Some people don’t want to retire, even though they have enough money to do so. They see retirement almost like a punishment.
Especially for people who have had professional careers, their identity often comes from their work. This is how they see themselves and how others see them—they are respected because they are a doctor, lawyer, professor, executive… Being a “used-to-be” professional has a lot less value or honor. Moreover, if they don’t have significant hobbies or side-interests, they think, “What am I going to do with all of my free time? I might die of boredom.”
What can be so compelling about work? It can be some combination of at least a few of these:
- They enjoy the excitement of working. They are challenged and stretched, pushed to be their best. They use their skills to solve challenging problems. As a result they have major accomplishments and are recognized and rewarded for them.
- The work provides structure and meaning for their lives. They like the location, space, and, most of all, their team mates.
- They are treated with respect at work They are appreciated for who they are and what they do. They are invited to share ideas and their opinion counts. They are encouraged to develop themselves.
- The work they do is meaningful. Perhaps their work is important to them by helping to make the world a better place.
It is important to realize that you do not have to retire if you are willing and able to continue working, even if you are “supposed to.” Nor do you have to feel guilty about working while others retire. Many people continue working way past age 65.
You might consider a less standard approach to work and retirement—for example, working part-time, starting a new business, or serving as a consultant. All of this requires effort, research, creativity and courage. Talk with other people who have taken an approach similar to what you are thinking about. They can give you lots of ideas about how to pull it off.
As you get more serious about retiring, you can and should consider your alternatives. This will take some time. The more time you give yourself, the better will be the decisions you make.