Working for life

The headline grabbed my attention: “The Secret to a Successful Retirement: Don’t Retire.” It adorned an article on The Street about a study by Boston College’s Center for Retirement Research: “The best financial advice for the growing number of Baby Boomers eagerly approaching retirement is: ‘Don’t.'”

The study found that a combination of depressed home prices, poor stock market returns, inadequate savings and diminishing pensions means that many people approaching retirement have one alternative: to work longer.

That wasn’t what I was expecting to read. From the headline I thought the article would take a contrarian point of view: that some people find fulfillment in work and would miss that in retirement, along with other benefits like socialization and lottery pools. That busy people seem happier than lazy ones, or just don’t have as much time to complain. That spending more time on Facebook or hugging the TV remote doesn’t lead to a spiritual awakening.

Look at Paul McCartney. He just turned 70 and he’s still performing.

If we believe what people say they’ll do–a big if–most Americans plan to work past age 65–some 74 percent, according to a study released in May by economists at Wells Fargo Securities LLC. Most seem worried that the Great Recession has blown a hole in savings and retirement plans, but I think the reasons for hanging on run deeper.

Work is as much about engagement as it is about money. Yes we need to pay the mortgage but we also need to stay sharp and work helps us to apply that focus throughout our lives, on and off the job. It’s good discipline.

So the next time someone asks when you’re going to retire say “never.” They’ll think you need the money. You’ll know the real payoff.

Jeff Widmer