Welcome to Rethink Retirement. A monthly blog series where I will explore different topics related to all things retirement. Each month, I will answer questions and provide insight into this exciting and sometimes challenging time in your life.
In this month’s Rethink Retirement blog series, I explore why people choose to delay retirement and answer the age old question … to retire or not retire?
Recently, I spoke with a few prospective clients. You can imagine my excitement to hopefully have a few new clients. Each call was very informative. I learned about each person’s situation, and they learned more about my coaching services.
After each call, I followed up with an email summarizing my services and how I could support their retirement journey.
Unfortunately, none of the calls translated into clients and their reasons were all the same: they wanted to continue to work and put off their retirement for just a little longer.
This got my thinking. Why are they choosing to work longer? What are their reasons for this? So, I did some research and came up with a list to help answer these questions:
1. Career satisfaction:
Some individuals may enjoy work and find fulfillment in their careers.
2. Social connections:
Work provides social interaction and a sense of purpose so working helps to maintain those connections and fulfillment.
3. Financial concerns:
Some people may not have enough savings or investments to support themselves in retirement, so they need to continue working to build their financial security.
4. Health:
People may choose to work longer if they are in good health and able to perform their job duties.
5. Pension and benefits:
Many people might choose to work longer to take advantage of company pensions or benefits that may become available at a later date.
6. Increased life expectancy:
With advances in medical technology, people are living longer, and some may choose to work longer to support themselves for a longer period of time.
The choice to work longer and delay retirement is a individualized decision and there is no right or wrong reason. Do what is right for you.
Perhaps when the time feels right, those perspective clients will reach out to me again and perhaps we can then start working together. Here’s hoping.
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