Subscribe to this BlogWho needs retirement anyway?
How hard is it to stay retired? As you've no doubt heard, football legend Brett Favre just came out of retirement — for the second time. But it isn't just sports figures who see retirement as little more than a passing phase: Polls suggest that anywhere from one-half to three-quarters of working Americans plan to return to some sort of work after they retire — that is, if they expect to retire at all. Some can't imagine life without some kind of work; others simply need the money. For many people, especially Gen-Xers, the notion of working after "retirement" may almost seem a given, especially for those who are struggling to save enough in the current recession.
But as it turns out, unretirement can have as many complications as retirement. There's a giant gap between what people say they're going to do after retirement and what they actually do: A 2009 study by the Employee Benefit Research Institute (EBRI) found that 72 percent of workers planned to work after "retirement" — up from 66 percent in 2007. But in fact, only 34 percent of retirees said they'd actually gone to work at some point during retirement. (A recent poll by the Longevity Alliance, conducted by Harris Interactive, found much lower percentages for both those who planned to work and those who actually did, but the gap between what people said and what they did was still there.)
There's a similar gap — if not quite as dramatic — between the age at which people expect they'll retire and the age when they actually do. While many say that the current economic mess has led them to delay retirement, the effect of these planned delays is hard to find in the data. As EBRI notes, among the people who have changed their expected retirement age within the past year
the vast majority (89 percent) say that they have postponed retirement with the intention of increasing their financial security. Nevertheless, the median (mid-point) worker expects to retire at age 65, with 21 percent planning to push on into their 70s. The median retiree actually retired at age 62, and 47 percent of retirees say they retired sooner than planned.
Why is this? Well, when you get older, to borrow a euphemism from Donald Rumsfeld, stuff happens. You may have health problems that keep you from working; getting a job may be harder than you thought. Heck, you might even decide that a life without paid work isn't quite as boring as you thought it would be. If you've already started getting Social Security, you may face reductions in your benefits if you go back to work (though this is only the case if you started your benefits before you reached your "full retirement" age). The AARP has a very useful page that can help you to sort out some of the costs and benefits of going back to work. And you'll find some helpful advice in this CNNMoney story.
You shouldn't count on being able to work enough in retirement to make up for a significant lack of retirement savings. But if you're healthy enough to work, the benefits of working in some capacity after you hit retirement age can be considerable. I suspect the percentage of those who actually do work after the age of 65 — as opposed to just saying they will — will increase considerably as the boomers and then the Gen-Xers hit that age.
Are you planning to work after the age of 65? If you're already past that age, are you working, or do you plan to return to work at some point in the future? If so, why? Money? Self-fulfillment? Health care benefits?
I'm almost 41, an aggressive saver, and have dreamed of retiring at 55, although I think the benefits of working at least part time until 62 or 65 (income, catchup contribs, money to pay for health ins etc) may outweigh the alternatives. I make between 48 and 52k, and am hoping to increase that without drastically upgrading my lifestyle. I'll keep driving my 13 year old vehicle that runs great, for example.
If I hit or exceed my retirement numbers by 55 (and if my portfolio can survive a big bad bear market), I may bow out of the workforce, but I'll definitely need some kind of meaningful work or purpose in addition to the time I'll spend exploring state and national parks. I'd consider volunteering, mentoring, or other win-win ways of giving back.
Wow! What a variety of opinions and experiences on retirement. My wife and I, both 61 and both retired since 55 are in the group who love retirement, do not "work" at all, and cannot find enough time to do all that we would like. If you love what you do and can work, by all means, don't retire until you have a reason. But also be sure that you develop SOME other interest, because if you retire you need something to avoid the "sitting by the lake" syndrome (unless sitting by the lake perhaps with a fishing rod is just what you love to do). Personally, I would love the option to play golf, but playing golf five or more days a week would bore me to tears. I you do want to consider retiring (or are forced to) think about how you might be able to live happily on less than you spend now. Do you really need gadgets, or constant travel, or restaurant dinners every night? We decided that our work situations had become untenable and we could live happily on less than half of what we were spending — we did it. It's working and it's wonderful. My last thought would be for those who are retired but complain about being bored. If you have nothing to live for, you aren't likely to live long. If you think you're BORED, take a long look at yourself. The problem is you, not that there is NOTHING to do. Leisure activities don't have to be based on money — depending on what you like to do, there is some pasttime that is free or almost free that can fill your days with delight. Don't vegetate, go explore, talk with people, find that pasttime that makes your forget about hours and provides some reward that's meaningful to you (satisfaction, gratitude, creativity, money, whatever).
I think that everyone should work as long as they can to pay off that social security that is in getting low… but i'll try to retire at 60 if i can 
After being force retired due to eliminating my position at age 62, I am now working part-time and having the time of my life. I get two weekdays off to do my thing and still have contact with other people. Changed from IT to accounting and feel relaxed and refreshed. I won't retire-retire until this gig is no longer fun.
For me, retirement involves ownership of the means to have a choice. If you want to work full-time or part-time until you can no longer fog a mirror, then by all means, do it. Or, if you want control of your time and you have plenty of interests to fill the rest of your life, then go for that. Or do some of both.
On the other hand, without the means to retire, a person's choices are restricted. I can only speak for myself, but at 65, I don't want to live "under the lion's paw."
Our bankrupt government has launched a campaign to convince us that 50 is the new 30, 70 is the new 50, and death is the new retirement. Don't believe it. I retired at age 58 and my quality of life has jumped. Of course, it took my wife and me 34 years of hard work and sacrifice, but now we are financially independent. While our friends over the years were buying BMWs and vacationing in Hawaii, we were driving Toyota Corollas and vacationing at home with our kids. Now they are still wage slaves and we are free. In the end, everyone gets what they deserve.
Tatarska
Los Angeles, CA
My wife and I are both about to turn 25. Worst case scenario that we are planning for is retirement at age 60, but I'm hoping to be able to up it another 5 years to retiring at age 55 with the plan of working part-time doing whatever I fancy (Maybe sell cars at the local dealership). Retirement, to me, isn't about being unbound from work, but I'm more looking forward to the freedom to drop it all and walk away when I need/want to and being able to indulge in my hobbies more seriously. With the help of a financial adviser and some decent planning, all that is left now is to sit back and enjoy life until then.
My financial adviser said I was 'good to go' at 60. Three years later, I'm still loving having the freedom to choose what I do every day. Going to the gym, practicing yoga, traveling with my husband (who is still working at 80) and doing God's work at our church are my idea of a great life.
it was my 40th birthday-i told myself-i wanted to retire on my 60 birthday and i did.its been 2 years now in retirement. i love every min. of it-told the wife to put on my tombstone-ITS A WONDERFUL LIFE-
its nice being your own boss and the freedom is priceless
If one is truly board in retirement, they can voluteer. If they have to work for money then it's about the money.Let's get real.
I've been retired over 6 years and I love it. I can't imagine going back to work and I had a dream job as a tenured professor for 42 years. Never made lots of money but at least I made it every year and have a comfortable pension. When I retired, my job was eliminated and the classes I taught absorbed by adjunct professors who worked for 1/10 of what I earned.
Used to be, when you retired, you made room for a younger person to take your job. Now, your job is eliminated and your tasks/position/responsibilities are outsourced to part-timers or have to be absorbed by those who remain. Young persons, who are undoubtedly highly qualified, don't have a chance. I know highly educated professors who have to commute between 2-3 campuses as adjuncts to make a living, usually without benefits.
We've pushed education but have failed to absorb those who are educated since their job can be done with cheaper labor. I remember traveling in India years ago and having taxi drivers who had Ph.D.'s. Society could not absorb their skills. Have America come to that as well?
Remember: when you retire, you will probably not be replaced and you will probably not be providing a slot for younger talent.
After retiring 6 months ago at age 60 , I haven't looked back and lovin' it 
. I Had the mental jitters before retiring . I just talked to a few people who were already in retirement . They told me not to worry ; that's the pre-retirement norm . The fall/winter bowling leagues have started so I'm " rockin' the pocket " on a senior league . Otherwise my pension and savings are my means of support and I'm still saving money a dollar or two a pop . No cc debt , paid healthcare and good health , life is great . I haven't had to touch my 401k as it sets drawing interest daily .
I am 61, retired at age 59 with more than enough investment income to allow my wife and I a comfortable retirement. Problem was, that I got extremely bored (having been a senior operations person for 30 years). Additionally my wife is a professional and has no desire to end her career.
what to do? Find a fulfilling situation where I could use my education and experience and work in a totally different industry. Got lucky and an having the time of my life. Look forward each day to waking up and going to the office. Retire? Not on your life.
Retired at age 60 (now I'm 68) and live every minute of it – play golf 5 days a week and go on small vacations -can even imagine punching a time clock again.
After 31 years with the same publishing company, our entire department was laid off in July 2008. At age 58, I have had little success finding a comparable job. Now I work part time for a little more than minimum wage. At first, having an excess of spare time was great, but now I'm BORED! If I had the money, I'd travel or start a hobby, but I can just about meet my living expenses. It feel like this is just a glimpse of the rest of my life.
I retired at 51 and have never regretted it. I'm 57 now and woudn't dream of working. A lot of the current press on retirement is to try to convince people working until you die is a good thing.
Fifteen years ago articles about retirement mostly talked about how great it was. Now they stress the option of continueing to work. What changed? Nothing really, except we now know not every one will be able to afford retirement and we are attempting to make a virtue out of the necessity of continueing to work! My retirement has been great, do it if you can!
Work, even past retirement age, is not a dirty word. I am 68 and still enjoy working full time at the office. I am very grateful to be able to do so.
Planning to retire next year at age 56. Been wisely saving and investing all my life and am well prepared for it. Contrary to an earlier post, neither retirement nor investing are "scams". By just paying attention to my portfolio, I missed the 2 big drops of my lifetime, 2000 and 2008 (1987 hardly counts in comparison). Have lots of plans, starting with learning to fly.
People are people and they all have different goals. I have spent a few years in a RV and seen happy and sad, scared and remorseful. If you are a couple, talk and agree on a plan that fits both of you, also have a backup or way out. Know your income and live within it. If you could not do that when working, then retirement will be a nightmare. The big issue I see among retired people is getting to know your spouse again. For the last 30 years or so, you only spent a few hours together each week. Get ready for 24 X 7. It can be like being a kid again, playing with your best friend and having no worry's. Those are the Happy Campers. Plan ahead and good luck.
I'm going out at 56 (minimum retirement age). I can't see staying longer. Why work for money you've already earned while retired. If I need money, I'll rob 7-11's.
all this I'm 64 going on 65 and i am going to when i become 65 for sure social security Medicare and everything else i have paid for in my life they are going to give that to me.
All i hear is bail out after bail out now i am going to get what i paid for.
I'm 48 and enjoy my job, but I also have diabetes. I'm vested in 2 pensions and am religious about saving, so a late 50s retirement is financially feasible, assuming I can get health insurance.
I'm good about using my vacation time, but work tends to creep into my evenings and weekends, replacing other things I'd like to do. I don't want to put things off until an age 67 retirement only to have the diabetes catch up with me. But I've had a paycheck since I was 14; working is pretty ingrained in me.
I'm glad I don't have to make a decision for at least 10 more years.
Two years ago I was considering retirement. Effectively, I was being paid to do nothing due to a corporate re-organization.
After complaining to senior management, I was transferred to an organization that could use my technical skills. I'm having fun again!
Now, I don't plan to retire until the IRS full-retirement age of 70 1/2. My employer's plans could be different.
I will start receiving retirement benefits in January from several companies that had retirement plans that didn't transfer to the new company after the division that I worked for was sold.
If your work is challenging, mentally stimulating, and rewarding; I don't see any reason to retire unless there is a financial penalty for continuing to work.
Always planned to work after 65. Have you seen life expectancies at adulthood? That'd be like retiring mid-career. Besides, the excessive non-immigration and immigration have flooded the job markets and driven down compensation (as compared to consumer prices), and the Socialist Insecurity Abomination should have been eliminated decades ago and won't be there, the pension funds have been raided by the execs, so even those who would rather not will have to continue working after 65.
No I am not planning on working after the age of 65. I am currently 31 years old and have been investing for nearly 13 years, all in preparation of my retirement. From what I have observed many Americans are clearly not preparing for their financial future. The notion of working because I have to for the majority of my life makes me sick. As long as health care gets resolved, I plan on working "because I have to" until I am 45.
I will be 67 in October. I retired early when I was 50 and have been working full-time ever since. I love my job, technical, with no one to be responsible for except myself. I am planning on working until I am 70, or maybe a little longer if health permits. Money is not an issue but I would miss not being around people, especially younger ones.
Being in Human Resources, I've talked to hundreds of people who have retired, many of whom return 6-12 months later saying I'll take anything, a custodial or filing job, just to be working. They miss the social aspect of being in a work and productive environment. Work at what you love or what you feel good doing for as long as you can.
I love my job. I **LOVE** what I do. I want to get better at it, every day, for as long as I live. Sitting by a lake all day sounds like my own personal hell. I feel sorry for people who suffer for years in a job they hate, spending their best years waiting to be old but no longer working. What a very sad existance.
Retirement is a scam, promoted by the investing community, to get you to let them hold all of your savings for little gain to you but a lot of gain to them. Thats all it is. Its a scam.
Many people can't retire for financial reasons. Others are forced into it early by their employers, or by health.
What is very tragic is the number of people who do finally retire, and then drop dead shortly thereafter. I've known a number of people to whom this applies. Some I know of personally, and many others I came to know about by editing a company newsletter's retiree section in my younger days and seeing a pattern of retirement, often into a sedentary lifestyle, and death shortly thereafter, sometimes with lingering illness coming first.
There are any number of things people can do to remain active in retirement, and, while many find work to be rewarding, for far too many of us it is a drudge, or something that after a few decades of doing it, we've had enough.
We are retiring early (50 and 56, although I will continue with some work to maintain health insurance and fund an HSA). We will likely both end up volunteering somewhere because we want to, but as for continuing to work at jobs we no longer can stand or like particularly well, it is pretty much over.
The biggest reason is that we are going to enjoy life before we die, and neither of us wants to become another one of the many we've known that, when they finally retired, their obit comes along two or three years later.
I will probably work until about 80; people in my field get a lot of exercize and thus tend to have long careers.
The challenge for most people who want to work late in their careers will come mainly from age discrimination. As a country, we are bringing in too many immigrants and offshoring way too many jobs. These kill off jobs for all of our people, but especially for our experienced workers.
The current administration can help us by reducing or even eliminaiting immigration and offshoring. We really need these jobs to be here in this country for our people. Then, people will be able to work until "full retirement age".
I was 55 when I got laid off last November after more than 12 years with the company. I am a CPA and still cannot find work. There is sbsolutely AGE bias in the workplace. It's a joke that people can work past 65 when you cannot even find work at 55. Foced to Retire!!!
I retired a year ago at almost 65. I love retirement, but I have been offered some part time jobs teaching one night a week. I love teaching and I enjoy working with the adult students in my classes. Four hours of work a week provides a mental challenge and an opportunity to contribute to my profession. My husband has been completely retired for 7 years and would not think of going back. We are fortunate that we do not need to work because of good retirement programs. We can take the work or leave it. It is a nice place to be,
I'm just turning 65 in October. My full retirement isn't until 66.
I like what I do and I cannot see doing much else, so I'm retiring on January 1, 2015.
I worked for 34 years at Mega Corp and just retired two months ago at age 60. I love the freedom. I do not miss work, I do not want to work. This article is trying to create doubt in your mind
I love my sales job — the people, some travel, the technical and business challenges — and the money!
I don't have any hobby or yen to do anything else, so I hope to work for many many more years. I'm almost 67 now and in good health.
62, planning for 65. No work after that – enjoy hobbies, add new one (storm chasing.) If work, probably something adventurous, like trip to assist military in Iraq or Afghanistan – stuff I've done before.
My husband and I saved for retirement for our entire working lives and were able to retire early, by age 50. He loves being retired but after a few years, I didn't like it at all. I prefer meaningful work, more human interaction, more challenges and projects to figure out. And health care benefits and my salary are great, too.
Life definitely happens. I was forced to retire through HR's "value engineering consistent with the companies core values" from what was once one of America's finest (Motorola). Many of my old H1B associates are still working there and the company is still sponsoring H1's, aggressively outsourcing jobs and keeping profits offshore. (Consistent with their core values I guess). I didn't expect a handout but I did expect the company to consider employees as stakeholders not commodities and my government to responsibly be an advocate for the interests of it's citizens – not just it's corporate profiteers.
http://www.financialexpress.com/news/motorolas-jha-highest-paid-ceo-in-us/442779/
My wife and I retired at age 55. We live on a lake. We pay our own health insurance. We were not executives. She was a telephone operator and I worked in a paper mill. No, we are not rich or even kinda rich but to go back to work, no way. We have been retired for 5 years. We saved and invested all our working days. You get hungry, you go fishing. But go back to work, not on your life.
Retired at 62 (now 66). I still work part time and find that rewarding. would not want to work full time. Have much to keep us busy. We lived by the wants and needs rule. Want it but do we need it. We saved every week and did not live beyond our means. That is not always easy but it paid off. Retirement is a good thing. I recomend it!!