Charles Barkley recently canceled his retirement plans. Here's his top priority when it came to the decision
Charles Barkley confirmed that he has canceled his plans to retire. Speaking on the “Dan Patrick Show” on Aug. 8, the hall of famer said he was “totally shocked” to find out TNT intended to keep the fan-favorite “Inside the NBA” show going even though the cable channel is set to lose its 34-year partnership with the NBA next season.
Barkley has been part of the program since 2000 and extended his contract with TNT in 2022 for an additional 10 years. However, in a previous interview with Dan Patrick, Barkley said he was ready to retire and end the contract, which he claimed was worth $210 million.
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“Horrific” stories from his co-workers about facing layoffs compelled him to change his mind. In fact, Barkley says he was even willing to consider a pay cut.
“I love TNT, I love everybody behind the scenes. The reason I’m staying at TNT [is] so people can keep their job,” he told Patrick. “That was my number one priority.”
Money is only part of the equation
Saving up a nest egg is certainly a key part of most retirement plans. In fact, financial struggles are a key reason why many retirees are compelled to rejoin the workforce. A survey by law firm Atticus found that roughly 40% of seniors were planning to seek employment due to the modest 2024 Social Security cost-of-living adjustment, while 70% of them reported struggling financially with their social security income.
However, some seniors are motivated by factors beyond money, such as social connection or a sense of fulfillment. According to The London Economic, citing a survey commissioned by the U.K.’s National Citizen Service, three of the most common adjectives British retirees used described their post-work life were “boring,” “lonely,” and “quiet.” Presumably, people spend years, if not decades, planning for retirement but overlook all the psychological and emotional aspects of this major change in lifestyle.
With this in mind, it could be helpful to look beyond the financial aspects of your retirement plan.
Read more: These 5 magic money moves will boost you up America’s net worth ladder in 2024 — and you can complete each step within minutes.
Finding fulfillment
Adding elements to your financial plan that address your psychological, social and emotional needs could improve your chances of having a more fulfilling retired life.
Like Barkley, you could extend your career to maintain personal connections and support others in your community. You could also launch a new venture or social initiative and make new friends and social connections after you retire.
Over half (54%) of Americans said they would rather open a small business than retire, if money or health were not a factor, according to UPS’s 2019 Inside Small Business Survey. Meanwhile, the Bureau of Labor Statistics reports that volunteering activities tend to rise with age, as 7.8% of women and 6.4% of men over the age of 65 volunteered on an average day as of 2022.
If it’s within your budget, you could also add travel plans, hobbies and learning programs into your retirement plan — or activities you are passionate about. Retirement doesn’t have to be boring if you plan ahead and focus on what is most important to you and your family.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.