Is true retirement a thing of the past? – Oswego County Business Magazine


The Ministry of Labor reports that 40% of people over 55 are working or looking for work; 16% are self-employed unincorporated

By Deborah Jeanne Sergent

Your parents ‘generation (or your grandparents’ generation, depending on your age) retired in their 60s from a single career to move to Florida, go on a cruise, volunteer, or any other mix of hobbies. personal.

More than half of people of retirement age continue to work or retire and put their heads in the spotlight by consulting, changing careers or starting their own business.

According to the Ministry of Labor, 40% of people 55 and over are working or looking for work and an additional 16% are unincorporated self-employed workers. The reason they continue to work varies.

They say they need more money, are bored of working, or want to accomplish more.


“The last generation had expectations of income generation resulting from Social Security and, in many cases, defined benefit plans, where the employer deposits until retirement, but the employee contributes nothing,” he said. said Trygve Stout, MBA with Stout Financial Network, LLC, at Oswego.

As Social Security and defined benefit plans have withered, keeping working is a necessity for many people.

Some people aged 60 and over did not have adequate financial planning to prepare them sufficiently for retirement. Stout added that they may have exceeded their retirement income due to poor planning.

With a longer life expectancy today than at the start of their career, some people believe they are at risk of outliving their money.


Gary Lim, owner of Aurarius, LLC, in Manlius, has been self-employed for over 20 years. He likes the idea of ​​knowing that he has a fulfilling job for the rest of his life.

“Retirement is not a word that fits my vocabulary,” Lim said.

But he realizes that a lot of people don’t.

“I know a lot of people who have worked in a company for decades,” Lim said. “When they reach the point of retirement, they retire and move on. Some are eager to do what they want.

But ultimately, many of them feel unhappy about sitting around and looking for work or finding a way to earn money that they find fulfilling.

“It gives you direction, whether it’s what you define or what your employer defines,” Lim said. “If there is no direction, in some cases it ends up being dangerous for the health. There are examples of long-time employees who decided to do nothing afterwards. Some of them end up dying quite quickly.

Floyd Creaser, owner of Floyd Creaser Quality Used Cars, Inc., in Syracuse, is 79 years old and doesn’t plan to leave the car business anytime soon.

“I’ve had a few retired friends and I don’t like how some of them are, to be honest,” he said. “They stay up late, sleep longer and take an afternoon nap. They are less active.

He encourages people to keep working and to make themselves useful in one way or another.


Randy L. Zeigler, Certified Financial Planner for Ameriprise Financial Services, LLC in Oswego, has observed retired clients returning to work because they can’t find anything else they want to do. Some of them return to work part time.

“It’s in a less demanding and stressful position than before they retired,” Zeigler said. “A lot of people still retire and never look back. “

Many people have developed friendships at work and feel disconnected from no longer working. While they can always make new friends in retirement, they share little in common with them compared to longtime co-workers.

Zeigler encourages people to plan for retirement early, and not just financially. While it’s important to set aside enough money, it’s also important to plan what you want to do.

“It’s much better to start planning at an earlier age for this later stage in life, which can actually turn into a major stage in life – even 20 or 30 years old,” he said.

Meeting with a financial advisor and maximizing the employee benefit plan are important steps in financial preparation.

Ziegler also encourages people planning for retirement to think about how they will challenge their wits, build meaningful relationships, pursue hobbies, and volunteer during retirement.

Before leaving alone

Before embarking on a new career, Cynthia Scott, President of OMC Financial Services, Ltd., at Dewitt, advises taking the following considerations:

1. Is the income necessary for retirement provided by pension, social security or personal assets?

2. If not, will the new career provide enough income to make up for the shortfall?

3. Have you met with a financial advisor to assess whether your financial assumptions are realistic?

4. How many other people will be affected by the decision?

5. How crowded is the area you choose?

6. How long do you plan to work in the new career? Is it worth making the transition?

7. Is this an experience or a definitive career choice?

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