Never Retire - Money Strategies To Help Facilitate Working in Relative Old Age
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Access the introductory part one to this working in retirement series here.
In today’s part two (of four), we consider money strategies to help facilitate working in relative old age.
Before we go all the way in, let’s consider the terminology we use. Phrases such as working in retirement or working in relative old age.
Over the next month or two, I will write entire Medium articles on some of the personal finance jargon we have created over the last 18 months. However, for our present purposes, all we need is a loose and fluid interpretation of the word “retirement.”
We can start from the idea that we generally think of traditional retirement as a life stage that starts somewhere between 55 and 70, with the sweet spot around 65. Therefore, if you plan to Never Retire, you’re working, in some fashion and to some degree, beyond these ages.
This said, you might just work a bit into the traditional retirement years, then find you don’t need to, want to, or simply can’t any longer. So, you stop.
Working in retirement. Any time you do work for income past traditional retirement age. No matter how you time and structure this part of your life, you have to plan for it logistically and financially. The sooner, the better.
Working in relative old age. I use this phrase often. I put “relative” in front of old age because part of the intention of living a semi-retired life (and working in traditional retirement) is to preserve your mind and body while in your prime so you’re able to work and enjoy life once you pass 55, 60, 65, and so on. So you’re not old like somebody coming out of the 40-year grind at 65. Instead, you’re just old relative to the age you used to be. For example, I will turn 47 in 2022. When I hit 60 in 2035 (wow!), I hope to be super spry, active, and still working even though, relatively speaking, I will have entered old age.
With that in mind, let’s dig into part two of our working in retirement series, covering money strategies to help guide us.