Why do people retire?

There are many people I know who are contemplating retirement 5-15 years before they HAVE to retire. When I ask them WHY do they want to retire, these are the normal answers that I get:

1. Have enough money. However there are a few people who say they have ‘enough’. Then I calculate how much they need, they keep their mouth shut – they have forgotten inflation DURING retirement!

2. Spouse earning much more than we thought we would earn: This is true largely for women who are currently not in high paying jobs. When their husbands start earning Rs. 75 lakhs, and along with stock options their net worth is in excess of Rs. 3-4 crores + a house…the itch to quit bites them. However there are women who say “Will get bored at home” so they do not quit!

3. Kids have settled: When the kids are settled and you want some free time for yourself – or even to play with grandchildren it becomes a good reason to quit.

4. To look after a problem kid / ill kid : AT least 7-8 people I know have taken a VRS to help or be with a kid who needs help. It could be a physical problem – but largely it is the mental illness which requires a parent’s attention.

5. To look after a parent or an inlaw: Again largely a woman who gives up her career for looking after an ill relative.

6. Company policy of retiring persons above a particular age – clearly not a voluntary option.

7. Did not like the job / boss / location: Older people who are pushed to do things they do not like, with people who do not respect them, or in a location where they may have to live without their family….

8. Own health not permitting travel by train / car / bus or not wanting to do a touring job after a particular age.

9. Not appreciated

10. No work: Salary was being paid on time, but I did not think I was adding value to the company! A very very sensitive answer, but I have got this answer too!

…..will continue as i get more answers…!

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2 Responses to “Why do people retire?”

  1. Official reason -Retiring persons to give the org. a new look.
    Real reason – Once the management passes to the new generation of the owner, they find their own coterie. This coterie feeds the new boss as per their likes. Often, they are at a distance with the elder employees.
    As a result, the new boss is made to understand that ‘oldies’ are not worth it! The same ‘oldies’ stood by their father’s side when he launched/started the journey. However, all this is labeled as’senti’ by the new gen. and the older fols are asked to leave one by one.
    Happened to many fols i know, and in no cases were the elders emp. unwilling to learn new skills. They were simply relegated out. Where orgs. are run like “lala ji ki dukaan”, this happens. And such dukaans are also on the Bse. Have a couple of detailed stories on this one, but that would make for boring reading?
    Sadly, at a later stage of life, the elder emp. can not find a new place.
    And is thus forced into retirement..

  2. Please read “fols” as “folks”. Thanks

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