As investors approach the age of retirement, many of us are faced with a difficult decision: should we retire or continue working? I still enjoy my work, so I have no current plans to retire. So don’t think this musing is prompted by my impending retirement. You can’t get rid of me that easily! For most, this decision is not just about finances or health, but also about our human need for accomplishment and the fear of boredom. Retirement can also create stress in our relationships where one spouse might feel encroachment, resentment, or imposition of new rules and norms of interaction. Spousal relationships can get stressed over new demands that were formerly taken care of by a paid assistant. We hear stories of spouses suddenly getting bossed around by the retiree.

Retirement can be a wonderful opportunity to relax, travel, and spend time with loved ones. However, it can also lead to feelings of boredom and a lack of purpose. Fulfilling work is hard to step away from. Three-day workweeks or part-time can serve as a trial run. Achieving goals, making a difference in the world, and staying mentally engaged can all contribute to a sense of satisfaction and well-being. There is also the consideration about making room for the up-and-coming successors, which is prevalent in the legal profession, with young whipper snappers vying for partner status. This is partly why many law firms have forced retirement, many at a relatively young age.

However, working longer may also come with its own challenges, such as increased stress and physical strain. There are also occasional emotional needs to simply stop what we are currently doing. This is often associated with a new supervisor or corporate changes that makes the work less satisfying. Starting a consulting business that resets the hierarchy can also be very useful to maintain many parts of the former work without all the corporate “initiatives” and politics. 

We often suggest making a list of all the things one might like or dislike about their current situation. Then prioritize the list from most dislike to indifferent. Then figure out what portions of the list can be delegated or curtailed and see if that would lead to greater job satisfaction. This is a worthy exercise even if not prompted by thoughts of retirement.

Ultimately, the decision of whether to retire or continue working is a personal one that depends on individual circumstances and preferences. Some may find that a combination of part-time work and leisure activities provides the perfect balance, while others may choose to fully retire and pursue new interests and hobbies.

Whatever decision you make, it is important to consider not just the financial implications, but also the impact on your mental and emotional well-being, as well as the impact on family members. Retirement can be a time of great joy and fulfillment, but it is also important to find ways to stay engaged and continue to pursue your goals and passions.

Remember that retirement is not the end of the road, but a new chapter in your life journey. Embrace it with open arms and make the most of this exciting new adventure.

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