Other than proper finances, the leap of retiring also takes a lot of mental preparation. Quitting the work world after spending decades in it could destroy any person's routine. Many retirees, clearly not prepared for retirement, loses their self. If the retirement comes sooner, like due to any disability or caring for someone loved or even a layoff could result in sickness and depression. Many retirees also die quickly after retirement, unable to adjust to the new life.
Post-retirement work is common
Many people continue to work even after retirement. Statistics show that almost one worker among five goes back to the job force post-retirement. As per a report published by Sloan Center on Aging and Work and Families and Work Institute, approximately 75 percent of the workers said that they anticipate to transition to second careers or work in their old professions post-retirement.
Money is an important stimulus to work. Many Americans have not saved adequate quantities of money during their working years. This is due to a number of other responsibilities like caring for home or family. The result is that they have less money to spend on themselves during their twilight years. This does not mean that money is the sole reason for working post-retirement. A number of retirees work simply to augment their retirement income. The money goes to supplement the account distributions, pensions, and benefits. Working is also a way to be active and busy.
Even celebrities do so
The tendency to work post-retirement is prevalent among celebrities as well. One of them is Floyd Mayweather Jr., the professional boxer. He came back from retirement to fight a highly anticipated bout against Conor McGregor, the MMA fighter. Another post-retirement comeback is that of David Letterman, the CBS talk show host. He retired in 2011 after sitting in front of the camera for 22 years. He recently announced that he will come back in a Netflix show. Barbra Streisand, the acclaimed actress and singer, all of 75 years of age, will perform in a number of Las Vegas shows. She has also announced a Broadway musical which is based on her life. This musical is expected to come on the stage in 2018.
According to psychologists, meaningful and satisfying work is hard to cut off from one's life. Retirees have the advantage of living out childhood dreams which they never thought they could accomplish. This could lead many people to make a bright and happy post-retirement life.