Working into Retirement Age by Spencer Hill

A greater number of individuals are working into their late 60’s, 70’s and even into their 80’s. A couple of weeks ago on TV, there was a report on an OB/GYN who was still seeing patients and teaching at a medical school at age 100. This will become more common as life expectancy increases. Other reasons are people want to maintain their lifestyle as they age. By using retirement savings to supplement other earnings, one can work less, maintain a retirement nest egg, and have time and resources to enjoy life better.

The people I have met that continue to work after normal retirement age enjoy what they do. These individuals are engaged in their community and church. Sitting on a rocking chair on the porch just doesn’t interest them. They believe being active in business and community keeps them healthier and mentally stronger than their peers.

A fellow in my community worked for a national restaurant franchisor turning around weak franchises. He retired, took his 401k monies and bought a franchise. After doing the due diligence looking for the one with the most problems, which had great traffic, and the most potential to be turned around; he settled on one. For the next five years, he and his wife worked in that restaurant seven days a week. Eventually finding a young man that could be trained to be the manager, then found assistant managers to work nights and weekends. Now 12 years later, he works about 4 days a month doing maintenance and checking on the money.

Sometimes that career in retirement is completely different than your original career. Another gentleman I know worked construction during the college summers. After leaving the military, becoming a teacher he found himself working construction in the summer to make more money. His career advanced being a principal and a district administrator.  Seven years from retirement he took the general contractors license test and formed a construction company. Over the next few years his company did remodeling on residences and some new construction. Now fully retired with a state pension, he still does construction, but only jobs he wants to do that have an above average profit.

These are but a few examples of the people I see working into their retirement years. The two motivating factors are 1) they love what they are doing and 2) their quality of life is better than just living off their retirement nest egg. 

Anyone can accomplish this if they plan to pursue their passion in retirement. Some take a hobby and create a business, for example a female lawyer who enjoys doing parliamentarian work that pays for her travel and makes a profit at it. As for me, I am planning to work and enjoy life for the next 50 plus years into my 90’s. I have my office with an 85 year old accountant who comes into work in the morning singing. He maintains two offices and works 6 days a week. The other day he told me he would consider retiring in 15 years.

Spencer Hill

University Retirement Specialists

Kingstree, SC

843-355-6024

spencerhill@hillassetmanagement.com

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