When people are young, the word retirement is not something of much concern. It is 20 or even 30 years away and a lot can happen during that time. It is something that slips in an out that is given little thought.
Some companies offer early retirement to its employees. Even if the age of retirement is officially at 65, there are some who are not yet willing to leave and would rather work some more instead of enjoying the other pleasures that life has to offer.
A job or a profession to some is what makes the person a member of the community. It makes the person feel important for the years of service given and the number of accomplishments one has achieved. These are things that some people hold on to which makes retirement hard to accept.
The psychological impact makes it hard for someone who has lived in a fast paced world to adjust to a life that is at a more leisurely pace. Some forms of leisure after working for so long can be done by spending more time with family and friends, playing golf or cruising around the world.
Another reason is perhaps the person who is still employed is just waiting for the right moment or package that the company will give out to its employees. Such issues are whether or not the retirement package that is being offered is higher than the projected earnings if one stays employed or if the retirement fund can be used immediately once it has been given.
Some people can get more just waiting for the normal retirement age than accepting the company's early retirement plan. Instead of saving, one might end up forfeiting and miss out on opportunities to make additional contributions to the plan.
People who don't want to retire yet are also concerned if the offer given by the company includes post-retirement medical insurance. This is because Medicare doesn't start until one has reached the age of 65 and the cost of getting private insurance is expensive.
There are risks in deciding to stay if a retirement offer is on the table. Business may not be doing well prompting the company to lay off workers or even have the position one has eliminated due to redundancy.