SPI 897: Why We Need to Forget About Retirement

One in five Americans over the age of 65 are working and not because they need the money. It's because they miss the contribution and they miss the connection. And so I want to help people realize that there's a likelihood they're going to work longer than what society is telling them. And I don't think people realize the financial flexibility they would have by planning to work longer, you know, let's say Tony's 45 years old.

Tony makes $150,000 a year and he has $150,000 saved up for retirement. He meets with his advisor. They agree 65 is the age for him to retire. And then the advisor tells him that he has to save $2,400 a month for the next 20 years in order to stop working. And that is a non-starter for most people.

So he calls the financial advisor back and he says, let's make my retirement age 75 instead of 65. And the advisor tells him now instead of having to save $2,400 a month, he only has to save $110 a month. It goes down by 96%. So I am advocating more quality time with your kids, with your spouse, with your friends, more. personal care, more fun.

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