Retirement: the case against 64



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The lure of retirement can be strong – but is it really the paradise that many people think it is? When you give it some thought, you may realise that retirement does not stack up to your own expectations of your golden years.

You will miss the income

You may not miss it at first but the ability to no longer grow your income can be tough as you watch your bank account will grows stagnant.

After a few years of being retired, it may become evident that your desire to travel the world is not as easy to make a reality as you thought. You may find yourself looking for work to enhance your shrinking retirement income.

You will get bored

There are many stories of entrepreneurs who sell their businesses, retire and then start looking for a business for sale a few years later, just to renew their sense of purpose. Common problems among retirees include:

  • Losing that structure that you had to your weekdays
  • Losing the sense of accomplishment that work offered you
  • Losing your identity as a person who helped others through your company

It’s not uncommon for business owners to start to look to buy a new business mere into your retirement – there’s a void in their life that still needs filing. One strong alternative (if possible) is giving yourself a little extra free time every week, transitioning into retirement slowly, rather than suddenly switching to an unfamiliar lifestyle.

The chances in your life can be too dramatic

Retirement can change more than you may initially realise: the way you pay your taxes; the way you handle health insurance; the way you schedule your time. For many people, the changes that occur after retirement can be too drastic.

One way to maintain the life that you are comfortable with is to simply not retire. While it may seem like your work is a personal burden, you never realise how integral it is in helping you to keep your personal affairs in line until you retire. If you are the kind of person who does not adapt well to change, you may find yourself happier by keeping busier.

The global economy isn’t stable enough

As 1999 turned into 2000, people all over the world lost their retirement funds as the global stock markets collapsed. Since that time, the world’s economic atmosphere has been unstable and unpredictable. The money that you have been saving for your retirement may not be there when the time comes. For those relying on their own business, the value could plummet and leave you financially short.

Instead of taking any chances, I believe the best approach (especially for business owners) is not retire at all. You can hire other people to allow you to take a reduced role in your company, but the instability of the global economic markets makes retirement a very unpredictable situation for many years to come.

People spend their whole lives under the impression that retirement is the reward for hard work. But when it finally comes around, the reality of the situation leaves many people wondering. Instead of jumping into a retirement situation that you will regret, it’s worth putting extra thought into how you want to spend your golden years. You may come to the conclusion that retirement is not the best choice for you and your family.

Do you agree with this opinion? Is adapting to retirement harder than it looks? And is not retiring the best solution?

Peter Watson

Peter Watson is the owner and founder of one of Australia’s most visited business for sale websites, a business for sale company. “Advertising your business for sale privately has been a booming trend for the past 10 years thanks to the power of the internet, saving business owners thousands of dollars on broker commissions." said Peter Watson.

  1. My husband retired for a year at 65 and then went back to work. He intends to do some form of work for as long as he can.

  2. Life can change in an instant. The worst possible thing is to delay retirement then find you or your partner has a heart attack, stroke, cancer or drops dead. My advice is make the best of every day you have because it may be your last.

    5 REPLY
    • Exactly right Alan. I was forced into early retirement due to health problems, but I’m glad of every day that I tick off that I’m not at work… 😎

    • I agree Alan. My husband worked really hard all his life only to have a stroke 8 weeks before he finally decided to retire. I had to give up work to care for him. Not what we planned but even though things are hard for him we try everyday to make the most of life.

    • My hubby was forced into retirement at 65 when he had a heart attack and has had several major health problems in the year since. We are hoping his health improves so we can begin to enjoy it.

  3. its great if you work things out right before retiring. you can do whatever you like when you like (with no time limit)! you have to get out there and enjoy life while you you never know whats going to happen!!

  4. All good if you plan and have interests and money to have a decent quality of life. Having a good relationship with your partner is a must. If not life can be quite a struggle. Ordinary things becoming more expensive.

  5. You really need a good lot of money if you want to have a good life in retirement ,it’s very hard on you if you don’t have it.⁉️

    1 REPLY
    • Life is what you make it, you don’t need lots of money to be happy, the opposite is true I would say.

  6. I retired at 60 and do certainly not have any regrets. I enjoy every day and fill my days with things that I enjoy incl. volunteer work.

  7. A good retirement is like a good marriage – you have to work at it. Any one who expects get rewarded once retired is doomed to an unhappy retirement – retirement is its own reward – if you dont want to retire and are fit enough (and interested enough) to stay at work that is OK – I wasnt and I didnt. I think retirement is fabulous, my life is full and I dont know how I fitted full time work into my life before I retired.

  8. Money doesn’t buy happiness but it sure goes a long way. People choose to retire for many reasons, health concerns, lifestyle or work issues. The change for me has been great, the slower pace and ability to choose to do what I want when I want. I can appreciate that it can be a difficult transition for some but it’s important to understand that you are now the one to make the choices. It is a big change but it shouldn’t be seen as a tragic end to a working life.

  9. I work 3 days a week now. It means that I’m eligible for a part pension and it’s like being paid for a hobby. I have a 4 day weekend every week and, because two of my days are Saturday and Sunday, my friends who still work are available to to go out and about with me. It’s a win-win situation that I hope can continue for a few more years to come.

  10. You only get one life. Why waste it working? I don’t have much money but I have everything I need. I go to three things a week that I thoroughly enjoy and all it costs is a cup of coffee. I have lots of friend to catch up with for lunch about every three months. We go on a short holiday once a year and I’m happy to say I love being retired. My family keep me occupied with their daily living experiences. What moe do you want?

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