What springs to mind when you think about retirement? I wistfully think about sleeping in, and not using a time clock (which I despise). But for other people, the word “retirement” causes shudders.
Consider these five categories of people who will never retire. Are you among them?
1. The Workaholic
There is a difference between the person who enjoys work, and does so with enthusiasm, and the person whose life is out of balance and cannot stop working. Perhaps you have run across some of these in your work, too. Workaholics have difficulty transitioning from work to retirement life, because so much of their identity, social network, and purpose is tied to their career. They can feel adrift in retirement without the structure work provides. When working is almost an addiction, it can be devastating to face retirement.
2. The Broke Non-Retiree
Personally, I find this the most unsettling scenario. Whether due to poor financial planning or heavier-than-anticipated financial needs, more and more older workers continue to find themselves in the labor pool. A 2017 survey revealed that a startling 47% now plan to retire at a later age than they expected when they were 40. The survey also found that 39% of workers aged 50 and older report having ksh 200,000 or less saved for retirement, not including pensions or homes; 24% have less than 100,000.
Maybe it’s time to take stock of your financial future by estimating your retirement expenses.
3. The Successful Investor
You may know some people in this category. They bought rentals, years ago, and now are landlords. Or perhaps they bought silver or gold, or learned how to effectively invest in the stock market. There is a common thread here: They got moving, educated themselves, and by their 50s, were enjoying a leisurely lifestyle. But that doesn’t mean they want to (or can) stop. Many keep at it, repairing their rentals, or checking their investments every day. They’ve made being a successful investor their life’s work, and they have no need to “retire” from it.
4. The Life Re-Inventor
Starting a new career later in life can be an invigorating way to re-invent yourself. The career switch might be fairly easy. However, you certainly wouldn’t want to quit your present job and jump into something new without doing some research and soul-searching. Will your new career help fulfill life ambitions? Will it offer a large enough paycheck to make the switch and time investment worthwhile?
5. The Mega-Successful Lifers
Consider the lives of the truly, astoundingly successful. For a mega-successful CEO or famous actor, the demand for their talents are so high, that there’s less incentive to quit working. The desire to keep working until the last day is common to over 60% of the wealthy. But you don’t have to be filthy rich or famous for this to be true of you, too. Evidence also suggests that many people who are successful in more realistic endeavors — such as artists, small business owners or physicians — also feel the incentive to continue using their talents until the very last day. Will you?
