When we think of retirement, we think of playing with grand kids, holidaying with the spouse in exotic locales, visiting family members spread across the globe or doing something as simple as taking a nap in the afternoon. The recent Vodafone ad in which a retired couple explore Goa and are all ready to go on their next trip is what we hope our retirement years would be like. The word retirement makes us feel that we’ll finally have time to do things that we never had time to do earlier.
That’s the general perception. But the surprising fact is that there are a large number of seniors, either retired or on the verge of retirement, who are seeking to stay employed. What could be the reasons for their decision to do so? At Diamond Years, we feel these are the primary reasons why these seniors choose to continue with their working lives:
1. Unfulfilled expectations
The thought about having to manage their expenses on their own never crossed their minds. They believed that just as they looked after their aged parents, so also their children would look after them. But things turned out differently and now they are left to fend for themselves.
2. Insufficient retirement planning
Some seniors may not have had children or were in a situation where they knew they couldn’t depend on their children. Yet, because they were not financially savvy, they were not able to save enough money to retire. A few investments here and there were all they have. Today they are left with just enough to meet their basic needs and without a regular income, their savings will soon run out!
3. Staying mentally and physically healthy
They are well aware that staying active after retirement delays many age-related diseases including dementia. It’s no secret that friendships forged at the workplace, time spent with colleagues outside the office over a cup of tea keep’s one socially active and also keeps that dreaded feeling of isolation at bay.
A few months into retirement and many feel lost and lonely, despite having family. The unstructured days become a challenge that they find difficult to face, especially after having spent almost a lifetime meeting goals, keeping deadlines and leading an organised life. So they wish to continue with a time-table dictated life, with definite duties and responsibilities.
5. A sense of purpose
Last but not the least, there are those seniors who desire that personal fulfilment which comes by giving back to society selflessly. That’s the reason why they volunteer with an NGO, or at a municipal school – some even sponsor monthly events at an orphanage or an aged home. Making a difference to less privileged lives is what motivates them.
Whatever the reason to stay employed after retirement, make sure you take time out to enjoy these years.
If you need any help with financial planning, do write to us at email@example.com and we’ll be glad to offer you any assistance we can.