Is retirement really necessary? | The Tylt

Is retirement really necessary?

Most people assume retirement comes with old age, but for some, retirement isn't the first choice. Many argue that retirement gives workers the chance to finally spend time with their families, pursue hobbies or even start second careers. But some economists argue that it might be in employees' best interest to push back the finish line. What do you think? 

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Workers typically retire sometime in their sixties. For most, retirement represents a special kind of freedom, one they've worked hard for their whole lives. Retirement is a concept that employees deserve to enjoy after giving decades of their lives away to work–whatever that work might be. 

According to CNN Money's Adam Levy: 

It's my opinion that everyone should pursue the opportunity to retire as early as possible. Having the financial security to choose what you do with your time is one of the greatest gifts you can give to yourself, your loved ones, and the causes you're passionate about.

Retirement translates to greater time spent with family, friends and the community at large. For some, retirement opens doors to travel and hobbies that they've wanted to pursue all their lives. In offering unrestricted time, retirement enables workers to follow their dreams–a well-deserved reward for a lifetime of work. 

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But is retirement just a concept everyone has become accustomed to? No one says you have to retire; in fact, the concept is fairly modern. According to The Atlantic's Sarah Laskow: 

In 1881 Otto von Bismarck, the conservative minister president of Prussia, presented a radical idea to the Reichstag: government-run financial support for older members of society. In other words, retirement. 

At the time, the concept was meant to aid those who were unable to work due to the physical toll of old age. According to U.S. News' Phillip Moeller, the majority of retirees in America these days do not step away from work because they are unable to perform their job. Those who do work in physically -taxing jobs should retire whenever they need to, but as Moeller points out: 

For the rest of us, retirement is, quite frankly, often a default choice that we've been brainwashed into accepting. Saying that it's time to retire becomes less and less relevant with each passing year. Not only are we living longer, but the quality of our lives in older age can also improve. Physically taxing jobs are disappearing. Knowledge jobs can be done quite well by older people.

Moeller argues that working into old age can actually support one's health, rather than detract from it. Work keeps employees sharp and offers sustained fulfillment.

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Retirement is typically something you plan for throughout your adult life. Although far less common today, jobs with 401K benefits are something young people clamor for. If your job offers a pension plan, you've struck gold. Yet, according to a 2018 Gallup poll, 46 percent of Americans are concerned that they will not have enough money to live comfortably in retirement. Yet, 78 percent of retired Americans reported that they do have enough money to live comfortably in their retirement. The Street's Kinsey Grant reports: 

That's good news for those already furrowing their brows before they retire. Odds are, plenty more Americans will live comfortably in retirement than they might think in their younger years.

Concern about retirement will always exist, particularly among millennials. But according to CNN Money's Walter Updegrave, there are a handful of strategies that anyone can use to make way for retirement. They are simple, but they require discipline:

1. Develop responsible money habits from the get-go...I'm not talking about saving a few bucks here or there...Rather, I'm talking about the big picture–namely, adopting an overall lifestyle that allows you to live below your means.
2. Start saving ASAP, even if it's a pittance...Getting that early start, even with a modest amount, is crucial, since establishing the discipline of regular saving in your 20s or 30s makes it more likely you'll continue that regimen in your 40s and 50s when you're earning more and can likely afford to save more.
3. Get the most out of the money you do manage to put away.

By following these three strategies, retirement suddenly becomes an attainable reality–one that you can look forward to, rather than worry about. 

#NeverRetire

But millennials are also changing the nature of work itself, and in doing so, changing the conception of retirement entirely. Financial planners, economists and parents tell young professionals to start thinking about retiring early, and to put as much savings as possible toward "the ultimate goal." But what if millennials change the way they save in order to support a lifestyle of "mini-retirements" instead of a single hard-stop on work?

According to Investopia's Shoshanna Delventhal: 

Timothy Ferriss’ New York Times Bestseller, '4-Hour Work Week: Escape 9-5, Live Anywhere, and Join the New Rich' popularized the idea of using various 21st century advances to transform the traditional model of a deferred-life plan, where people save everything for retirement and work long hours in the same cube for over 40 hours a week.
The advent of technology, work arrangement flexibility, and global mobility, make it easier to live a life of mini-retirements, instead of saving it all for later. Ultimately, retirement savings should and will continue to be an important aspect of our future plans. To live a life without many regrets, we must find a balance between living in the now, preparing for short-term emergencies, and planning for a long and leisurely retirement.  

Calls for greater work-life balance support this kind of set-up. By listening to your own needs and acknowledging when you need a break, workplace longevity will last longer and push the need to retire back further–if it's even necessary at all. 

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Although some argue that retiring makes way for a new generation in the workforce, retirement can also mean a second career for those in their sixties and seventies. Old age does not mean your ambition has fallen by the wayside; retirement enables the senior generation to revitalize their outlook on business, the economy, and how they want to contribute to it. 

In other words, retirement from one career opens the door to start another. 

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Warren Buffet, chairman and CEO of Berkshire Hathaway, legendary business magnate and investor, advises employees to never retire. At the age of 87, Buffet does not plan to retire, and he doesn't think anyone else should either. 

Inc's Minda Zetlin reports on Buffet's perspective, who says that you should love your job into your old age, and if you don't, find a new one. According to Buffet: 

In today's economy you have many alternatives to the so-called 'square wave' where people go from not working to working full-time, and then stop working just as abruptly when they retire. Renegotiate your hours or time off, quit to become a consultant so you can work only when you want to, or even become a volunteer. Whichever you choose, you'll have a more interesting time, and you'll remain more engaged than if you spend your time watching the world from your back porch.
FINAL RESULTS
Culture
Is retirement really necessary?
#RetireASAP
A festive crown for the winner
#NeverRetire