Can you believe it’s been weeks, a couple of months for some, and most of us are still quarantining? What an interesting new word we like to say. I don’t know about you, but I have truly been taking a closer look at my life during this global pandemic. One of the first things that came to mind is that I am knocking on the door to THE BIG 50 HARD. It’s a blessing for sure. Fifty is a wonderful and amazing milestone. I’ve heard that 50, one’s thought process shifts. I’m not sure if that’s a good thing or a bad thing. So, I have decided to swallow that 50 pill like a big girl and ask – what’s next. Here is my next – I am ready to retire! No lie, I’ve wanted to retire for years. We work most of our lives preparing to retire.
As a little girl running around my grandparent’s house, I’d always hear my grandmother talk about retiring at age 62. She would say, “I’m not working for nobody when I reach 62 (God willing).” Well, let me tell you, when Mrs. Vernell Gore reached the ripe age of 62 she retired, and boy was she happy. I think her grandchildren were equally as happy; because that meant summers at Virrick Park in Coconut Grove and lunch at Zayre’s (did you’ll know that TJMaxx took them over)? Please forgive me; I digress. Oh, and those wonderful trips to McCrory’s in Downtown Miami (the fried chicken was the best). Those were the days, great memories.
I was chatting with one of my favorite people, a mature woman that is slightly older than I am as she likes to put it. (She’s 77 but don’t tell her I told you.) Her personality and spirit are to be desired. She is always happy and outgoing; and she is RETIRED and living her best life. I always tell her she did everything right. While in the workforce she saved her money and invested well; so, she makes more retired than she did while working. I can always hear the smile in her voice every time I would tell her that.
Something she said to me after the last time I made that statement caught me off guard, though it was full of wisdom. She said, “make sure you don’t go broke taking care of your adult children.” I was quiet for a second; but she was right. I’ve seen retirees withdraw large sums of their retirement money to get their adult (in some cases middle age children) out of debt, give them down payments on homes, purchase luxury cars (with the expectation that their parents would make payments on these items as well). Honestly, I’ve seen them help the same child more than once.
We no longer must wonder why so many retirees are back in the job market working part time jobs. They are taking care of children they already raised and in some instances grandchildren and great-grandchildren. Yet, some in offices across the country disregard their dilemmas. I recall a conversation with someone about senior employees staying in positions for past retirement age. They believed that older workers should have graciously retired so that others could be promoted. It is the old mindset; THEY are holding on to the good jobs. THEY are really holding on to jobs because they have taken on major financial responsibilities to help maintain their adult children’s lifestyle, not realizing they are hurting themselves and their children.
The TOP 5 reasons retirees return to work are:
(1) Financially taking care of adult children and their families.
2. They worry about another recession.
3. They’re worried about outliving their savings.
4. They miss working.
5. They become entrepreneurs.