Why People don't want to retire

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The idea of a period of non-working rest at the end of life dates back to 1880s when Germany introduced a Govt. funded old-age pension scheme for their citizens aged 70 and above. Before it, there was no agreement that working life would come to an end while person is alive. As long as one is living, he is expected to work. 

It is to be noted that lowest age of retirement is 52 in Turkey and highest 67 in Norway, Belgium and 64.3 in European Union, women are expected to live four years more than male counterparts in retirement.

Change is for sure hard for everyone and the effect of shift from working to non working is huge.The fear of retirement is outliving the savings. For many people who know how to manage steady flow of income, the transition certainly create anxiety and worries. Most people are nervous about retirement since they donot have a financial plan which includes inflation, good or bad markets and lot of 'ifs'. 

Five common retirement risk factors are - 

1. Healthcare expenses.

2. Longevity. Though no one can predict, people at the age of 65 years have a probability to live 20 years      or more post retirement. 

3. Inflation.

4. Market volatility.

5, Withdrawl strategy. 

Surprisingly, new class of working community who have witnessed the previous generations retirement  decided that they don't wamt to live the way their parents did. It seemed that most people want to retire as soon as they can afford it. The idea of retirement where a person has little responssibility, and worst of all, interacts with very few people, just isn't appealing to the curent crop of preretirees. 

The nature of modern world is pushing us towards re-defining what it means to be retired. It's never too late to start, but we need to work out how to get comfortable in our own skin and not be living to fulfill the expectations of others. A mindful approach to retirement will help to create a more calm space alongwith a simpler approach to how we look at life.

Being prepared for retirement also means how to be comfortable and relaxed with where we are, where we live, with how we look, with who our partner is and most important that money alone just won't cut it. There may be little more work required befor the magic date arrives, but that's ok, there is plenty of time to develop your other plan. 

Mind it, the heaviest burden that we carry are the thoughts in our head. 

                                            ************


           

          











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