About 20% of Americans don't ever plan to retire — here's why you should never hang it up (even if you're able to)

Losing out on quality health care

One reason we resist retirement centers on the loss of employer-sponsored health care. With many Americans not adequately saving for retirement, it makes sense that more than 20% of Americans don’t have an emergency fund for medical expenses.

A third of those who do have emergency funds don’t have enough to cover three months expenses. Staying on the job extends access to health care plans and offsets major out-of-pocket expenses — though in some cases, higher deductibles mean the sting is still there.

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Obeying the stock market

While many Americans see 65 as a proper retirement age, stock market fluctuations don’t care about those plans. There’s a chance your investment portfolio isn’t as strong as you’d like — and of so, you may need to spend more time working. That allows you to keep your money in the market long enough to benefit from an upswing.

And you’ll likely need to wait for now: The S&P 500 is down more than 8% since the start of 2022.

But what if avoiding retirement is a lifestyle choice?

Stay as long as you like

There’s no law that says you have to retire at any given age. Many find their careers stimulating enough that the thought of leaving those challenges — plus the professional and personal friendships forged over the years — raises the specter of boredom and monotony.

As finance content creator Rob Berger puts it, many of us have been conditioned to think that life begins once we end work. But those who find their vocations meaningful and socially fulfilling would disagree: Just ask 93-year-old billionaire Warren Buffett and his 99-year-old Berkshire Hathaway sidekick, Charlie Munger.

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Switch things up

Ditching retirement doesn’t mean staying stuck in your current career. For starters, you can move into something that suits your abilities and lifestyle as you age.

With new flexibility and remote-working arrangements, older workers have more options. Flexible work, Berger says, gives you the feeling of retirement freedom and still fills your day with meaningful activity.

Staying sharp

As we enter our older years and face the prospect of cognitive challenges, deferred retirement can maintain and even improve brain function. Loneliness can exacerbate inactivity and lead many older adults to pull back from activities that made them vibrant in their earlier years. And that raises the risk of rapid health declines with age, no matter your financial preparedness.

So focus on fulfilling tasks and projects; maintain a social network and friendships through a career and beyond. It can keep you sharp and lift your retirement-age life quality to a new level, no matter your working situation.

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