While it is becoming increasingly popular to retire early or achieve financial freedom before 65, there are quite a few reasons why you should never retire.
People are Living Longer
It is projected that in 2050, over 20% of the population will be 65 years or older. That's up from 12% in 2000. With more people living longer, there comes more time to enjoy life and work if you choose to. 65 doesn't automatically mean you have to give up your job.
In fact, 65 doesn't mean a decline in health or physical capabilities, so if you want to work, you shouldn't let age hold you back.
You should never retire just because of the stigma around age. In fact, adults are expected to live to at least 84 years once they make it to their 65th birthday. That's almost an extra 20 years. Can you imagine being retired for 20 years?
No Retirement Security
It is well known that saving for retirement is important. However, many baby boomers, Gen X'ers, and Millennials still aren't saving and investing. This leads to a lower amount in savings, and a lower amount of money that can be used once a person has retired.
You should never retire if you feel you can't make ends meet. Even if you can afford your lifestyle, money is never guaranteed. Having a job, even if part-time, or a side hustle can offer you more flexibility, and money in your pocket.
Could Reduce Aging Illnesses
Did you know that it studies have shown that people who never retire actually have decreased health issues, slightly happier outlooks on life, and even increased mental health? If you want to keep yourself in optimal health, never retire, because you may be putting yourself at a disadvantage.
While retiring doesn't automatically mean health issues, short or long term, it could still be fulfilling to work or volunteer your time. Plus, who doesn't want to have slightly happier outlooks on life?
Boredom Isn't an Option if You Never Retire
If you are working, even part-time, you won't have the opportunity to get bored in your day to day life. A common complaint amongst retirement aged people is that after a while, there's not much else to do, especially if you are low income. By working or volunteering, you aren't giving yourself the option to feel boredom.
You don't have to work a traditional 9 to 5 your entire life. And, you certainly don't have to have a job that is physically demanding and exhausting. But just taking a few hours out of the week to work or volunteer can keep you from feeling bored, lonely, or even depressed.
Even if you do choose to retire, pick a hobby that gives you the opportunity to get out of the house multiple times a week, and gets you in front of people. By giving yourself this opportunity, you'll keep yourself happier, and kick boredom to the curb.
Extra Money Doesn't Hurt
Who doesn't love extra money? Even if you earned and saved enough to retire at 65 (as stated above), doesn't mean you can't earn even more. It could be money you save in a trust fund or splurge on you and your spouse. The fact is, even if you have to or want to work, the extra money can come in handy.
Another great reason to keep earning money, even after a certain age, is to save for healthcare. Nursing homes, private caregivers, and the like are expensive. Even those who saved their entire lives can get into a situation where they can't afford care. By working, you are giving yourself the opportunity to afford these options if that time ever happens to you.
You should never retire, because it's not as important as many people think it is. But if you do choose to retire, at least keep your mind, and body, happy and active.