You may think that’s a strange question from someone writing a newsletter on retirement planning. It’s well worth asking, because the key to a successful retirement is not money. The key to a happy retirement is knowing what you want from those post-career years. A new survey shows that many of the wealthy don’t retire and don’t plan to ever retire. They don’t need the money to sustain their standards of living, but they keep working. It’s no coincidence that many of the wealthy are entrepreneurs. They constantly are looking for new things to do, opportunities to grab, and needs to fill. They may sell or retire from one business, but they’ll move on to another activity. Many balance multiple businesses or activities. Their businesses are a big part of their identity and fulfillment. Work also keeps them healthy and active.
What can you learn from this survey of the wealthy?
A successful retirement depends on finding satisfying activities that you want to define you. If playing golf and socializing with friends and family are enough to keep you active, engaged, healthy, and fulfilled, then that should be your retirement activity. Others need to be engaged in a job, volunteer activities, hobbies, or even running a business. You need to think about these issues at least as much as your finances before beginning “retirement.”