Why do they still work?

I know a number of people who could retire instantly. Yet they still work - many in jobs they hate.

Why?

I think it comes down to fear. They are too scared to take the leap.

Amoungst my friends:
One guy I know put off his retirement for 10 years. He kept saying 'next year' - which finally did come in the end, but he is getting too old to enjoy things now. He had the ability to retire way back.

Another guy I know constantly whinges about his job, yet his passive income exceeds his living expenses by a large margin, but he won't quit or even take a mini retirement.

Another guy is worth about $20mil, and owns a successful company, but he cannot delegate, he has to be there to sort out problems.

Another has $1mil cash in the bank, positive cashflow properties and shares, yet he feels that he must keep saving more just in case (in case of what I don't know) - age 50 without any children or spouse.

I think it comes down to fear of the unknown.

 

Habit I guess, humans are creatures of habit. We also need things to stimulate our minds and a lot of people are so used to work resulting in mental stimulation they don't consider their options in retirement.. My dad has that problem as a retired immigrant who still does physical work himself, even though he earns significant income passively...

Interesting post!

I just hope this isn't typical of your friends! The saying goes "you are the average of the five people you spend time with the most".

 

Probably, but sometimes it could also be they don't know what they would do with their time if they retire. The reason they got to this stage financially is because of their work/business endeavours. They identify themselves through their work/business and if you suddenly take it away from them by asking them to retire can be a big change for them psychologically.

Cheers,
Oracle.

 

If you had a strong work ethic from a young age it becomes instilled into your subconscious. It isn't always about money but a way of life and how your mind and body is tuned. Something like this can be very hard to snap out of our slow down from.

Working isn't all bad, but point taken some people don't really know how well they got it or have compared to the rest of the world and always think they need to earn more and work more.

How much is enough to be happy. That is the bottom line.

 

You have to do something, but working in or on something you hate with a passion if you could leave and retire or do something else more enjoyable seems like self harm.

 

They probably got nothing else to do or have no bigger goals to achieve after their working life is complete.

 

Just because you can, doesn't mean that you should. Some do, others prefer to keep going.

A few examples - Frank Lowy, Harry Triguboff. Do they need to work? Do they still work? (OK, they love what they do). If these bods didn't have the drive would we have their marks (scars) on the landscape?

 

A guy I work with inherited a paid off house in a waterfront suburb in Sydney (eastern surburbs). Has to be worth at least $3-4 million. Won't be retiring any time soon it seems.

 

They simply may be afraid of the unknown - however the idea of retiring early while sitting on a goldmine just might not make them happy. Money is not everything in this world (although it definitely does help). Everyone has their reasons I guess.

I once worked with a very talented and successful colleague who was 78 years old at the time and I never knew why he continued to work............until I met his wife. The joke was that he just wanted time away from home so he didn't get hounded all the time.

 

Great question...did some analysis and guess what....most people who have reasonable wealth ($5m+) are driven...if they quit they will be quite bored.

Secondly...most secretly like their jobs though they moan.....

I fall into this category...I am one of the few who quite likes my job as well as investing hard choices. But in the next 3-5 years (i'll be 53-55) unfortunately I will need to quit!

Why I have figured out it will take me 20 years slowly get rid of all my properties..whilst still buying...nice problem to have...don't know about that.

 

I'm 32 and I could retire instantly.

After taking a mini retirement about 2 years ago I learnt that retirement is not really my thing.

Went back to work but recently converted to part-time and could see myself doing this forever. Still learning and enjoying being challenged at work. I built a great team around me and they inspire me to do better everyday.

Today is my day off, so I caught up on some life admin and then took my mum out for lunch and coffee. Then my wife finished work early so we decided to catch a movie "Get Out" -- highly recommended.

 

I have a friend who is probably around your age and he only seems to casually volleyball referee even in usual working hours. Nobody does that work for the money. I wonder if he got an inheritance or something...

 

I know a couple who owned their own business and had more than enough assets/money to retire when they both turned 50.

They decided to keep their business and keep working for another five years, just to have more assets/money.

They did that and retired after they turned 55.

The wife has been diagnosed with lung and brain cancer. She won't see 60.

Their biggest regret:- not retiring at 50.

 

lol....he could not afford too with the rates, taxes and insurance bill he now has, not to mention the cars and everything to keep up appearances

 

Incredibly successful people keep working because they often want to create something greater than their immediate personal needs.

It is not fear.

 

Oh rubbish, is the perfect age to start really acquiring.....giddy up (you need a commercial arm as well I hear)

 

.... if they are happy positive people then who are we to judge
just saying we are all so different what rocks your boat....go for it

 

I find it lame when people make it out that they have to leave millions of dollars to their kids or else their kids would starve....

It's not as if most of us had millions left to us.

If we can do it. They should too

The mentality really irks me. It's as though they think their kids are totally useless

 

Moral of the story... dont have kids. Seriously