OK so I know that this is a strange topic for the host of the ‘Retire as You Desire’ podcast to be talking about, but believe it or not; there are a multitude of reasons why you shouldn’t retire!
Retirement is often hailed as the golden age. A time to live life on your terms. What this tends to translate as though, is; stop working, play golf and shuffle off this mortal coil in short order.
I want to challenge this outdated, conventional notion of retirement and offer you three reasons why one might want to reconsider the notion of stopping work altogether. It really depends on your relationship to your professional life and how well integrated it is with your dreams, goals and aspirations.
1. Alignment of Purpose
If your profession is not just a means to an end but a passion, quitting abruptly might not be the best move.
I preach all the time that you should retire as you desire, however,— if your purpose is deeply tied to your work, you probably won’t want to just go “cold turkey” once your retirement fund reaches maturity.
Why? Because work, for some, is not merely a way to make ends meet. It's a source of fulfillment, a reason to leap out of bed each morning. If your passion aligns with your work, and you've built something that fuels your drive, hitting the brakes on it might lead to an unexpected void.
Your money is set up, and that's freeing in and of itself. If you know your income streams are set up in retirement, that gives you the opportunity to really be the buyer and say; “I want to keep working because I love doing what I do.”
In essence, retirement doesn't have to be an ‘all-or-nothing’ game. It can be a gradual transition. A slowing down of work hours, allowing you to savor the joy your work brings while maintaining control over your time.
2. Freedom to be of Maximum Service
"Get your money right. Get your income streams set up”
The second reason not to retire lies in the power of passive income. Retirement doesn't mean a complete cessation of income; it's about shifting from active to passive income streams.
By setting up passive income sources, you gain financial freedom. This financial stability doesn't just afford you the luxury to retire when you desire; it allows you to dictate the terms of your retirement. You become the architect of your life, deciding when to clock out and stop working.
As a result: you’ll be able to make choices based on where and to whom you’ll be of maximum service, rather than which choices will earn you the most money. Not only will this bring you greater fulfillment, but (ironically) it will boost your authority and enable to you put a greater premium on your time.
3. You’re not Ready!
Just because your company/pension provider/convention is telling you that you’re of an age to retire, that doesn’t mean necessarily that you’re ready to!
The goal should always be to retire on your terms. Set up, your income, always get that aligned. So then that way you're in control.
The other side of that is, you might not have enough in your pension pot to support the kind of retirement life you’re seeking. Don’t take the leap until everything is in place, or you could find yourself in trouble down the road.
In conclusion, retirement isn't a one-size-fits-all concept.
Retirement shouldn't be a forced exit; instead, it should be a conscious choice, a decision made when everything is aligned. By having your income streams set up and aligned with your goals, retirement transforms from a distant dream to a tangible reality.
The key isn't to retire early or late, but to retire as you desire, ensuring that the next chapter of your life is as fulfilling as the one that precedes it.