If you read personal finance blogs, you will notice that there are common themes that run among them. There are those that talk a lot about how to get out of debt. Then there are those who talk about earning more money on the side. Others will give tips on how to be financially successful. They all focus around different areas, but they are all working toward a common theme: a financially secure retirement. But what does that actually mean? The term retirement has vastly different meanings depending on the individual’s personality.
Relax, Don’t Work, Enjoy Your Golden Years
In the past it could easily be said that when a person retires, they are simply done working. They plan their whole life, and when they hit 60 or 65 years old they simply quit for good. But that is no longer the case. There are many different reasons a person would change up his or her retirement goals, some can be attributed to poor financial planning and some are due to the fact that we are living longer than ever. So there is less of a need to retire before age 70.
Of course there are still people, myself included, who would love to be financially secure at as young of an age as possible so they can focus on their hobbies. But many others have different ideas of retirement.
I’ll Get a New Job
Some consider retirement as a way to branch out to that new career that they always wanted. They worked hard, and saved enough money, so that they don’t have to work in a job they do not truly love. For these people they see retirement as an opportunity to work in a job that pays less, but is more fun. This is precisely why you see many retirees that are working in national parks, museums, and art galleries. They want to get the experience of the career they could never afford.
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I Can’t Afford to Retire
Considering that study after study shows that the majority of Americans are NOT on track to retire, it is no wonder that many people who would love to retire (lounge on the beach all day drinking cocktails) simply cannot afford to do so. Instead of hanging up the towel, these individuals keep working because they have bills to pay.
I Don’t Want to Quit
Some people just love to work. That is how they create their identity. So rather than retire, and lose a huge piece of who they are, they continue to work. It helps them to feel fulfilled, useful, and satisfied. As long as they aren’t controlled by their work, but rather working because they’re good at it, there is no real reason for them to quit and be miserable. Entrepreneurs, highly trained CEO’s, legal and medical professionals, and small business owners often fall into this category.
Wrapping it Up
For most people, retirement is a time to step aside from the career they have held for the past several decades. What they do after they retire, however, is another matter. From relaxing and spending time on their hobbies, to plugging away even though they could very easily afford retirement, different personalities bring about different retirements.
How do you define retirement?
