Reasons People Do Not Retire (Financial and Other)

[REWahoo]

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Originally Posted by Ready Everyone has to move at their own pace I guess.

+1

Sorry, your set-up was too perfect to resist. But three weeks!?!?

Hope all goes well at your new job.

[Katsmeow]

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Originally Posted by Shawn Do you or have you experienced similar thoughts, and how did you deal with them? I really want to retire. I do not like my job. I do not like working.

Truthfully, I don't really understand your position on this. I understand fully the idea of someone not retiring who loves his or her work. I understand fully the idea of someone not retiring who has significant doubt about having any money. However, it sounds like you don't just have enough, you have way more than enough. And you don't like your job. So, it is hard for me to understand someone continuing to work in that situation.

You mention your expenses are about $15k a year. I don't know if that actually represents your actual spending or if you are saying that is your base required expenses. If you are actually spending only $15k a year then that implies that you aren't, well, doing very much that costs any money. Even frugal activities usually require more spending than that. So, I wonder if part of your issue is that you haven't developed outside activities?

In my case I've been having a bit of OMY syndrome. I went to a part-time schedule about 3 years ago (DH retired completely). I really thought I would do it for a year maybe 2 and I'm definitely in the time now when I've gone beyond where I need to be to have enough. Obviously, determining what is enough can be difficult as there is uncertainty. We certainly have enough in terms of what Firecalc and RIP say. However, I have considered what would happen if things were drastically different. What if SS was halved (DH is already collecting and I'm a few years away from eligibility)? What if Medicare was abolished? What if our investments declined by 40% during the next couple of years? What is 5 years from now we could spend only 2/3 the amount that we now plan to spend?

There are basically 3 ways that I can think of to deal with that. Option one - Work more now, just in case those things happen. However, that is not cost free. Working more now means having less time for retirement. And, if no cataclysm occurs then I'm sorry I did it.

Option 2 - Get a job later if need be to have some more income. It wouldn't even have to be a job in my current field or paying anything big. Maybe some small income just to bridge a little bit of a gap. The good part about this option is that I only really have to do this one if something bad happens or I just want to do it.

Option 3 - Cut expenses later. This is the option we would probably do. I have modeled doing this and could do it and still have a quality life. I would much rather deal with this possibility (a very small possibility) rather than work more now.

As far as the issue of one's life being dedicated to one's career, my views on this changed. At one time I wanted to find the perfect career in which I would be fulfilled. I even went back to graduate school in a different field to obtain a graduate degree in a totally different (very low paid) field. One day my practicum instructor said something that I've always remembered. She said that people should look for fulfillment outside of work. Yes, it is fine to have a job that you like. However, she pointed out that the job doesn't care about you. The job doesn't care if you show up or not. If you get hit by a bus, you will be replaced. People care about you. Your career doesn't care about you.

[rbmrtn]

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Originally Posted by Shawn \ Do you or have you experienced similar thoughts, and how did you deal with them? I really want to retire. I do not like my job. I do not like working. There are many activities in retirement I would like to pursue. But I do not handle loss very well and I do not want to regret lost financial opportunity. Granted, it goes both ways. Time is greater than money, and every year of additional work is a year of lost retirement. But at least for me, that concept seems to be easier said than done.

To me the main thing that holds people back and was not on your list is(was) not being able to get health insurance. That should be removed going forward.

[UserRequested]

14) My work is my hobby ?
15) I go in to work everyday just to piss people off ?

[jollystomper]

Only 1.2, and 3 have been a factor in determining when I will retire.

For 1 and 2 I am making so much and we are saving at a very high rate so it is tempting to keep going for a while, since i know I'll never make this type of money again. Also with one child left to put through college paying for it from current earnings without touch savings/investments (while still being able to save) adds further temptation.

For 3 I like my job and my co-workers, others think highly of me, and many times it is like being paid for my hobby. But I am reaching the point where the quantity of work I am responsible for (and which continues to rise) is affecting the quality I think I should produce (though no one is complaining about it - I tend to be a perfectionist). However I'm not going to burn myself out trying to be "perfect" - which is why I've targeted about a year from now for FIRE.

[scrabbler1]

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Originally Posted by rbmrtn To me the main thing that holds people back and was not on your list is(was) not being able to get health insurance. That should be removed going forward.

+1 you beat me to it! That is, if it is a reason people don't retire early, as in pre-Medicare eligibility age.

[jollystomper]

Another reason I have heard from those who are married, which surprises me:

"My spouse doesn't like/will resent me being around all day"

My DW would *love* me to retire yesterday and is more than willing to seek additional work or be even more frugal if it would help. She likes me being around the house even if we are working on different projects, and we make it a point to socialize/work out together several times a week. I guess I don't understand not wanting your spouse to retire if the financial ability was there.

[UserRequested]

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Originally Posted by jollystomper Another reason I have heard from those who are married, which surprises me: "My spouse doesn't like/will resent me being around all day" My DW would *love* me to retire yesterday and is more than willing to seek additional work or be even more frugal if it would help. She likes me being around the house even if we are working on different projects, and we make it a point to socialize/work out together several times a week. I guess I don't understand not wanting your spouse to retire if the financial ability was there.

May not be just the spouse who resents it. Could be the pool man or the house maid.

[ER Eddie]

For me it would be:

1. Money issues of one kind or another. Do I have enough? What if ___ happens? What then? Wouldn't it be better to stack up just a little more savings? This would include health insurance, which imo is basically a money issue. Walking away from a job at peak earning level is counter-intuitive.

2. Uncertainty about being able to find even part-time work. I plan to do some type of PT work in retirement (semi-retirement, if you prefer). Not from a financial need perspective, but just for the other benefits. I hear a lot of stories about unemployment, and they can get me worried about whether I can find a part-time job if I decide to get one. So it makes me hesitant to let go of the bird in the hand.

3. Leaving behind friends and colleagues. They've been a part of my life for a long time. It would be sad to say goodbye.

4. All that free time. I'm not sure I could fill it with interesting activities. I am prone to laziness and lethargy, and left to my own devices, 24/7, I might turn into a lump. I hope not, and I trust not, but that would be one of my concerns.

5. My career is part of who I am, part of how I think about myself. I don't mean that it is "my identity," but it is certainly a part of my identity. And I like that part of my identity, I'm not sure I want to end it.

6. Probably the biggest: I enjoy many aspects of my job -- the intellectual stimulation, the challenge, the personal growth it forces on me, the chance to make a difference, a certain level of respect, the social interaction with colleagues, the ability to speak my mind, the fact that my opinions/judgments really impact people's lives (hopefully for the better), etc. It would be hard to give all that up.

[daylatedollarshort]

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Originally Posted by Shawn Do you or have you experienced similar thoughts, and how did you deal with them? I really want to retire. I do not like my job. I do not like working. There are many activities in retirement I would like to pursue.

I work from home so I still have an income and a career, but I work on my own schedule. I don't have to commute so that frees up 10 hours a week for other activities. We live near bike trails and a state park with lots of scenic hikes. It is nice to have time for outdoor activities like hiking and biking during the week.

[Arifriekinel]

I don't understand a whole lot of the concerns. So many people worry so terribly about being "a lump" in retirement, but I don't understand what's wrong with that if it's what you want to do? Putting off retirement for fear that what you want to be is going to look boring to other people just seems silly.

I work from home like daylate, and I don't feel obligated to go out and do things regularly. I don't like to. But I also don't see anything wrong with that and am having a hard time understanding why others do.

[ER Eddie]

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Originally Posted by Arifriekinel I don't understand a whole lot of the concerns. So many people worry so terribly about being "a lump" in retirement, but I don't understand what's wrong with that if it's what you want to do? Putting off retirement for fear that what you want to be is going to look boring to other people just seems silly. I work from home like daylate, and I don't feel obligated to go out and do things regularly. I don't like to. But I also don't see anything wrong with that and am having a hard time understanding why others do.

I think it's because I would feel useless and pointless, like my life had no meaning or purpose or significance. It's not about what others would think; it's about what I would think (and feel) about myself and my own life.

I do think my concerns about being a "lump" are irrational and exaggerated. I don't think I'd actually turn into an inert lump of matter, if I retired. I think it comes from acting that way during my downtime, because I'm pooped from work (and probably also crashing from the caffeine I drink during the workday). My irrational brain says, "If you retired, you'd be like this [tired, worn out, feel like doing nothing] 24/7." But in my more rational states, I understand that the fatigue is a reflection of work and caffeine. If I retired, I'd probably just "decompress" for a while, then shift my energies somewhere else.

I'm not really a person who is designed to become a 24/7 lump. In fact, my worries about it are evidence that I wouldn't become it -- if that makes sense. I'm too concerned about the issue to let it happen.

Still, that is one of my worries. I admit that it is irrational, but it does come up for me, so I thought I'd list it.

[Savesome2]

The OMY syndrome pulled at DW and me, but we focused on the fact that we were working about 10 1/2 months of the year to pay taxes and pad the portfolio, with only a month or so to cover our expenses. That perspective helped us pull the plug last year at 41 because so much of the year's effort seemed unnecessary and far less palatable than retirement. So far so good.

[citrine]

I cannot understand the fact that you hate your job, and have more than enough money to retire on without touching your principle and you are still having doubts!?!?!
I don't think you will ever feel that you have enough and that is sad. We only have one life...you will not take this money with you when you die. Your Megacorp will not care when you go either. As for the co-workers and such...really?!

[Arifriekinel]

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Originally Posted by ER Eddie I think it's because I would feel useless and pointless, like my life had no meaning or purpose or significance. It's not about what others would think; it's about what I would think (and feel) about myself and my own life... ...I think it comes from acting that way during my downtime, because I'm pooped from work (and probably also crashing from the caffeine I drink during the workday). My irrational brain says, "If you retired, you'd be like this [tired, worn out, feel like doing nothing] 24/7..." ...I'm not really a person who is designed to become a 24/7 lump. In fact, my worries about it are evidence that I wouldn't become it -- if that makes sense. I'm too concerned about the issue to let it happen. Still, that is one of my worries. I admit that it is irrational, but it does come up for me, so I thought I'd list it.

OK, I get you I see that concern a lot around, as far as people talking about 'retire to something. Don't do nothing.' So I thought it was some social thing to feel useful.

I've never had internal need to seek our purpose or significance, so I must've just overlooked the fact that others actually do want to go out and do things. Without thinking that you'd be doing it for personal reasons, it seemed very contrary to a lot of the 'go ahead and jump, do what makes you happy,' mentality that also flows through this forum.

Thanks ER Eddie

[SumDay]

We're not quite there financially, but darned close.

However one of my real issues is an elderly (demanding, impossible to please) relative who will attempt to own me when I have more "free time". Really, I'd rather w*rk than be at this individual's mercy. So, when they go to the big golf course in the sky, I'll feel much more comfortable filling out my retirement papers.

[Spanky]

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Originally Posted by SumDay We're not quite there financially, but darned close. However one of my real issues is an elderly (demanding, impossible to please) relative who will attempt to own me when I have more "free time". Really, I'd rather w*rk than be at this individual's mercy. So, when they go to the big golf course in the sky, I'll feel much more comfortable filling out my retirement papers.

Sound likes a reason to move to another state or country.

[NanoSour]

Although there are several reasons in the list I can relate to, #11 is the one that most hits home. At ripe, young ago of 18 I had a moment where I instantly knew what I wanted to do for a career. It took 9 years of hard work, being in the right place at the right time, and a good bit of luck to make that dream come true. Now, 22 years later I'm at Megacorp doing a job I truly enjoy and making more money than I ever thought I would. For better or worse, I save most of it and that fact had a major influenced on my decision to ER.

I know I'm leaving much on the table (ER 4 weeks from today), but it really came down to the DW wanted to move to the other side of the country. We could afford it, so we're taking the road less traveled. I can't wait and welcome the challenge of making all work out. Even if that means going back to work some day.

[Delawaredave5]

People work because either:
1. They have to, or
2. They want to, or
3. They are too scared to do differently

If you don't "have" to work, then the question is where is work on one's "list of where they want to apply themselves each day".

If work is high on list, then keep working, full or part time.

But here's my point: There's a lot of people who have "more meaningful things they wish they'd do" but they keep working because they are too scared or lazy to try.

So #1 above is fine. #2 above is fine. Don't let #3 happen if it applies.

[tryan]

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I really want to retire. I do not like my job. I do not like working.

That sums it up ... anything else is analysis-paralysis.

But - hey - SOMEBODY has prop up social security for the rest of us ... so KEEP WORKING!