Changing attitudes towards retirement, with senior citizens working even beyond sixty five with as much enthusiasm and energy as they had in their thirties, is an emerging trend across the country.
The arguments for working in full-time or part-time capacity include greater appreciation of disposable income, shielding yourself and your family from risks in an unpredictable economy, or quite simple keeping yourself mentally and physically active.
According to financial experts, if an individual retires at seventy, his post retirement wealth would have appreciated in value by at least 20-30% than if he were to retire at sixty five. The main reason is that most people are at their highest income level when they retire.
Retirement of course has its charm – there is no denying that you need to finally relax after putting in hard years at your desk. It is a time to spend time with your wife, children and grandchildren, travel to places you have always wanted to visit, and indulge in recreational activities. But when the times are tough, luxuries can wait.
We have hopefully left the recession behind, but the financial situation of most people is yet to recover. Surveys show that a majority of individuals nearing retirement haven’t put away enough money to match their standard of living before retirement. This is a major reason why senior citizens are increasingly looking at new avenues to create wealth after they have retired. The high standard of living these days compared with that twenty years ago is an indicator of how it is not enough to have just enough – we all strive to save and invest as much as possible and age doesn’t really matter as long as the energy and drive is still intact.
It isn’t hard for ambitious senior citizens to find work. You will bring years of experience to the table and will always have some good advice to offer. Your paycheck will pay all your bills, you needn’t depend on your meager pension, and in fact, you can even make some investments to multiply your wealth. Apart from the financial security, working after sixty five will also keep your mind active. Even if it is a part-time job, you will still be able to exercise your brain for at least 5-6 hours a day.
Housing, car bills, health insurance, traveling – spending never stops. Your new attitude towards retirement will prepare you to deal with financial ups and downs and lead a self-sufficient life.