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Why Some Employees Want to Delay Retirement and Keep Working
from: Pat MoauroAs companies cut back, lay off workers and amalgamate, some are offering early retirement packages to their employees. Some employees are accepting early retirement, but others prefer to keep working and earning money, even beyond the official retirement age of 65.
Some people's identity and community connection is tied to their job or profession. Their accomplishments and years of service give them a sense of importance and satisfaction. For some people who hold on to these accomplishments and connection with the community, retirement is hard to accept.
Psychologically, someone who has lived in a fast paced business environment may find it hard to adjust to life at a more leisurely pace. Some forms of leisure after working for so long can include spending more time with family and friends, playing golf or cruising around the world.
Perhaps another reason for delaying retirement is that the still-employed person is waiting for the right moment or package that the company will offer to its employees. Is the retirement package that is being offered higher than the projected earnings if the person were to stay employed? Or, can the retirement fund be used immediately once it has been given?
Some people can get more just waiting for the normal retirement age than accepting the company's early retirement plan. Instead of saving, one might end up forfeiting and miss out on opportunities to make additional contributions to the plan.
People who don't want to retire yet are also concerned whether the offer given by the company includes post-retirement medical insurance. This is because Medicare doesn't start until one has reached the age of 65 and the cost of getting private insurance is expensive.
There are risks in deciding to stay if a retirement offer is on the table. A company's business may not be doing well prompting the firm to lay off workers or even eliminate an employee's position because of redundancy.
The most important reason that some employees still stay is that regardless of age, a person strongly believes that he or she can still do more being at their job.
Nys Teacher Retirement News
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