Opinions expressed by Entrepreneur contributors are their own.
Key Takeaways
- The momentum of entrepreneurship and the satisfaction of business ownership might outweigh the appeal of retirement for many.
- Remaining active in business can have significant health benefits, including maintaining mental sharpness and avoiding “leisure sickness.”
- Continued work allows for ongoing innovation, team enjoyment and the opportunity to give back to the community.
Whether you are a serial entrepreneur or have spent a lifetime growing a business, there comes a time when you question your next step. Statistics vary, but it is estimated that approximately 4.1 million Americans are expected to retire each year through 2027, which averages to about 11,200 people per day.
There are many reasons that people leave the workforce. Some got a huge payday when they sold their business and are not yet ready to start the next venture. Some retire because they want more freedom to travel and pursue other interests. And for others, health concerns or stress push them to simplify their lives.
No matter what the reason, I believe it is wise to avoid retirement. Yes, you heard that correctly. Here are my top seven reasons to consider never retiring.
Related: The Unexpected Way Retirees are Reigniting Their Passion After Stepping Down
1. You have too much energy to sit on a couch or play endless rounds of golf
It takes a certain amount of energy to run a business. There is a thrill that comes from getting things done. When a small business owner decides to do something, they want to move — really fast! I know that I hate red tape. I hate endless meetings. I hate having to sit and wait for things to unfold. Most of the small business owners I know love the fast pace. Slowing down? No, thank you. That is why the idea of retirement is not appealing. That does not mean that you can’t take time to enjoy life. You just don’t want an endless vacation.
2. You love to take risks
Business owners often have an appetite to try something new, do something different. We know that taking a risk leads to greater innovation, new products and services and beating the competition. There is a sense of satisfaction that comes from doing something that sets us apart from the rest. Consider the athlete who is always pushing to beat a record, win a game or inspire others to compete. There is a sense of pride in the accomplishment, proving yourself and being recognized as a leader. The same thing is true of business owners. Entrepreneurs are inherently risk-takers and even if they fail from time to time, the stimulation that comes from putting themselves at risk is addictive.
3. You get paid to do what you love
I can’t tell you how many times each month I have people say, “Wow, you really love what you do.” I do; it must be obvious. I am not alone. Most business owners I know jump out of bed and are excited to get to work. They take a passion and turn it into a business. It does not feel like work… so why retire?
Related: Innovation without Responsibility is Risky
4. You fear the onset of “leisure sickness”
Yes, it is a real thing. Leisure sickness, also known as vacation sickness, occurs when a person becomes physically sick from the anxiety of not working. Have you ever been sick on a vacation or a weekend but miraculously are well when you go back to work? Think about it. When individuals retire before they are ready, if they ever are, they experience boredom and depression that impacts their overall sense of wellbeing and health. The mere thought of leaving a business can have significant physical effects such as headaches, fatigue and muscle pain. Don’t get sick. Keep working.
5. You want to stay mentally sharp
It is true that the brain needs “exercise” just as the body does. While working, most people are reading, engaging with others in debate or conversation and solving business issues. All these things help you flex that important muscle- the brain. When people retire some of these activities decrease and connections are fewer. Brad Merker, PhD, a neuropsychologist at Henry Ford Health, says, “The easiest way to keep your mind sharp as you age is to develop a meaningful life. The combination of a healthy lifestyle, work that motivates you and a sense of purpose goes a long way in terms of safeguarding the brain.” For many meaning and purpose come from work and to stop working can result in cognitive decline.
6. You have built a great team
It takes a great deal of time and effort to build a high-performance team, so why not enjoy it? One of the biggest reasons that business owners retire is that they simply burn out. They have not figured out how to delegate so that they can do the important work. If you are a person who has figured out what you should and shouldn’t be doing, that is a really important step toward building a business where you can work as long as you want. You don’t need to retire, and you can probably take more time off.
Related: Why Retirees Have a Hidden Edge as Entrepreneurs
7. You can give back
There is a certain amount of power in owning a business. It has resources. It has talented people. It has treasure. Owning a business gives you the opportunity to make the world a better place. It does not need to be a formal program or defined volunteer opportunities for employees. You can connect with organizations that you are passionate about and then support them with time, money or pro bono services. Without being too sappy, it just makes you feel good.
These are just a few of the reasons that retirement is not for me. I plan to work for many years and consistently reinvent myself. Of course, that requires effort. If you, like me, don’t want to retire, strive to stay relevant, remain in good health and do purposeful work — paid or unpaid.
One final note: A great deal of research has been done on exit planning. At least one source reports that 80% of small business owners have no formal exit plan. Everyone should have a plan in case the unexpected happens — as it often does.
Key Takeaways
- The momentum of entrepreneurship and the satisfaction of business ownership might outweigh the appeal of retirement for many.
- Remaining active in business can have significant health benefits, including maintaining mental sharpness and avoiding “leisure sickness.”
- Continued work allows for ongoing innovation, team enjoyment and the opportunity to give back to the community.
Whether you are a serial entrepreneur or have spent a lifetime growing a business, there comes a time when you question your next step. Statistics vary, but it is estimated that approximately 4.1 million Americans are expected to retire each year through 2027, which averages to about 11,200 people per day.
There are many reasons that people leave the workforce. Some got a huge payday when they sold their business and are not yet ready to start the next venture. Some retire because they want more freedom to travel and pursue other interests. And for others, health concerns or stress push them to simplify their lives.