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Is Retirement such a Big Deal?
The rising trend of un-retirement in the country has many reasons, but the most common are financial issues and the desire to be socially active. According to a recent survey by the Australian Superannuation Fund in partnership with WorkSafe Victoria, 169,000 people in Australia were planning to return to work in the future. Of these, 42% said they were going back to work for financial reasons, and 29% said they were returning because they just needed to do something different.
While many Australians are still young at heart, 60 is becoming the new 50 if you’re considering retiring. A higher retirement age means more people living longer and enjoying healthier lives. This increase will also allow the state pension scheme to continue to meet its costs. It is also because nowadays, it is becoming boring to just sit on your couch and not do anything.
For instance, Rose Smith, 60, has no plans to slow down. She started Absolute Soul Secrets in Australia at 40 and said she would continue working at this pace until she reached 75 or 80. This is not because she needs to but because it’s something she loves.
She says, “Just because you’re 60, it doesn’t mean your life’s work is done; the most exciting part may still be on the horizon. I don’t believe there is an age to stop or start anything.” She further explained, “Be open to new things. At 40, I started this business, and now I’m over 60. I’m just getting so much done…Youtube, study, running my psychic network.”
It doesn’t matter if you are like Rose and want to work full-time for the next few days or if you think about dropping back a few days; it can be difficult. You can choose to give up one shift to spend more time with your grandkids or to focus on your hobbies.
Should you work part-time for five more years to build your bank account? You can do it however you like. There is no right or wrong way; everyone has reasons to do whatever they want.
The retirement literature has evolved significantly over the last 20 years. Empirical economics has added a new dimension to retirement study and enriched existing knowledge. But at the end of the day, it is totally up to you. You can continue doing what makes you feel more alive, and if playing with your grandkids makes you feel excited, you can opt for that too.
Nonetheless, it is difficult to determine whether this rising trend will continue. While the un-retirement rate is likely to rise further, a higher level of unemployment may help the economy by creating a larger pool of potential workers. This, in turn, could help to tighten the labor market, attracting more people to work.