12 Reasons to Never Retire (Even When You Have Enough Money)

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1:31Learn more at Accenture.com slash Spotify. On this episode of the Personal Finance Podcast, 12 Reasons to Never Retire, Even if You Have Enough Money.

1:59what's up everybody and welcome to the personal finance podcast i'm your host andrew founder of mastermoney.co and today on the personal finance podcast we're gonna be talking through 12 reasons to never retire, even when you have enough money. If you guys have any questions, make sure you join the Master Money newsletter by going to mastermoney.co slash newsletter. And don't forget to follow us on Spotify, Apple Podcasts, YouTube, or whatever podcast player you love listening to this podcast on. And if you wanna help out the show, consider leaving a five-star rating and review on Apple Podcasts, Spotify, or your favorite podcast player.

2:36Now, today, we're gonna be diving into 12 reasons to never retire. I'm going to talk through a ton of different thoughts here. We're going to do some dreaming here today about your retirement and how I want you to start to think about the structure of your retirement. Because a lot of times when we understand what we want in life and when we understand what we want to do in retirement, we can make sure our money reflects those specific goals. Now in this episode, this is one that I've been thinking about for a long time because on this podcast, we talk a lot about financial independence. We talk a lot about retiring early.

3:08But here's the thing. Just because you reach retirement age doesn't mean you absolutely have to stop working. Sometimes what you want to do is to continue to work, but do things that you actually love. So today I want to kind of reframe the word retirement. I want to reframe the way that you think about retirement, because it doesn't mean that you need to just shut the door on productivity. What it really means is that you can design life on your own terms. And so this can be something like you're volunteering for the causes that you believe in, or you are spending time working the job you always wanted to do part time, or you're helping out in an industry that possibly has been your passion for your entire life.

3:50There are so many different options that we're going to be diving into in this episode, but pursuing work that you love can be really, really good for a lot of people. Now, for me specifically, I have thought about this a lot, and it is going to be something where I don't think I'm going to ever be able to stop working fully, meaning I always need something to do. If I am doing nothing, I get really bored very quickly. And so I'm always going to need activities to do. I am always going to need things to do. Now, you might be the type of person who for decades and decades worked 80 to 90 hours per week.

4:21You put in your time and energy and you just want to stop. You just want to rest and relax. More power to you. There's nothing wrong with that whatsoever. But I also want to lay the case for the other side for folks who really need something else to do. Even if it was something like a low risk business that you've always wanted to start, you could start a low risk business within retirement. And so here's the way I'm thinking about this currently for me is first, I want you to break up your retirement phases. So what a lot of data shows is that when you retire, the first couple of years are where you spend the most of your money and most of your time doing things you always wanted to do.

4:55So a lot of folks, they will spend a lot more time in their hobbies. Maybe you love golf or fishing, and so you spend more time golfing or fishing. Or maybe you want to always travel the world. So a lot of people will do a lot of their traveling on the front end of their retirement because they are more able. They have a lot of their cash on hand. And so they're looking to go and do those bucket list items. And so what I call this is there is some gap years there, meaning at the point in time where you decide to retire, I think it is well worth it, and you earned it to be able to take some time to rest.

5:27I think it is healthy for a lot of people to take months and months to rest, figure out what you want to do with the second half of your life, and in addition, be able to put a plan in place. This also allows you to think clearer. This is going to allow you to actually get that full rest and recovery that you've always and probably desperately needed for years and years and years. And so what I call this timeframe is the bucket list years, meaning it is one, two, three, four years that you take early on in retirement that allows you to get that full rest, that full relaxation. And during that time, you're trying to figure out, well, what am I going to do with the rest of my life?

6:01The rest of my life, I don't want to just sit on the couch. I don't want to go sit on a beach all day. How am I going to make an impact or how am I going to make a change in people's lives? Maybe you want to invest in the next generation. Maybe you want to start that small low-risk business because you want something to do. What are you going to do moving forward to make a big difference? And so today in this episode, what I'm going to be doing is I'm going to go through 12 different reasons why I think you should reconsider just laying on a beach all day. I'm going to go through these 12 reasons and I'm going to back it up by data because there is a lot of statistics out there that show why this is actually very important for people when it comes to a number of different things, including your health and longevity.

6:40So health and longevity are a huge portion of what we're going to be talking about today. And so I'm really, really pumped for this because I think for most people, they need to reconsider how they are going to think about the second half of their life. And so today we're going to tackle and dive right into it. So if that's something you're into, let's get into it. All right. So number one is working supports cognitive and emotional well-being. So in 2021, SSM Population Health did a study and they found that postponing retirement preserves cognitive function for all genders, education levels, and job types.

7:15So this is a big thing for a lot of folks right now. I am reading this book and I'll reference this book a couple of different times in this episode, but I am reading this book on longevity called Outlive. It's by Dr. Peter Atiyah. If you've never heard of Dr. Peter Atiyah, He is absolutely fantastic, has a bunch of wonderful information if you're interested in health and living longer. And this book is something that really dives into some of the big horsemen, meaning heart disease, cancer. But the third thing people think less about is things like cognitive decline. And so this is something where I think a lot of folks out there aren't actually putting a plan in place to make sure that they preserve their cognitive health.

7:55So let me give you an example of this. OK, because I think work challenges your brain in a number of different ways. One is it helps you problem solve. So when you're working, you are problem solving all day long. If you own a business or you're doing a job, you are problem solving. Problems are being thrown at you all day and you are solving those problems. But secondly, it also allows you to be planning because you're planning out your days. You're planning what you should be doing within your work. And so these are really good things that protect you against cognitive decline. And so let me give you an example of this.

8:24So my grandfather owns a small wine store, and he has owned that wine store for about 25 years now. Before that, he owned grocery stores, and he has been a business owner his entire life. He came over here from Italy. He's an Italian immigrant. And so he has been in business for himself his entire life. He is almost 90 now and still has the cognitive function of someone who would probably be in their 40s or 50s. And the reason for that, and I believe this is truly the reason for that, is because he continued working. Now, he is not the healthiest individual anymore. He owns a wine store. He's really into wine.

8:57He eats a lot of Italian food. And so bodily function wise, he is not the healthiest individual in the world, but his mind has not gone. So he still does all his accounting. If you ask him questions about, you know, specific numbers, he will be able to do it at the top of his head. He is really, really with it still in his late, late 80s. He can tell you anything about all these different wines, goes through the different grapes, can tell you all these various things. And I think the real reason behind this is because he has continued to work throughout his entire life. And he loves everything about working.

9:28He loves being there every single day. He loves the day-to-day talking to customers. He loves having conversations with people. And this is something where it has tremendously supported his cognitive health. Now, my grandmother, who was his wife, didn't work for a portion of her life, especially towards the end. And so we would see a massive cognitive decline in her because she was not doing anything but kind of staying home, watching TV, just kind of hanging out. And so we saw a cognitive decline pretty quickly because of that. And this is two sides of the coin when it comes to your brain health.

9:59I think it is so incredibly important to think through your brain health as you start to decide what you're going to do in retirement. So here's a big thing also in Outlive by Peter Attia. There are two separate ways that we want to live. There is lifespan, which is how long you live, and there is health span. Health span is how positive are the last few years of your life? Where a lot of people, they start to struggle to even tie their shoes. They start to struggle to do basic cognitive functions. They start to struggle to be able to move around like they used to. And so focusing your time and energy on making sure your health span is tremendous is going to have a massive benefit for you.

10:34And so for a lot of folks out there, making sure your cognitive function is a huge portion of your health span. You want to be able to move around. You want to be able to think. You want to be able to do the things that you always wanted to do in the past. And so I think this is really, really important. So even creative part-time roles can provide mental stimulation. And I think that is one thing a lot of people need to know. You don't need to be working a full-time job. You can work one day a week somewhere, but it gives you that structure. It gives you that part-time cognitive function that allows you to actually use that mental stimulation.

11:03Now, obviously in retirement, I also encourage a lot of folks out there to make sure you're continuously reading. So I had another grandmother on my other side, my mom's side, who lives past the age of 100. And a lot of it was she would exercise a lot, but she would also be reading constantly. And so those two things, I think, tremendously helped her live longer, but also have a great health span towards the end. And so this is really, really important for most people is to have these cognitive replacement activities if you do retire. So even if you are deciding, yeah, I'm not going to work anymore.

11:32I did my time. I'm done. I don't ever want to think about work ever again. But just having those replacement activities, I think, can be really, really important. Number two is continued work is actually linked to better health and longevity. So a study by the Journal of Epidemiology and Community Health found that one extra year reduced mortality risk by 9 to 11 percent, even in those with health issues. So work often requires movement, schedule adherence and socialization, which are all tied to longevity. A lot of this is tied to cognitive health, but it also keeps you moving around more. But purposeful engagement helps regulate stress hormones and maintain physical health.

12:11Now, let's get real here. A lot of our jobs out there, they are not good for our stress hormones or our health. And so what you could do is if you're looking to make sure that you can preserve your health and longevity long term, you can take a less stressful job either in the current organization that you are at and or that you could do something that you absolutely love. So one example of this is that I think you could go and let's say you love golf. I love golf. Maybe you love golf. I'm a terrible golfer, but I still love the game. And so if you love golf, maybe you're someone who also loves taking care of their lawns.

12:43And so if you love those two things, being something like a part-time greenskeeper could be one of the most fun things for somebody out there who loves the combination of those two things. Low stress. You're just out there making sure the golf courses look good. You're getting up early in the morning, making sure the sprinklers are working properly, making sure their greens look good, making sure the fairways look good. And so all of this kind of stuff can be super beneficial for someone who is interested in golf and landscaping and all that different kind of stuff and wants to be outside. Maybe you work in an office all day throughout your entire career, and now you want to be outside.

13:14You can really find your purpose. And purpose is what's super important here. Now, Blue Zones Research, if you don't know who Blue Zones Research is, they are the folks who have looked at Blue Zones, meaning the areas in the world where people have lived longer than everyone else. And in these areas, they found that purposeful activity actually extends life expectancy. So your life expectancy could be extended by you actually working more. And I think that is a really, really interesting thing, which leads me to number three, because purpose is a longevity superpower. Every single human being in this world needs a purpose.

13:49You absolutely have to have a purpose, a reason to wake up every single day. you have to have something that you are striving for or looking to attain. If you're not, you're dying. You're going backwards. You need a purpose. If you're sitting here right now, you're like, I have a job and I have no purpose. You need to find that purpose because that purpose is what is going to absolutely change your life. In fact, a 2019 study of 7 ,000 adults age 51 to 61 found a strong sense of purpose, lowered mortality risk over 16 plus years, 16 plus years by making sure that you have a purpose. So purpose can come from a mission-driven career.

14:24It can come from mentoring other people, meaning other people in your life that you are trying to help along the way. And or creative endeavors can also lead to purpose. So there are a number of different things. So let's say, for example, you retire and you always wanted to write a novel. Okay. And because you always wanted to write a novel, that is a creative endeavor that also gives you purpose and allows you to wake up every single day and get to writing. Okay. Or maybe you've always wanted to help people with personal finance, for example. This is the reason why I'll probably never retire.

14:53And so every single day, you wake up with that purpose to help other people with their finances so they can reduce their stress and anxiety around their family and everything else that they do day in and day out. Or maybe you just wanna go work in a mission-driven career. You love what you do. Maybe you're an attorney who wants to do some pro bono work. You're a retired attorney, and now you wanna do some pro bono work to help people out. That is another mission-driven career that can help you moving forward. A second part of that study found that people with purpose handled setbacks better and they recovered faster from even being sick, which is absolutely incredible.

15:25And purpose doesn't need to be grand. So for some of you, maybe you're retiring and your purpose is going to be spending more time with your grandkids. You're going to help your kids save on daycare costs and you're going to be spending time with your grandkids and watching your grandkids a couple of days a week or maybe full time, depending on what you really want to do. Or maybe it's creative art or maybe you like to solve interesting problems and help other people solve interesting problems. Or maybe you want to be a life coach and help people through their lives as they go on their day to day.

15:51All of these things are amazing, but having a purpose is one of the most important things that you need to be doing. Number four is social engagement from work protects against isolation. So a 2025 Business Insider longevity report found that social isolation can increase mortality risk by 29 to 77%. That is a massive, massive differentiation. And so we as humans, we need social interaction. So all of you introverts out there, you need to recharge after social interactions. That makes complete sense. But you still need that social interaction. It is actually good for our health to have social interactions.

16:25Now, you may think about this from time to time. But after you go and hang out with somebody that you haven't seen in a long time, that you really enjoy being around, like you really, really enjoy spending time with, you feel good after that interaction. And the reason for that is because you need to have these social interactions. So workplaces provide built-in network for conversation, collaboration, and even belonging. Now, do all of these interactions need to be in person? No, they don't always have to be in person. A lot of you who work remotely, you're still working with people on Zoom calls, or you're still talking through and having conversations with people.

16:55And that collaboration allows you to have that feeling of belonging. Also, retirement can cause social circles to shrink rapidly. This happens a lot when you stop working because you're not going out and doing specific things, especially if your friends are still working. So if you're not working, but your friends are still working because you retired early, it can cause those social circles to shrink rapidly. And really, you're going to have to find a new friend group if you don't do that. So another big thing. And then volunteer or group-based work can also be an alternative if jobs aren't appealing to a lot of people.

17:26So if you're like, I'm not getting a job, I'm not going out and getting another job, then going out and volunteering or spending time at your church or spending time in clubs or hosting different events, those can help you kind of get some of that social interaction when it comes to retirement. Now, here's the beautiful thing about retirement that I want most people to note. This is all up to you. You have the flexibility to do what you want in retirement. And so when it comes to this, this is the beautiful thing about making sure you get your money right, is in your working years, during your accumulation stage, if you get your money right, you can make choices about your life and really decide on all of these different decisions.

18:02That's why it is so incredibly powerful to make sure that you nail it early on because financial freedom can absolutely change your life. You can do the things you want. You can work on the things that you want. You can spend your time and energy doing things that you actually love. And that's why we love talking about personal finance because it allows you that freedom. It allows you the freedom to decide on all of these different things. You get to choose who you hang out with day in and day out. If you don't like who you hang out with, if you don't like Karen over at HR, if you don't like Bob over in accounting, you don't have to hang out with them anymore.

18:36Guess what? You've got enough money to say, hey guys, peace out. I'm not going to stay here and hang out with you guys anymore. I'm going to go do what I want day in and day out. I'm going to go find a job that I love so I can find purpose, so that I can increase my health, all these different things that we are currently talking about right now. And so making sure that you understand why we are talking about this stuff and that you have the power of choice. You have free will to make these decisions when you get to retirement age is really, really powerful. Number five is that continuing to work helps you keep structure, mental stimulation, and personal momentum alive.

19:11So research on post-retirement adjustment shows a drop in life satisfaction when structure disappears. And I think it is very important to make sure that you still have structure in place in retirement. So some of you out there who may not be as type A as me, may be excited to not have as much structure. And again, that is great, but you still need some sort of structure like you're waking up at a certain time, you're going out and get your exercise in, you're gonna go spend time and have a coffee with friends, you're gonna go, you know, do whatever you wanna do day in and day out, but at the same time, just having that structure, having that day-to-day of what you're doing every single week is really, really important.

19:46So a schedule is gonna help you regulate your sleep, your eating, your exercise, all very, very important for health. In fact, it's very important for longevity as well. And without structure, many are going to experience boredom, restlessness, and depression. I know for me, I would get so incredibly bored if I did not have structure. And even part-time work or those volunteer days can help maintain some of those healthy rhythms. And so just having a couple of days a week where you're doing very specific things can be extremely helpful in the long run to your longevity and your health. All right, number six is that work is going to facilitate personal growth and continuous learning.

20:21So being lifelong learners is a very, very important thing because lifelong learning and up skills are associated with higher life satisfaction and reduced cognitive decline. Now, this is from the National Institute of Aging in 2020. And so work environments are going to expose you to new skills. They're going to expose you to new ideas and challenges. Now, this is one thing I've noticed a lot with the baby boomer generation. I don't like the fact that some baby boomers, specifically folks like my parents, for example, did not keep up with technology fast enough as it was evolving. I think it is very important for most people to understand technology and actually keep up with technology as time goes on.

21:01I really don't think it's that funny when people can't handle technology at a certain point in time. You were alive when the technology was created. You should have been following along this entire time. Why? Because it leads to opportunities, but it also is going to help you in a lot of different environments. And so I think for most people, work environments are going to expose you to those new skills. They're going to expose you to those new technologies. They're going to put you into workshops that are going to help you with sales skills. They're going to put you into workshops that are going to help you with public speaking.

21:27It's going to help you through a bunch of different challenges and a bunch of different environments. And so because of that, it keeps you adaptable in a fast changing world. And I think that is really, really important for mental flexibility. If you get to a point in time where you feel like the world has passed you by, that is not a good place to be. And for most people out there in the older generations, I see this over and over and over again. So if I were you, if you were younger, like I'm in my 30s still right now. So I have committed myself to making sure I do not want this world to pass me by because I don't think that's a good feeling.

21:55And secondarily, I don't think you can thrive in a world when that world passes you by. And so because of this, I have committed myself to making sure, oh, I understand everything about AI and what is going on going forward. Or I understand everything about technology and what is happening. At least have an understanding of how to use it and what it's for. Because that I think is really, really important for a lot of people. And it helps you with that continuous learning over time. Retirement without active learning risks stagnation. You do not want to be stagnant in this life. You want to have that purpose.