Late Retirement (despite financial independence)

BarleyGB · 20 February at 12:15PM

Im hoping to retire early but seeing some people clearly working on through their later years (that arguably they dont need to do financially) has made me wonder about the psychology of those that keep working by choice into their late 60's, 70's and beyond.

I recently worked for a Investment firm who's CEO (recently retired mid 70's) was in the office 12+ hours a day. Im also thinking of people like Alan Sugar (78), Simon Cowell (66), Warren Buffet (91) likely many more (e.g. House of Lords) and others that are not so well known.

Why do people with financial independence continue to work way past a normal retirement age? Is it control (likely with Trump), ambition, fulfillment, addicted to adding wealth/status?

Id be interested in others general thoughts?

Marcon · 20 February at 12:30PM

If you google on your question you'll get masses of links based on responses from a much broader audience than just the people using this forum.

born_again · 20 February at 12:36PM

https://forums.moneysavingexpert.com/discussion/6656211/late-retirement-despite-financial-independence

I know at least one person that is doing this in the hope that they get made redundant & get a payout. Despite being more money than most people. Having family with kids that they can look after etc.

I think the real reason is that they are scared about being at home (with other half) with nothing to do. Which is far from the truth once you retire.

BarleyGB · 20 February at 12:42PM

born_again "Having family with kids that they can look after etc"

This is a dimension I didnt fully consider, ive no children, dependents or close relatives so only have myself to look after. If I had children im sure I would intent on working much longer to further provide for them, help out.

Nick_Dr1 · 20 February at 12:47PM

Maybe they just like it? I like parts of my job so I'm going part time to do more of that and less of the nonsense. Lets see if it pans out that way!

LHW99 · 20 February at 12:57PM

OH / myself continue (over SPA) as we enjoy what we do, and it keeps the brain going. Only part-time, and largely fitted in as it suits us.

born_again · 20 February at 12:57PM

https://forums.moneysavingexpert.com/discussion/comment/81892400#Comment_81892400

Why work longer to leave to kids?

Your life, enjoy your retirement. 😍

Phossy · 20 February at 1:09PM

Some are effectively institutionalised - it's all they know.

ClashCityRocker1 · 20 February at 1:16PM

for me I started earning above 40% threshold at age 64 and am now about to turn 67 so have been getting state pension plus all civil service pensions after partially retiring at 66 but only reducing to 80% of full time. This means I am shovelling £40K into AVC as well accruing some more alpha pension all the time I carry on

Why? To ensure a pot of money for my wife and adult daughters. Also cos I am a home worker now and my team does most of the work there is no commute and not currently stressful - if that changes or I get offered 6 months pay to shove off I'll take it and run

Other people probably earned more earlier and were able to get out earlier.