Retirement used to be seen as the “end of the road:” a time to kick back and relax after a lifetime of hard work. However, a new trend is emerging… unretirement.
Many retirees are choosing to remain active and engaged with the workplace, with some even returning to work after a stint away (especially in the wake of the COVID-19 pandemic).
These pragmatic and entrepreneurial spirits are now pursuing their passions well beyond the traditional retirement age and are, in this author’s view, living embodiments of the idea that the American Dream is still attainable for everyone, young or old.
In this blog post, we will explore four key perspectives to help you understand and embrace the concept of “unretirement,” and consider whether it could be right for you. Let’s jump in!
Introduction to Unretirement
What exactly is “unretirement?” Simply put, unretirement refers to the decision by men and women of retirement age either to maintain their working life or return to it after a period away.
Some people make this choice by remaining in the same full-time work, others adjust to part-time work, and others still embrace entirely new careers; for instance, in consulting, teaching, or another field in which they can pass on the wisdom they have gained throughout their professional life.
For many people in the 9-to-5 paradigm, early retirement is the main goal of their existence. If you are considering embracing unretirement, therefore, this will likely require a mindset shift that goes against the grain of contemporary work principles.
Despite its relative novelty, however, unretirement is something prospective retirees are considering in growing numbers, given advancements in medical science and the improved quality of life possible in old age. This is because returning to or continuing work comes with various social and financial benefits that can actively supplement these advancements.
“Unretirement” Perspective 1: The American Dream
In an intangible way, this may be especially true in the USA, a nation with a founding principle that long precedes the modern, 40-hour workweek: the American Dream. American businessman James Truslow Adams, who coined the term, put it like this:
“[The American Dream is] not a dream of motor cars and high wages merely, but a dream of a social order in which each man and each woman shall be able to attain to the fullest stature of which they are innately capable, and be recognized by others for what they are, regardless of the fortuitous circumstances of birth or position.” (Brittanica)
With Adams’ words in mind, unretirement might just be one of today’s best expressions of the American Dream: for those with “unfinished business” in their careers, unretirement offers a second chance to explore new possibilities, scale new heights, and come alongside others in their own pursuit of happiness.
If you are coming to the end of your working years, you have probably realized that this ideal is what is really important: maximizing meaning in your life by fostering healthy relationships wherever you are — very much including your work environment. There are few avenues better for expressing the Dream than the place at which you spend a third of your life.
“Unretirement” Perspective 2: Financial Considerations
That said, there can also be a practical element to unretirement; for many, financial planning plays a crucial role in their decision. Everyone, including retirees, needs to carefully consider their financial situation and plan for the long term.
Part-time work or even starting a new business venture can provide you with additional income and fulfillment during your typical retirement years, in a way that helps to balance your books.
Investing wisely and creating passive income streams can also contribute to financial security in your unretirement phase — which means embracing work during this time can provide a sort of “safety net” while you are setting this up.
Unretirement & Social Security
Most important for many “unretirees” is the potential Social Security reward of delaying retirement beyond the first official year of retirement benefits (the age at which you can start receiving Social Security retirement checks). For every extra year you remain in work up to the age of 70, your Social Security check will grow: potentially up to twice as much as you might receive if you started cashing your checks straight away (i.e. at 62 rather than 70).
In this sense, unretirement can act as a buffer period that helps you transition out of full-time work while retaining a healthy level of financial security for years to come: a hugely increased, monthly amount from the government can lessen the need to dip into your savings later on.
This idea may not be as enticing as the purest expression of the American Dream, but the peace of mind that accompanies it could still give you the freedom to try new things without feeling reckless.
Unretirement Perspective 3: Meaningful Lifestyle Choices
Speaking of new things, another key aspect of unretirement is the potential increased freedom to pursue your passions and interests. This is particularly true for those for whom unretirement means a part-time role or a new career entirely. In either scenario, you could gain greater control over your schedule and build in more time with your grandchildren, more time to travel and explore, and more time to volunteer in community projects.
With the gift that is the internet and the growing opportunities for remote work, your unretirement could even mean becoming a “digital nomad:” a lifestyle in which your work is mostly online and you can live anywhere.
This would be possible, for example, if you started your own consulting business in your area of expertise, and met with clients through a videoconferencing platform like Skype or Zoom. Alternatively, if you were qualified and it appealed to you, you might consider a remote teaching position at a school or university, again connecting with students online.
The common thread in these latter two opportunities is the chance to pass on what you have learned throughout life and add value to others. If sharing the wealth of wisdom you have with the next generations isn’t attaining “the fullest stature of which [you] are innately capable,” we don’t know what is!
Unretirement Perspective 4: Social Connections
We’ve touched on it a little already, but the final perspective shift has to do with your social connections: unretirement comes with a huge upside for nurturing existing social bonds and even building new ones.
Saying goodbye to work might mean a sudden, unwanted break from your primary work friendships, so staying in your current role for a few more years also means spending extra time with people you value.
Equally, embracing a new role as the head of your own company, or dropping down to part-time hours, could strengthen your relational network in other ways: as an entrepreneur, you could make new, purposeful partnerships through your business, and on part-time hours, you can prioritize quality time with family and friends outside of work.
Either way, unretirement offers a unique way to think intentionally about meeting your relational needs and putting yourself in the best position possible to thrive in your golden years.
Unretirement Case Study: Colonel Sanders & KFC
One inspiring, if unlikely, example of unretirement is Colonel Sanders, the creator of “Kentucky Fried Chicken” (KFC). At the age of 62 (today’s minimum age for starting social security withdrawals without penalties, depending on birth year), Colonel Sanders franchised his first KFC branch.
A few years later, at 65, he was forced to sell his only proprietary fried chicken restaurant at a loss: the construction of an interstate highway negatively impacted traffic to his business. Undeterred, he got on the road and continued working on his dream by franchising the KFC brand all around the country… and beyond!
By the age of 73, with over 600 franchised outlets globally, he sold his stake in the company for $2 million (i.e. more than $20 million in 2024, adjusted for inflation). At its core, Colonel Sanders’ story serves as an unexpected testament to the power of “unretirement” and the opportunities it can bring.
- Unretirement Perspective 1: The American Dream — Colonel Sanders had a series of successful careers before he even had the idea to franchise KFC, but it wasn’t until he was forced to sell his restaurant that he made a widespread impact. His infectious passion for fried chicken done right made him into a global legend: you would be hard-pressed to find someone who didn’t recognize his name or face today — it’s literally in the KFC logo!
- Unretirement Perspective 2: Financial Considerations — In 1956, when Colonel Sanders sold his original restaurant at a loss, his only steady source of income was — you guessed it — a social security check for $105 a month. In other words, hardly enough to rely on for long-term financial security in retirement. Contrast that with the financial rewards he reaped later on in life and you can see how his unretirement paid dividends.
- Unretirement Perspective 3: Meaningful Lifestyle Choices — After selling his restaurant, Colonel Sanders devoted himself full-time to franchising KFC around the country. He went on long road trips to potential franchise locations around the US, where he would share his vision, cook chicken for prospective franchise owners, and then negotiate deals with those interested. After a while, people were so inspired by him and the success of his model that they started traveling to him to request franchise deals — even from distant, foreign locations like Canada, the UK, and Australia. Even then, he traveled more in his later years than his non-retirement years combined.
- Unretirement Perspective 4: Social Connections — Closing his restaurant and heading on the road meant forging a host of new personal, business, and faith-based connections for Colonel Sanders, in the form of franchisees, the businesspeople who invested in KFC and eventually bought the company, and even the famous evangelist, Billy Graham, who became his friend.
Closing Thoughts
Retirement no longer needs to be a one-way ticket to aimless leisure. Instead, unretirement could be a new chapter in your life of purpose, growth, and continuous exploration. By embracing the four key perspectives — our framing of the American Dream, financial considerations, lifestyle choices, and social connections — prospective retirees can unlock the full potential of the unretirement mindset shift to create a fulfilling, meaningful life beyond the traditional retirement age. So: are you ready to embark on your ‘unretirement’ journey?
It’s never too late to start thinking about it. With careful planning, an open mind, and a willingness to explore new possibilities, you can shape your own unique ‘unretirement’ story.
Optimize your retirement planning with holistic financial strategies. Contact Iron Point Financial today to explore personalized solutions for your unretirement journey.
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