You don’t have to be over 65 and never work again in order to be retired. The word has many definitions, we’ll look at the new face of retirement.
Social security will likely be a relic of the past by the time Millennials reach the age of eligibility. We all need to take our retirement into our own hands. And you don’t have to spend the whole prime of your life slaving for the man.
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So you need to fund your own retirement though 401K’s, IRA’s and investing. The earlier you start, the better. If you are getting a late start, hope is not lost. That’s my situation and I wrote about what we can do to catch up here.
Andrew is on track to retire when he’s 35, which is only about 6 years away from him now. Wouldn’t that be spectacular? But if you retire at 35, what are you going to do for the next fifty or so years? He doesn’t play golf or collect stamps as far as I know.
Why would you want to work till you're 60? Retire sooner!Tweet This
And that kind of retirement kills, people! Don’t believe me? Take Freakonomics word for it. So maybe you start your own business when you aren’t required to show up at an office forty hours a week. Or you can volunteer. You can go back to school, maybe become a teacher and give back to your community.
The point is, retirement doesn’t mean sitting around after age 65 and waiting to die. Invest early, invest wisely, and you can retire when you want, on your terms.
UPDATE: Matt just got a call from his dad saying he thinks you can’t collect social security and still work full time. Turns out, it’s not entirely true. He found this page that says you can work full time and collect, but it will be reduced. The good news is, it could mean higher benefits for you in the future. For those interested in more details, click here to read.
Bulleit Bourbon: This is the whiskey that Andrew was drinking on the rocks. One of my favorite Bourbons for the price. The Bulleit Rye is excellent too.
Social Security is worse than you think: The NY Times did an article about what we talked about in this episodes. Don’t count on social security being available to us.