Many people dream of retirement and can't wait to kick off that stage of life. But not everyone is gearing up to end their careers for good.
Recent TIAA data finds that one in seven Americans don't plan to retire. And a big reason boils down to a lack of financial preparedness.
Now clearly, it's not great to land in a situation where you want to retire but can't due to an absence of savings. But in reality, planning to never retire isn't actually such a bad thing.
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When you take the pressure off
Many people push themselves to consistently fund a retirement plan under the assumption that at a certain point, they're going to have to stop working completely. But that, frankly, puts a lot of pressure on retirement.
What if there were a better way? What if instead of pushing yourself to retire at a specific age, you instead make a plan to keep working in some shape or form for as long as your health allows you to? You may find that doing so removes a layer of financial stress.
Furthermore, not retiring in the conventional sense of the word might lead to a more meaningful existence as a senior. Many older people who stop working completely find that they're bored and unhappy in the absence of a job and the structure it offers. And a lot of retirees find that they miss the camaraderie a workplace once provided.
If you continue to work in some capacity as a senior, you may find that you're happier on a whole than you would be had you taken a "hard stop" approach to work. Also, you may not have as many financial worries. After all, if you're earning a paycheck of some sort, it means you're not limited to the (often meager) benefit Social Security pays you every month.
Remember, too, that thanks to the gig economy, working in retirement looks very different today than it did 15 or 20 years ago. Nowadays, you can moonlight as a ride-share driver, sign up to house-sit in your neighborhood, or publish an e-book or online content here and there for money. You can also seek to monetize a hobby of yours, whether it's baking, crafting, or art.
There are so many options to choose from. And the best part? You don't have to choose just one. You could leave your long-term career behind and spend 20 hours a week selling custom cakes and caring for pets if both are things you're interested in doing with your time. Not only that, but you could also rotate gigs on a month-to-month basis to keep things interesting.
Keep your options open
It's not a great thing to write off the idea of retirement due to a lack of funds. But it is a good idea to consider not retiring, but rather, finding ways to adjust your approach to work as you see fit later in life. The latter option could help you avoid a lot of the issues so many seniors who don't work at all inevitably face.
