What are your plans after retirement?
I'm sure everyone else will be thinking about their retirement from work. The first thing that I will think about is my savings and hard earned money. What type of investments will I choose? Will it be a wise decision to buy stocks? Or maybe purchase a property?
It is a long way for me until I hit retirement, probably up to 30 more years. But if I actually make it that far... I would like to build my own car from the ground up. Not sure whether it will be hot rod or maybe a Porsche restomod. At that time there probably won't be any ICE vehicles left, but let's see :)
Beach
I dislike the concept of retirement on so many levels. Use your head. Why don't you think about how you can build a life where you can do that shit today and do something you don't hate that makes money indefinitely.
good response +1
I think about retirement every damn day. It's going to be fun as shit, I'm going to start a few passion projects/companies and help third world island nations fit into the global economy without getting fucked over. Maybe some nonprofit environmental shit too, clean up the oceans and go after the assholes making money off raping the earth.
This is something I've thought would be cool to do after gaining a lot of work experience, something like economic development work in third world countries.
Who says they want you to come in with your western shit and develop it the way you think is goo? Maybe they just want to chill and live off the land sit at the beach all day,
You’re a fucking ignorant and arrogant prick to think they want your so called help.
Retirement for me will be an exit worth XX,XXX,XXX figures or after building a platform of $7,000,000 to invest and live off.
I'd simply take the money, put the majority in a fund which I can pull $300,000 a year. So probably around $5,000,000 in a fund, then use the remaining $2,000,000 to buy a nice house on a Lake in the remote areas of whoever cares ($500-700K) and then the rest of the money will be tied into a seed VC firm (angel investing) and make invests of $10,000 to $50,000 on early stage startups (with a goal of at least 30/40 investments).
Do people still retire? Seems atiquated.
Unfortunately it will become so, once all the boomers who failed to save (and thought their pension was ironclad) hit the traditional age of retirement and realize the yawning chasm of financial destitution that faces them if they don't work until they die.
Death.
and taxes.
Great one, never thought of that.
Never retiring. Love what I do.
Sometimes people are "invited" to retire...
This is going to be an unpopular one... Obtain a PhD
Though this is something I want to pursue when I am 50 or so. And I don't want to sit FT on campus, but just off-site PhD. Doing research at home and maybe go to campus once a week. After maybe (guest) lecture a bit.
I've thought about this too. After building a career, it would be cool to either become a professor, or really perform meaningful research in a cause you feel strongly about.
Is would love to do a second masters degree in philosophy somewhere in scotland or ireland in a mountain area for a year. I also think it would be cool to buy an island in Europe and see if i can live self-sufficiently.
You shouldn't retire until your money starts making more money than you made in your best year. - GSElevator
Politics baby. My entire career is just a launching pad for my eventual political career. Should I fail at breaking into politics, a chill consulting job, preferably working with emerging markets (sunny & cheap) while making time to attend my grandkids' sports games and routinely complain about how Lebron would average 100 points a game in their era of basketball & Crosby would be a god in their era of hockey. Also will build an extensive collection of open toed sandals and white socks.
-Definitely want to learn. Go audit classes at my alma mater, or maybe just take whatever interests me at the local community college. Learning is one of the great joys of life and a healthy mind as you age is important for wellbeing.
-I want to mentor. There are tons of young people for whom the entire difference can be the presence or absence of a mentor with time to dedicate.
-I want to become a master at a craft. Something like woodworking, or musicianship, both of which I pursued in my youth but set aside for the grind.
-I want to travel. Much of the world we know today will not be the same in my old age, and much of it will be deteriorating to the point of vanishing during my retirement. I want to see more of the equator before it becomes uninhabitable. I want to see the arctic before it is a shadow of its former self.
-I want to write a primary account history book so very badly. I have always loved primary source history - there is something indescribable about the feeling of relating to a person that has been dead for centuries, or millennia. It is one of the few things that for me really affirms the enduring nature of the human experience. The best historians dedicated large portions of their life to observing and documenting that which mattered to them. I want to find a story worth preserving, and spend some of the life I have left telling it for the benefit of those who will not be around to witness it firsthand.
-I'd like something professional to occupy my time with. Not something that necessarily makes me money or even preserves my money, depending how much I have in the way of savings. I'm talking about work that keeps me engaged and busy, and that I enjoy. Maybe open up a restaurant. I have always deeply enjoyed the feeling of serving people food they like to eat.
I could go on. Life is full of potential, and hats we can wear, and unfortunately there isn't time for it all. This chapter of my life is meant to set me up to be secure. Once I retire, I want to spend what time I have left enjoying the many other things I set aside in exchange for the life I live now.
Really hate the BS "love my job and am never gonna quit" responses. Sure, go for it, waste your life working.
My motto has always been, "I love my job, but I'll always love my family even more." When the opportunity to retire comes around, I'll be ready to give up work without hesitation even though I don't mind working and quite enjoy it.
Let's face it, if they didn't need the money, most people wouldn't continue their work. Why would they? They love it, yeah maybe, but like you say, they love other things way more.
That said, there are aspects of my work that I actually find quite stimulating and fun (fun being the key word). I'm in the PWM world, have my own independent practice, etc. I truly do enjoy (fun) having interesting conversations with most clients and educating them. Love it when the light bulb goes on and we connect. So, my retirement, hopefully, will be simply helping a manageable number of clients. I would give up EVERYTHING else. Would be very part time and just as needed, leaving plenty of time for travel, other projects, volunteering, reading, golf, etc. I actually work with a guy like that now. He's been with me for over 20 yrs. He's 73 now. In that whole time, he basically has worked as needed to generate $x. Then he disappears for 2 or 3 weeks. Literally has done this for over 20 yrs with me. I didn't get it then. I do now. He earns enough to live the way he wants and plays golf / travels basically whenever he wants. Goes on a decent trip every month.
This guy gets it.
I wish there were a concept of taking some time along the way. The typical life path of school, then work, then retirement, then death seems a bit off on several levels. I'd happily work later in life to intersperse those retirement years through my working years (a month or two at a time every other year perhaps). I also think that in a world with major technological changes occurring more than one or twice a generation, it makes little sense to stack all formal education into the first 20-25 years of life. There are people reading this right now who will have to retrain themselves at some point because the job they will have at retirement doesn't yet exist or the job they do now won't exist at retirement.
If I'm honest, I don't think most people in their 20s, 30s or 40s now will get to 'retire'. That concept has only really existed for a few decades, and I think it has already become somewhat outdated. My father retired from his first career after 30 years, and then spent another 20 doing something related that he enjoyed. His mother lived to be 104. His father is still alive. What was he supposed to do, sit around for 40 years?
In my experience, people with the means to 'retire' never really do so. I think a lot of the kids on this site think of 'work' as showing up to an office every day doing something they don't especially like. But by the time you're my father's age, you just show up to meetings, read briefings, go to lunches, meet for drinks, play golf and advise on broad strategic initiatives which don't really require what anyone should consider 'work'. He met me in Paris a few months ago after getting off a first class flight. One of my colleagues wanted to meet him, so we met for drinks after work. I guess my coworker was attempting to make small talk, but said something like. "That flight is brutal. How are you holding up?" And my father told him that it wasn't like he was landing on the beaches of Normandy in a Higgins boat. He 'took a first class flight and then took a nap.' If that counts as work, what counts as vacation?
I think after checking off all my bucket list items, toward my much older years when I'm less mobile being a professor at a University on the west coast would be a good retirement. My fondest classroom experiences in college were from sitting in classes taught by professors so old they gave zero fucks about being politically correct. You never knew what was gonna fly out of their mouths. I think it would also be a positive environment in which to spend your golden years.
I had a past professor and pretty well known economist do exactly this. He came in as a "Presidential Fellow", had a house owned by the university set up for him and his wife, and he continued publishing books, investment newsletters, and speaking on business channels/podcasts while teaching 2 niche econ/finance classes a semester. Even got tapped by the current Administration to be on the CoEA.
Nice!
I don't plan on quitting work entirely -- I think I would enjoy remote consulting work on a part-time basis, or just as I felt like it. That plus my passive income from investments I think would support me pretty comfortably.
What to do in my spare time? I enjoy fine dining and travel so there will be plenty of time for that. I'd like to have some real estate in a few places around the globe, so I could spend a few months in a different country each year. I also enjoy art and want to collect as I get older, as well as spending plenty of time in galleries around the world.
I think I would also enjoy going back to school for a PhD; without the pressure of finding an academic job or lost opportunity costs, I think I would really be able to delve deep into my field of choice without so much worry hanging over my head.
Like most people on this site, I'm 23. I'm just trying to enjoy life by doing things that interest me. IMO, waiting until someone's 45-55-65 to start enjoying life is a waste of one. Start doing things you like now and it will pay more dividends than whatever stock you've been yanking to
Probably open a bed and breakfast in the Pacific Northwest or some shit.
Ideally, I would never retire and just manage non-profit foundations or act as an active angel investor/partner/consultant to small businesses.
All of the people (rich and poor) I knew who 100% retired in their 40s,50s, and early 60s only played with investing, played golf, and ended up either dying within the next 8 years or went back and started businesses and non-profits.
GoldenCinderblock said it perfectly
Own a Vineyard, make wine.
Beekeeping.
Bees are so fucking cool:
The honey bee has been around for millions of years.
Honey bees, scientifically also known as Apis mellifera, which mean "honey-carrying bee", are environmentally friendly and are vital as pollinators.
It is the only insect that produces food eaten by man.
Honey is the only food that includes all the substances necessary to sustain life, including enzymes, vitamins, minerals, and water; and it's the only food that contains "pinocembrin", an antioxidant associated with improved brain functioning.
Honey bees have 6 legs, 2 compound eyes made up of thousands of tiny lenses (one on each side of the head), 3 simple eyes on the top of the head, 2 pairs of wings, a nectar pouch, and a stomach. See image for: honeybee body parts.
Honey bees have 170 odorant receptors, compared with only 62 in fruit flies and 79 in mosquitoes. Their exceptional olfactory abilities include kin recognition signals, social communication within the hive, and odor recognition for finding food. Their sense of smell is so precise that it could differentiate hundreds of different floral varieties and tell whether a flower carried pollen or nectar from metres away.
The honey bee's wings stroke incredibly fast, about 200 beats per second, thus making their famous, distinctive buzz. A honey bee can fly for up to six miles, and as fast as 15 miles per hour.
The average worker bee produces only about 1/12th teaspoon of honey in her lifetime. Doesn't this fact make you love every drop of honey? Read and you will understand why it makes so much sense to say: "as busy as a bee".
A hive of bees will fly 90,000 miles, the equivalent of three orbits around the earth to collect 1 kg of honey.
It takes one ounce of honey to fuel a bee's flight around the world (National Honey Board).
A honey bee visits 50 to 100 flowers during a collection trip.
The bee's brain is oval in shape and only about the size of a sesame seed (iflscience.com), yet it has remarkable capacity to learn and remember things and is able to make complex calculations on distance travelled and foraging efficiency.
A colony of bees consists of 20,000-60,000 honeybees and one queen. Worker honey bees are female, live for about 6 weeks and do all the work.
The queen bee can live up to 5 years and it's role is to fill the hive with eggs. She is the busiest in the summer months, when the hive needs to be at its maximum strength, she lays up to 2500 eggs per day. The queen bee has control over whether she lays male or female eggs. If she uses stored sperm to fertilize the egg, the larva that hatches is female. If the egg is left unfertilized, the larva that hatches is male. In other words, female bees inherit genes from their mothers and their fathers while male bees inherit only genes from their mothers. Click here to learn more about the Honey Bee Life Cycle
Larger than the worker bees, the male honey bees (also called drones), have no stinger and do no work at all. All they do is mating. In fact, before winter or when food becomes scarce, female honeybees usually force surviving males out of the nest.
Each honey bee colony has a unique odour for members' identification.
Only worker bees sting, and only if they feel threatened and they die once they sting. Queens have a stinger, but they don't leave the hive to help defend it. It is estimated that 1100 honey bee stings are required to be fatal.
The worker bees produce honeycomb which comprises hexagon shaped cells through the consumption of honey produced from the collected flower nectar. To produce one pound of beeswax, six to eight pounds of honey are ingested
Honey bees communicate with one another by dancing. More on their awesome sense of time, communication of distance and direction in "The Awesome Honeybee Dance".
honey bee facts imageDuring winter, honey bees feed on the honey they collected during the warmer months. They form a tight cluster in their hive to keep the queen and themselves warm.
The level of detail in which you described it makes it seem like a real passion hahaha, fuck whatever you're doing now and start raising bees!
I cant make six figures out of college raising bees. If I make money now, I can raise even more Bees later.
one of our happiest retired clients is a beekeeper
Probably because it is incredibly fulfilling.
Go spend a Saturday morning at a Beekeeping clinic, its a good time.
I'll never retire. I have too much fun ATM. Literally bought into a dildo company and randomly mailed my lawyer a dildo the other day for the lulz.
I am sure you could spend years doing this everyday...
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