Why 'Retiring' At 80 is Good

"It is no measure of health to be well-adjusted to a profoundly sick society." ~ Jiddu Krishnamurti

I recently read a MarketWatch article, Retirees are confident, but workers can't retire, which essentially states that many of today's retirees will financially survive the Great Recession but "fears were palpable" among today's workers and non-retired people that they won't be able to retire until the age of 80.

This article is a case in point that the conventional idea of retirement is exactly the opposite of a healthy perspective.  At a minimum the sentiment of the article, assuming it matches that of today's workers and non-retired people, is a reminder that the conventional idea of retirement essentially means "not working anymore."  It also underscores the unhealthy conventional thinking that working in a job or succession of jobs you don't like (or even hate) for most of your life is a fact of life to be accepted, is a tragedy.

This thinking further supports the notion that retirement is considered a kind of escape from reality and may only be enabled by financial means:  If you save well, you can get out of the rat race and live out your golden years relaxing, travelling and playing golf; however if you don't save well or you have been victimized by a terribly timed recession, you'll have to sacrifice another 10 or 15 years of your life to reach the Holy Grail of personal finance--retirement.

"Health is the greatest possession. Contentment is the greatest treasure. Confidence is the greatest friend. Non-being is the greatest joy." ~ Lau-tzu

I can certainly see how "fears are palpable" for workers who are generally unhappy with their existence and the ultimate and hopefully permanent escape from this existence will occur at age 80--a long, long time from their current age.  However, if younger people today--those significantly under the conventional retirement age of 65--want to find the means of early retirement they will consider career planning as an important aspect of retirement planning.  In different words, find work that you enjoy and you won't want to "retire" by conventional means; you'll want to live a long life and keep doing things that are meaningful and rewarding.

This way, if retirement means "not working anymore," one would not want to hasten the conventional retirement age--health would become the highest priority (above money) and "working" until age 80 would be a blessing.

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"Rat Race" Image by Polyp

Related Posts:

The Non-Financial Cost of Retirement

Man's (Career) Search for Meaning

Comments

[Brian]

Or you could just reduce your spending and increase your savings to leave the rate race early.

The choice above is rarely considered.

Present and the previous generation (including my father) will work / have worked all their life to scrape enough for a small retirement … wasting most of their hard earned money buying: junk, cars, mega homes, etc (in the present) and delaying retirement to age 65 or beyond.

Regards,
Brian

P.S. I really enjoy your blog.

[Kent @ The Financial Philosopher]

Thanks Brian. Yes, getting out of the rat race early by reducing spending (and, as you suggest, reducing material desires) is wise.

I will add that one may remove themselves from the rat race with the proper perspective or mind set--by choosing not to "race."

Getting to the proverbial block of cheese is nothing but living for the future, which removes one for the richness of the present.

For example, even heavy traffic for commutes to and from work can be enjoyable if there is no sense of competition or need to escape or be anywhere quickly. Slow down, enjoy music and watch the craziness pass you by.

Thanks for commenting, Brian, and for reading the blog.

Cheers...

Kent

[Jerry Buchko]

Nice piece, Kent. I think you make a good case for "retiring" on the job, or choosing not to "race" as you put it.

I especially agree with the perspective you expressed here:

"It also underscores the unhealthy conventional thinking that working in a job or succession of jobs you don't like (or even hate) for most of your life is a fact of life to be accepted, is a tragedy."

Looking at this from another standpoint, life expectancy in the US is somewhere between 77.5-80 yrs; and existentially speaking, no one of us is guaranteed to be allotted even that amount of time.

[Marie]

Since I won't have enough to retire at 65, I have been considering a lifestyle where I work until 80.

My only concern is that I will not have the health or the energy.

I see people in their 70s with health problems that take a significant amount of time to clear up or just don't have the energy and mental clarity. I am afraid I won't have the financial buffer for this.

Any Thoughts?

[Andi Wrenn]

I can say that I have hardly worked a day in my life. Whether my work is paid or volunteer I am blessed to do what I love through counseling, coaching, educating. I agree that many young people should find out what they enjoy in life and try to figure out how to make that a career so they too do not have to "work" their whole lifes. I think that if a young person does not know what they want to do, they should delay college for a year or two and live life while finding out what they really enjoy through working, military, etc. Kids are rushing off to college to get degrees for careers that will bring in a great salary (if they can get hired after college), but how happy can they be if it is just a "job". It would be great if everyone could do what they are great "at" instead of what brings in a bunch of money. Good post!

[Kent @ The Financial Philosopher]

@Jerry: You bring up a good point. If many people are currently unhappy in their jobs and think they will finally fulfill their dreams of retirement at age 80, they may never make it. This is a true tragedy--not living now and dying before they ever get to live.

@Marie: I like your idea of working until 80 and your concern over maintaining health that long is justified. All you can do is your best (financially) but keep living life now. I believe if one acts authentically, everything happens as it should. This not a "good plan" but it is a healthy way of living. I prefer the latter...

@Andi: I agree. I won't push my kids to go to college. Higher education can be rewarding (I have an MBA and have no regrets doing it) but not if the motivation is to make more money. The greatest purpose of education is to learn how to align your given skills with a career that is satisfying. If the money comes, it will by only as a byproduct of living authentically.

Great comments everyone! I appreciate the added value and various perspectives...

Kent

[Benjamin Skinner]

I think finding a job that you really love no matter what the pay is probably going to be the only way to never need retirement. At least if we're defining retirement as escaping the mundane terror of our jobs.

[jacksonville financial planners]

I think discovering a job that you really really like regardless of what the pay is probably going to be the only way to never need pension. At least if we're interpreting pension as getting out of the ordinary fear of our tasks.