By Amit Sethi
Retirement planning is required for people who do not want to work after a certain age, so they need a corpus to meet their financial needs and a constant flow of return on investment to meet their regular financial requirements. However, does a person who does not want to retire ever also need such a retirement plan? If the person never retires, there is no need for a retirement plan! But, is it possible for anyone to keep working for their whole life and never take a retirement? Many people enjoy working in their life and never take a retirement, for example, you may have noted some actors, Lawyers, and businessmen continue working despite old age. To work in old age, you need motivation and passion along with skills. Here are key reasons that may help if you plan to never retire in your life.
Not Leaving The Work Can Help You Stay Active
If you are working in old age, it can help you stay active. You can learn new things to accomplish your work assignments and thus it will help you stay updated with new developments. Travelling to the office or workplace can keep you moving and thus it will help you remain fit as well.
Never Taking Retirement Can Keep You Financially Independent Forever
When you work, the income keeps flowing in. Usually, retired people have to depend on their retirement corpus to meet their financial requirements, but if you are still working in old age then you get fresh income to meet your financial requirements. Continuing work in old age can reduce your dependence on corpus such as for retirement. You can remain financially independent forever.
You Can Mitigate The Risks More Efficiently
Continuing work in old age allows you to build a bigger financial corpus compared to people who take retirement in their lives. So, your risk mitigation capacity increases with the bigger financial cushion that you get by working in your old age. With better risk mitigation and financial cushion, you can easily overcome all types of risks that may come in your life.
You Get A Chance To Learn New Things
Learning should never stop in one’s life. But, if you are retired, your chance to interact with people comes down drastically, thus it also impacts your learning process and social connections. However, if you continue to work in your retirement, you can meet new people, exchange experiences and get a chance to learn new things in your life. It can help you feel younger, even in your old age.
The decision of not taking a retirement should be made if you are healthy and fit to take the responsibility in your old age. The decision to work in your old age should be taken after consulting with your close family members. One must look at their health and do not force themselves to work in their old age. The decision to not retire in life should be take at an early stage in life and one must try to avoid doing it in the last minute before the retirement unless there is a financial emergency.
The author is an independent financial journalist.
