Young entrepreneurs join the workforce with the drive to achieve many high goals. One common goal of aspiring entrepreneurs is to work for their entire lives. While many people look forward to the relaxing days of retirement, many young entrepreneurs are not writing this into the game plan. This issue is up for contention, as the never retiring lifestyle is not necessarily as glamorous as it may seem.
At the age of 85, Warren Buffett is still kicking and says he’ll never retire. He fully believes that working for your entire life leads to a more enriching lifestyle. Here are a few of the pros to never retiring:
1) You’ll increase your earnings
So many people are calculating the age at which they can afford to retire. But if you work beyond this age, you can increase your funds. These funds serve as a safety net in case there is a financial upheaval, as well as providing some extra money for your own personal enjoyment. If you do retire, then all of the money you can use for the rest of your life with be either from your savings or from income generated by your investments. Healthcare costs are increasing and the American lifespan is greatly increasing as well. With these changes, your lifestyle can lose its luster if you retire.
2) If you love your job, keep doing it!
When you get to the typical “retirement age”, do you really want to stop working or do you just think you’re supposed to? If you love your work, why quit? Many people after retirement begin to lose a sense of purpose. If you keep working, that sense of purpose will be here to stay.
So how about if you don’t love your job? You may want to make a change. But who says that the change you need to make is a retirement? Instead of no longer working, it might be better to look for a second career, or maybe even start your own company!
3) You worked hard to develop these skills, why not continue putting them to use?
A recent survey by the Society for Human Resource Management shows that more and more employers are recognizing the knowledge and experience that an older employee can bring to a position. As many Baby Boomers retire, employers are getting concerned that their access to this knowledge will be limited.
Nowadays, there are a growing number of options in terms of work schedules. There may be more options available to employees who are approaching retirement age than either working full-time or not working at all. If you are getting to retirement age, why not try to renegotiate your hours or time off? This experience will have you much more engaged than you would be if you simply retired.
On the other side of the coin, Jay Jay French of the band Twisted Sister warns us not to be too excited about never retiring. The truth about working when you’re older is that your physical health and mental capacity is not what it was when you are younger. As employees work past the typical retirement age, whether that’s in a rock band or in an office, they are more likely to experience health issues that can affect their work.
Many younger people see the “never retiring lifestyle” as an opportunity to be a powerhouse for the rest of your life. While working for your entire life can certainly be fulfilling, it is important to remember that certain adjustments may need to be made due to health problems and other effects of aging. Luckily, this is where Buffett’s advice regarding work schedules comes in. Working your entire life can be enriching as long as you shift your schedule and other aspects of your work life to accommodate your needs.