Why are you still working?
https://www.kiplinger.com/retirement/why-are-you-still-working
By Andrew Rosen, CFP®, CEP, published 6 August 2023
Some people have to, but there are plenty of folks who might want to do some soul searching to determine how work fits into their ideal day. (Hint: It likely doesn’t.)
Lets think about work-life balance and happiness.
Category 1: I must keep working.
Some people are far from being able to walk away from work - financially.
The reality is that the majority of people probably fall into this category of why they are still working. Some of them are lucky ones - they love what they do and finds their work mentally challenging, engaging and extremely rewarding.
Category 2: I probably should keep working.
In this group are individuals and couples who could find a way to retire now. Perhaps they are in their early to mid-50s but still have three kids they want to put through college. Or maybe they spend a ton of money on passions, and thus they aren’t quite there financially, and/or there is too much risk for them to pull the plug today.
For these people, the best way to find the answer is running financial models and then, figure out if they want to keep working. If they are content with their work, then working another five to 10 years is going to really pay dividends.
Category 3: I want to keep working.
Some people are in a great position financially but still working because they love their work. We see this plenty - where 60-year-olds can easily retire, yet still grind away 40, 50 or 60 hours a week. Lots of times, we see this with professionals like (doctors or lawyers) or business owners.
There is something they are getting from this work that they need or love (or so they tell themselves). Could be power, money, fulfillment or a sense of being.
Regardless, this group has no end in sight and might pass away at their desk.
Category 4: I’m afraid to retire.
Some individuals are afraid to retire. These people are afraid of not receiving a paycheck anymore, or worry about how they’ll turn their life’s savings into a consistent income stream.
What if the markets have another 20% down year, or someone they don’t like gets elected? This group has a million and one reasons not to retire. The question is: Are any of them good ones?
Category 5: I don’t know why I’m still working.
When asked why they are still working, these people say something like, “I don’t know,” or “What else would I do?” Or, even worse, “I really don’t have any hobbies or passions, so I figure I might as well work.”
Apply first principle method to the question
Lets apply the first principles to our question - why are you still working? — and categories three, four and five above (the people who want to keep working, who are afraid to retire and who don’t know why they’re still working)? Let’s do the same first principle concept and ask, Why are you working in the first place? You must ask yourself this, and don’t take into consideration what TV, newspapers, your country club friends or anyone else has to say about it. Also, don’t accept what you have been conditioned to believe is the answer.
If I asked you to define your ideal day, week, month and year, what would they look like? Where does waking up at six in the morning and working eight, nine, 10 hours a day fall? Seriously, if you had no agenda and nothing you “had” to do, what would those days look like?
Your ideal week
Here is an example of what it might look like for someone. Wake up around eight a.m. and go do some form of exercise or play tennis. Then, go for a walk with family and grab a nice late brunch or lunch. Then, go do some nice reading in the warm weather and wait for the kids to come home from school. Hang out with them for a while until dinner with friends and family. Do a lot of traveling and volunteering and learn some new hobbies.
Here is the fun part: If work isn’t part of your ideal week and you fall into category three, four or five above after some real soul searching, then… why are you still working? Work is not optimizing your happiness, and you are not getting any younger.
Honestly, do you want to wake up five years from now and say, “Crap, life is great now that I’m retired. Wish I’d done that five years ago.”
Remember: You can’t get that time back, no matter how hard you try.
Thus, it is up to you and only you to do this soul searching and break things down to the first principle of happiness. Once you do so, I have just one question for you: Why are you still working?
Book recommendations
- From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life - Arthur C. Brooks