WSJ: Why Rich People Never Retire

[Texas Proud]

It's because they can delegate all the grunt work and they really love having people suck up to them.

This IMO is a big part of it.... at mega, we were under a horrible dictator who tried to make life miserable for everybody.... but he thought he was a funny guy...

The thing that he liked a lot was wine... my boss who had to deal with him said he would take a group out to dinner and sometimes buy wine at $1,000 or more per bottle... they would have to decant it, let it breath etc. etc.... but he said it was great wine... I said that the company was paying for it... and he said 'no, he pulls out his own money and pay'....

The guy was in his 70s and had retired twice before (forced... he was let go after awhile)...

 

[Texas Proud]

I wonder if some of these really wealthy people just enjoy what they do so much, that they look at it as more of a hobby than work? So I guess you could just look at it as they're retired, but have a hobby that they enjoy, which just happens to keep money coming in.

For example, I love cars. Let's suppose I got rich enough to retire, and did, but then opened up my own shop, but just for enjoyment of it? Or, say I even took on a job as a mechanic, not because I needed the money, but because I enjoyed working on car, and loved the experience of learning more about them?

Now that's just a hypothetical example. I'm of the mindset that if I did something like that, it would then seem too much like work, and I wouldn't enjoy it anymore. But, other peoples' experience may vary.

Your first example might be something that would not qualify as work since you could hire someone to do everything and you just hang around...

But your second... that is work... because you can not just say 'well, I am done for today and will get back to it next week'... you have someone's car and they want it fixed and back... there is a difference in fixing your car and someone else's.....

 

[Independent]

What they want to do and what they actually can due (because of age-related problems) are two different things.

46% have already said (as inferred in the article) they would not continue to work. Of the 54% that said they would continue, it did not state that these folks were actually in their retirement years. Just that this was their desire once they got there.

Plans vs. reality often are not the same. The poll would have been better if they would have actually polled those in retirement to see what the breakdown was.

I'm not saying that there are not those (with a bit of money) that want to continue "working" in some sense (and that's their option, even if it is not my desire) but the "study" is questionable in its rigor of analysis, IMHO.

Certainly true. The first chart in the report shows an age breakdown. "I'll never retire" is the choice of 70% of the under-45, but only 50% of the over-65.

 

[Independent]

I found the report really interesting. Most questions have breakdowns by country - the differences can be dramatic. I'd suggest clicking on the "The Age of Illusion: ..." link in the OP.

 

[martyp]

When I tell people I plan to retire in December they ask, "What are you going to do"? I say, maybe I'll try bartending. I like socializing at bars; I like food, wine, and drink; and maybe it is something I can do occasionally as fill in work a couple of times a month. Their first reaction is, "You can open a bar!". I say, "No. No. No. You are missing the point. I don't want to invest and I don't want to supervise anyone. I just want to do something I like and have some fun." They don't get it . . . So I could work and get paid for it. What are the criteria for work becoming "WORK"? I say if I like what I am doing and it brings in some money and I know I have choices then why not. If I feel like I am trapped then it is WORK.

 

[Onward]

Sounds great.

Then the "boss" would point out that our last oil change should've only taken 15 minutes instead of 18, especially because we can't go home until we take care of 23 more of them.

Then someone notices that we're not wearing the correct steel-toed boots, safety gloves, goggles, & hearing protection. This requires mandatory remediation and perhaps some after-work "practice".

Then we all have to attend more training meetings, organizational meetings, mandatory briefings on prevention of workplace sexual harassment & suicide, and perhaps even form "team quality circles".

Well said. Welcome to the realities of the modern w*rkplace.

 

[obgyn65]

I am in the same situation Marty. I feel my peers could not or would not understand if I shared my early retirement plans with them. This is why I have kept quiet about these plans. It's nice to see like-minded people on this board. Good luck to you.

When I tell people I plan to retire in December they ask, "What are you going to do"? I say, maybe I'll try bartending. I like socializing at bars; I like food, wine, and drink; and maybe it is something I can do occasionally as fill in work a couple of times a month. Their first reaction is, "You can open a bar!". I say, "No. No. No. You are missing the point. I don't want to invest and I don't want to supervise anyone. I just want to do something I like and have some fun." They don't get it . . . So I could work and get paid for it. What are the criteria for work becoming "WORK"? I say if I like what I am doing and it brings in some money and I know I have choices then why not. If I feel like I am trapped then it is WORK.

 

[chris2008]

I guess once you have achieved that a level of wealth you would not want to hand money management (= work) over to someone else and pay for that and retire instead.
You would rather keep control of your investments.
In a lot of cases all the actual work of these individuals translates into "keeping control of their investments".
Rather than being subject to the time schedule of someone else, as we are in employment, they are the schedule owners.

 

[Ronstar]

I can see why they do not want to retire. They enjoys their jobs - doing what they want to do, working when and where they want, and answering to nobody but themselves, and making money. And I assume they make time for their hobbies, etc

In my 50's, I would prefer working like this instead of totally retiring and staying home reading books, watching tv, and surfing the net. But later in life, I could see what used to be enjoyable work becoming a pita.

 

[haha]

When I tell people I plan to retire in December they ask, "What are you going to do"? I say, maybe I'll try bartending. I like socializing at bars; I like food, wine, and drink; and maybe it is something I can do occasionally as fill in work a couple of times a month.

I know a retired government worker who tends bar, more frequently than your example. He likes it a lot. It's a lively place he used to go as a customer, it gets him away from wifey(and her from him) and is a real addition to his life. And the money doesn't hurt at all, bartender do pretty well as part time jobs go, thanks to usually generous tips.

Ha

 

[martyp]

I know a retired government worker who tends bar, more frequently than your example. He likes it a lot. It's a lively place he used to go as a customer, it gets him away from wifey(and her from him) and is a real addition to his life. And the money doesn't hurt at all, bartender do pretty well as part time jobs go, thanks to usually generous tips.

Ha

Thanks for the encouragement.

This November I am having a mini reunion with some college buddies I've kept in touch with for the past 30 years. My retirement plans, I'm sure, will be a lively part of the conversation while drinking a few brews.

 

[Enuff2Eat]

I want to read about "Why Poor People Never Retire!!"