By Morgan Quinn, contributor for GOBankingRates.com
Many people dream of the day when they can finally quit working and enjoy retirement. But to Warren Buffett (shown here), “retirement is not my idea of living,” he has said. At 85 years young, when many of his contemporaries have long since retired, Buffett remains at the helm of his highly successful company Berkshire Hathaway.
If you’re thinking about retirement, take a page from Buffett’s playbook and reconsider working, even part time. Here are five reasons why Buffett will never retire and why you shouldn’t either:
You’re healthy: Americans are living longer and they’re healthier than ever before. So it makes sense that older workers are staying put, with many saying they plan to delay their retirement date or never stop working. In fact, the Bureau of Labor Statistics projects that by 2020, those 55 and older will make up 25 percent of the labor force.
You won’t have a fixed income: As soon as you leave the workforce, you’ll likely be living on a fixed income and counting on your retirement savings. If the market tanks or inflation rises significantly, you could find that could have a substantial impact on your ability to live comfortably. If you keep working though, you can continue to contribute to your retirement savings plan and capitalize on your portfolio growth.
You’ll stay engaged and productive: If you derive great satisfaction from your job, why consider quitting just because you’ve reached a certain age? Likewise, many boomers say their job gives them a sense of purpose. A recent Bankers Life survey found that 69 percent of middle income boomers who already retired said they would have liked to have been able to work longer.
You’ll continue to mentor: Buffett attributes much of his success to learning from older and wiser teachers. Delaying retirement allows you to impart your wisdom and experience to others. Older workers have the experience and coping skills to navigate stressful situations successfully.
You can leverage your knowledge: Buffett didn’t become one of the world’s most successful businessmen overnight. It took decades of hard work to gain the experience needed to build his empire. According to a recent survey by the Society for Human Resource Management, most employers recognize that older workers usually have more skills and experience than younger ones. The study also reported many organizations are finding it increasingly difficult to retain older talent as boomers start to retire. So consider working beyond retirement for your own satisfaction!