Should You Ever Retire?

"According to a recent Transamerica Center study, 57 percent of baby boomer workers believe they will retire sometime in their 70s or don't plan on retiring at all. Some 48 percent of U.S. workers believe they'll have a "phased retirement," where they would gradually wind down their responsibilities and job duties to have more leisure time."

"If or when one should retire is a wholly personal decision based on many factors, including how much one likes the job (and the boss, if there is one). A slew of other variables goes into the mix, such as how much money an individual has tucked away and, as important, what one plans to do while retired."

"Why are Americans delaying or completely giving up what was considered a cherished part of life, a reward for decades of work? To put it most simply, Americans like to work, a legacy of our Puritanical ethic in which work is divinely ordained. This is especially true for baby boomers, who closely associate what they do for a living with their personal identity."

A significant portion of American workers, particularly baby boomers, are delaying or rejecting traditional retirement. According to Transamerica Center research, 57 percent of baby boomer workers expect to retire in their 70s or not at all, while 48 percent envision phased retirement with gradually reduced work responsibilities. Retirement decisions depend on multiple factors including job satisfaction, financial savings, life expectancy, and post-retirement plans. Americans delay retirement partly due to cultural values linking work with personal identity and purpose. Baby boomers especially associate their careers with self-definition. Companies increasingly recognize older workers' value and are developing job-matching platforms targeting workers aged 55 and older.

Read at Psychology Today