack of interest.
As a 49-year-old with no retirement savings, don’t stress – here are some concrete steps to get back on track.
It’s a mix of people who want a job and those who need one.
Some individuals continue to enjoy their line of work because it brings them personal satisfaction. People like Warren Buffett, Bill Gates, and Bernard Arnault, who have already achieved great financial success, exemplify this category, as they continue to work for the reasons they enjoy it.
Results revealed that 51% of people nearing retirement and those already retired are considering putting off retirement or rejoining the workforce. Of those in this stage of life who are still working, 33% said they just plain loved their job. Meanwhile, the main motivator for many retirees who are returning to work is to have mentally stimulating activities, which is cited by 45%.
To put it bluntly, some seniors find retirement to be dull. On the other hand, a number of seniors are forced to return to work due to economic constraints. A combination of insufficient savings and rising living costs has led to many lower-income seniors needing to go back into the workforce.
The same survey found that nearly half of pre-retirees expect to delay their retirement because of inflation, and almost half of current retirees returned to the workforce largely because of increasing inflation. These people are in a precarious situation, where they would face significant financial challenges if they were unable to work due to a medical or personal crisis.
Considering this, younger Americans should give careful thought and time to planning and investing to create a secure financial future. Whether you envision continuing to work into your 80s or hope to spend your golden years lounging on a beach in Greece, having that freedom of choice is greatly preferable to feeling compelled to work because of financial constraints in your later years.
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