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Is Age a Consideration When Deciding Whether to Retire?

Is Age a Consideration When Deciding Whether to Retire?

April 04, 2023

What's the Ideal Retirement Age for Your Health?

When one thinks about retirement, or considers it, the primary thought on their mind is, "do I have enough money to retire?"

I recently read an article with the above title, that asks a very good question.  I thought I would provide you a synopsis of the article and for those considering retirement some points to consider.

Synopsis: The article discusses the history of retirement ages and the implications of raising them on individuals' mental and physical health. It explains that the concept of retirement age originated as a political move and has since evolved due to increased life expectancy. The article highlights that working-life expectancy varies depending on factors like the nature of work and demographic differences.

For those considering retirement, it is crucial to consider the following points:

  1. People in knowledge-based jobs might work into their 70s without cognitive decline, as cognitive faculties can usually be maintained well into the 70s.
  2. Delaying retirement might decrease the risk of death, as some people decline mentally and physically when they stop working due to the loss of job-related physical activity and social interactions.
  3. Physically demanding jobs might require earlier retirement due to the strain on the body. In such cases, retirement might improve health outcomes.
  4. Life span and health-span vary across race and gender, and the retirement age should be adjusted accordingly to ensure equitable access to retirement benefits.

Individuals considering retirement should assess their work type, health status, and personal circumstances to determine the most suitable retirement age for their situation.

What about those individuals who desire to work into their 70's?

This perked my interest, I personally have shared that due to my having my practice for 29 years, I have assisted many individuals in accomplishing their retirement goals.   I have discovered over that time that there are individuals like myself, who really have no desire to retire.  I believe this is especially the case for many business owners like myself.  

So, I did some research and uncovered the following 7 common reasons why people continue to work on into their 70's.  You may relate to one or all of the reasons.  I know that I do.

  1. Financial necessity: Some individuals continue working due to financial constraints or to maintain a certain lifestyle. They may not have sufficient savings or pensions to support themselves in retirement, or they may want to continue earning money to support their families or other dependents.

  2. Social interaction: Work can provide opportunities for socializing and maintaining connections with others. Many individuals thrive in social environments and may find retirement isolating or lonely. Continuing to work allows them to maintain these important social connections.

  3. Sense of purpose: Work can provide a sense of purpose and accomplishment for some individuals. They may feel that their work is meaningful and fulfilling, and retirement may not offer the same level of satisfaction.

  4. Mental and physical health: Staying engaged in work can help maintain mental and physical health, as it often requires problem-solving, critical thinking, and physical activity. Retirement can sometimes lead to a more sedentary lifestyle, which can contribute to a decline in overall health.

  5. Lifelong learning: Some individuals enjoy the continuous learning and professional development that comes with their work. They may be driven by a desire to stay up-to-date in their field, acquire new skills, or take on new challenges.

  6. Passion for work: Many individuals have a strong passion for their work, and the thought of retiring may not appeal to them. They may truly enjoy what they do and want to continue making a difference in their field.

  7. Age as a number: Some individuals do not view age as a limiting factor and believe they still have the energy and capability to continue working. They may not see any reason to retire if they still enjoy their work and can perform their duties effectively.

Whether your friends retire earlier or later than you, should not be a factor for yourself.  They might have health issues, financial issues or other factors that you may not have in your own life.

Whatever your choice, to retire, or to work into your 70's, you need access to all the available information so you can make an informed decision for when you want to retire, if at all.