Contrary to the previous post on choosing your retirement age, there are some who feel strongly that you should never retire.
Some People Can Be Happy Never Retiring and Nick Midey, who is a lawyer, is just such a person.
“I’ve practiced law for 60 years,” says 82-year-old Nick Midey. “My doctor tells me if an active guy like me stops working they often die within six months, so I never plan to retire.”Â Midey’s secret to such personal satisfaction lies in his passion for his job. “I love my work,” he says. “I enjoy meeting and helping people – I never want to give this up.”
Midey noted that four years ago he had heart surgery and was confined to his home for a few months to recover. “I nearly went crazy. I read everything in sight and easily tired of TV. I couldn’t wait to go back to work.” He said it was during this recovery period that he decided he’d never retire.
An even more illustrious example is Sir Alex Ferguson, the manager of Manchester United.
I never think about retiring any more – if my health’s fine I’ll carry on. Ferguson stopped short of indicating he would have to be carried out of Carrington in a box, though he did concede that he might go on managing into his seventies after all.
‘I don’t know what I’m going to do or when I’m going to go, it’s very difficult to say,’ the Manchester United manager, who turns 67 next month, said. ‘My only plan at the moment is not to have a plan. I don’t ever think about retiring any more, I’m not going to put myself into that situation. I’ve stopped thinking, “Should I go this season or next?” You’re not forced to retire now, after all. If your health is all right and your team is doing well there’s no reason not to carry on.
Such individuals who do not wish to retire are presumably in the minority.Â However a Vancouver Sun item today suggests that Pension woes could see older workers ‘retire on the job’.
Company pensions funds have fallen so deeply into deficit that the eroded benefits some plans would now provide could prompt older workers to shelve their retirement plans, in some cases also eroding their motivation to the point where they in effect “retire on the job.”Â That warning came Thursday in one of two reports on the deterioration in the health of employer pension funds.
Members of defined benefit plans, which promise a set level of benefits at retirement, will be at risk only if the company does not survive long enough to fully fund the plan, according to a report by consulting firm Watson Wyatt Worldwide.
The pensions of workers in defined contribution plans do not have that security.
A pension report by consulting firm Mercer indicated that pension plans may be even deeper in the red, with their assets having fallen to less than 60 per cent of what is needed to fully cover benefits.
“The financial health of Canadian pension plans plummeted in 2008, as stock markets and interest rates declined sharply,” the Mercer report said.Â Its index of the ratio of assets to liabilities of a “model” pension plan fell to 59 per cent from 82 per cent last year, a 23-point drop.
Choosing not to retire is a very different situation from having no choice but to continue to work.Â It certainly seems that many will be in that unfortunate situation.
Footnote: If you are interested in books on Retirement, then why not visit the Retirement section of the Money Bookstore.
Related articles by Zemanta