to retire or not to retire?

25 May 2011 | reflections , career , life

To retire or not to retire? That is the question facing many of today's baby boomers and even seniors.

This month our very own receptionist Di Berthon told Groovy Grandmas exactly why she chooses to stay on at ipac. Here is a transcript of the article:

Baby boomers have always done things their own way, and with the oldest of them now approaching retirement, they’re redefining that too.

“I don’t do old, I don’t do decay and I don’t do retirement,” says financial planning company ipac’s very own “groovy grandma” Di Berthon.

She works three days a week as a receptionist at ipac, in between helping out with her five grandkids, supporting her husband in his business and visiting her mother in the nursing home several times a week.

While Di enjoys the freedom part-time work gives her to spend time with her family, fulltime retirement just isn’t in her “vocabulary at this stage.”

“I still have so much more to give. Why would I retire and go into old person’s mode? Work keeps me vital, and working with young people keeps me up-to-date with what’s going on.”

Di’s not alone. These days more and more over-55ers are refusing to let retirement happen to them, instead looking at what’s important to them and planning their life around that.

For some that means transitioning to retirement with part-time work, while for others it means volunteering, spending more time helping out with family, or finding zenployment (a second job more aligned with your personal values).

In fact, according to an Australia Bureau of Statistics report ‘Older People and the Labour Force’, the participation of over 55ers in the workforce has increased from 25 per cent to over 34 per cent in the past 30 years, with most of the increase occurring over the past decade.

While some people are choosing not to retire in the first place, many others who have retired are now having second thoughts and returning to the workforce. According to the ABS, in 2008-2009 alone, 144,000 people over 55 re-entered the workforce.

While these figures reflect the impact of the global financial crisis on retirement savings, ABS research show financial concerns aren’t the only factor at play. According to their surveys, only 37 per cent of people returning to work said they were motivated by financial reasons, with 34 per cent reporting they were bored with retirement and another 13 per cent saying they had taken advantage of employment opportunities which arose.

For Di, it’s certainly not about the money. While she admits the extra pocket money is nice to keep up with her love of fashion and technology, for her it’s all about finding happiness and balance.

“You do need a certain amount of money to survive in this world today but for me it’s always been about happiness and work keeps me happy. I don’t have time to worry about how old I am or the extra wrinkles on my face. A balanced life is a happy life”

Of course what constitutes a happy and balanced life is different for everyone so the key is discovering what’s important for you, and planning your life and finances around that.

If you'd like help to define what you want and put a plan in place to help you get there contact us today.