Question: "I’m burned out at work, but I dread retirement boredom and loneliness. What do I do now?"
Answer: That in-between feeling is tough. It's no secret that many people struggle in their first year of retirement. If you retire without a purpose or structure, you might flail and face boredom, loneliness or even depression.
There's also the money question. The idea of retiring can be scary, financially speaking. It's tricky to shift from a lifestyle in which you're earning a paycheck to one in which you're living on savings and Social Security.
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However, financial worries might not be the only reason older Americans are staying in the workforce today. For some people, the idea of retirement could seem downright unappealing.
Retirement is not all fun and games
Working on a full-time basis can be stressful in its own right. But retirement doesn’t always turn out to be the laid-back, carefree period of life people expect.
Recent Transamerica data (PDF) finds that many older Americans are dissatisfied with various aspects of retirement. Only 53% of retirees today have an active social life. A good 27% feel unmotivated regularly, and 24% often feel anxious and depressed.
The core problem stems from the fact that retirement often becomes boring for many people. While you could dabble in new activities, take a class or find other ways to occupy your days, it might not be enough to stave off true mental health issues.
It’s for this reason that more working Americans could be delaying retirement. The Center for Retirement Research finds that the average retirement age in 2024 was about three years later than it was 30 years prior. While part of that could boil down to rising life expectancy rates and financial concerns, the fear of ending up unfulfilled in retirement might also be driving this trend.
When there's no desire to retire, but work is getting too hard
You might be interested in delaying retirement in theory because the idea of not working sounds depressing. But what if it’s getting harder to work full-time?
Pivot to work from home or tech advising
Gary Watts, owner and president of Watts Advisors Tax Planning, says that it’s important for older Americans to come to terms with the fact that they might not have the stamina to work full-time as they did when they were younger.
“I have a lot of senior clients with exactly the same concerns,” he says. “They don’t want to retire, but conventional work is no longer an option for them.”
Watts says people in this boat who are tech- and computer-savvy have a prime opportunity to do something meaningful with their days and perhaps improve their finances at the same time.
“Let’s face it. Many seniors have struggles with technology and basic computer skills,” Watts explains. “They would love somebody in their peer group who could help them. ... A senior could work from home and with a screen-sharing capability, set up a dandy little business helping other seniors.”
Explore social media as a platform
Watts also notes that many seniors who are forced to leave their jobs due to a lack of energy for a full-time schedule can benefit both mentally and financially from sharing their skills with others. A good way to do so, Watts says, is to use social media as a platform.
“It’s possible that if they get enough followers, they could even monetize that interest,” Watts says. “Young people do it all the time. Why couldn’t a senior be an influencer?”
Though that might fall outside of many older people’s comfort zones, Watts says it could be worth it to take the leap.
“The learning curve can be a little steep at first, but not insurmountable,” he says.
Consider phased retirement
Melissa Murphy Pavone, founder of Mindful Financial Partners, also recognizes that the idea of retirement isn’t guaranteed to be universally appealing.
“Many people don’t fantasize about retiring to a beach or a golf course. They enjoy working, having purpose, contributing,” she says.
However, Pavone says that retirement is no longer an all-or-nothing prospect.
“Retirement doesn’t have to mean you’re done working,” she says. “It might just mean shifting to work on your own terms.”
Pavone suggests that older workers who can no longer manage a full-time job might consider phased retirement — consulting or freelance work with flexible hours, or part-time work in their current field if they can find such opportunities. She also suggests “starting a passion project or low-key business that brings joy and income.”
Volunteering or mentoring, if finances allow, are other avenues Pavone recommends. Similar to Watts’ advice, it’s a good way to give back and find something meaningful to do that can take the place of the contributions you might have once made in the workplace.
Walk your own path
We often hear about people who retire early, on time and late. Typically, that means they work up to a certain point, then they don’t.
However, Pavone says you have other options if retiring is undesirable, but your current work schedule isn’t sustainable for much longer. Think about the things that drive you, coupled with your financial needs, to come up with a way to work in a manner that suits you.
“You don’t have to retire in the traditional sense,” she says. “You just have to design a life and financial strategy that supports the rhythm you want.”
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