Why People Work Even After Retirement - Essay Example

Why People Work Even After Retirement Each individual set a limit in which he or she needs to accomplish his targets. The targets tend to be achievable only if the right mechanisms are set by the given individual. The same targets are the motivating factor that motivates a person to work more. Some tend to achieve them in a shorter period while others will never achieve these targets. The retirement period is what acts as a reflection of targets set during the years. The government personal reasons and other external factors are contributors towards attaining or failing to attain targets. The essay will focus on this emerging trend and will focus on the factors that contribute to this situation among the retired persons. Workers may fail to save enough and hence forced to work beyond the retirement period. The initial idea about saving is to enable a worker to have enough during his retirement period. Brooks (2013) explains the reason as to why people keep on working even after their tenure of work is over to be associated with lack of preparedness. The trend is blamed both to the worker himself. It is evident from brooks (2013) article that the rate of saving between individuals above 50 years is alarming. The majority start saving later on in life while others fail completely to save from their earnings. This becomes a crisis once a person attains his retirement age but fails to account for all his years of hardship and determination. The individual results in extra services to make a living when worst become the case most spend their little savings on establishment and does little to save. The result is the exhaustion of existing resources. The retired employee is forced to take up other jobs after retirement as a means of ensuring a living. The comparison between the previous jobs and current jobs may be obvious as the pay may be little hence forcing an individual to work hard and for longer periods. The periods worked usually do not reflect the pay and as a result the worker becomes slaves at their own choice. Some workers tend to ignore the government call on investing in the social security and hence their retirement period will be determined by their decisions. The government sets social security mechanism that allows the worker contributes to the scheme. The amount contributed to the social security scheme compensates individuals upon attaining a certain age defined by the law as a retirement period. The government ensures the employer submits his employee’s monthly contribution to the scheme. The worker is also mandated with the duty of ensuring that his or her monthly contributions are submitted by frequently inquiring for statements. The schemes are set but the government does little to trace each employer’s contribution to the scheme. The failure in the government scheme sees little invest in it and the end result is reduced savings and overgrowing demand for commodities that are characterized by high prices (Loretto, 2013). The high prices force those without retirement investment seeks reemployment in the private sector. Their age during the reemployment period prompts many employees to employ them based on experience merits but pays them less due to their age. This ensures many seek to seek employment rather than investment opportunities with the notion of seeking more resources to sustain their lives after retirement. The other reason as to why individuals work way beyond their retirement periods is the accumulated debts the individual had incurred during his working tenure. The accumulated debts range from mortgages and other loans from the financial institutions and other personal debts accumulated in the period an individual works. The mortgages are as a result of delayed payment or the increased burden of the loans compared to the amount of pay individual earns during his working period. The debts acquire a loner payment period and by the time the individual retires the amount of debts exceeds the levels of debt accumulated (Loretto, 2013). A worker is then forced to use his savings on paying off debt and after the savings are drained dry they result in seeking employment from other sectors to complete their debts and accumulate enough resources to sustain their lives during a specified time after retirement. Individual debts occur when employed individuals seek more funds from shylocks and other non financial institutions. They are accompanied by more interest as compared to loans from banks. The interest is as a result of their unsecured nature. The payment period becomes longer; the same effect is felt in the mortgage repayment schemes where they eat into their savings forcing individuals to work even after retirement. After realizing their working periods are almost elapsing, others result in delayed retirement in which they add some years at their retirement period. for instance if their retirement age is at 60 they may result to adding more than five years to this period and retire at later years(Social Security, 2014). The first reason given for earlier retirement is the notion that most consider the given period between the set retirement period and the added years as a period in which individuals may use to save more. The delayed saving periods ensures the worker regain the lost period by saving more to be used during his retirement period. The savings are saved to ensure investments by the worker. The period also ensures the individual pays off his debts and ensure the money accumulated during the working years is invested in activities and their benefits used to sustain their lives. The period sees the worker spending less on commodities and working more hours that his normal schedule as a means of ensuring his target is achieved. The target may be achieved in longer period that set times and hence the employee works more than the planned period (Loretto, 2013). The final reason as to why people work even after retirement is the boredom aspect. The scenario occurs when individuals are addicted to work and the retirement period creates a boredom environment especially to those who failed to invest in retirement projects. The boredom aspect is also brought about by the family members who neglect their duties to the elderly. The neglect prompts individuals seek other activities to keep them busy which in some cases result to employment (Brooks, 2013). An employed individual spends most of his time at work hence he is less bored. This is the reason as to why other individuals seek employment even after retirement. In some cases failure on government policies on the elderly, forces many to work with an aiming of making more money to sustain them during the old age (Social Security, 2014). Most tend to be opposed to the house of the elderly hence consider themselves strong and energetic hence offer themselves to the employment world regardless of their retirement status. They become marketable do to their cheap nature and experience hence most companies find no difficulty in employing this individuals. In conclusion environmental factors are the major contributors to the high rate of the retired work force seeking reemployment. The reasons range from the individual philosophies to existing government and other retirement scheme. The government sets sight in ensuring an individual enjoys his retirement period. Their policy in ensuring these policies are working includes the social security funds and other funds available from the government in ensuring the individual seeks other avenues of generating revenue. Most ignore these schemes and keep their individual priority first. They include debt payment, business investments and other personal reasoning. The factors prompt may to work longer than the set retirement period. The reasons in some cases are positive while others result in negative outcomes which is as a result of poor investment choice during the working period. Works cited Brooks, Rodney. “Havent saved enough for retirement? What to do?” USA today. 21 Oct. 2013. Web 19 Apr. 2014. Loretto, Wendy. Older people delaying retirement to change careers or start a business. The Guardian. 13 Jan. 2013. Web. 19 Apr. 2014. Social Security. How work affects your benefits. Washington: Social Security Administration, 2014.Print. Read More