Shark Tank’s Kevin O’Leary has made a surprising suggestion that retirement might not be all it’s cracked up to be and believes those who have a job should keep working for as long as they can.
O’Leary, 70, originally retired at age 36 but found his job unfulfilling so he re-entered the workforce.
“Work is not just about money. People don’t usually understand that until they stop working. Work defines who you are,” the Canadian entrepreneur said in an interview with CNBC.
Many Americans aspire to join the FIRE (Financial Independence, Retire Early) movement, with early retirement being a solid goal for many.
Shark Tank’s Kevin O’Leary, 70, has made a startling suggestion that retirement might not be all it’s cracked up to be and believes those in jobs should keep working.
For most Americans, 67 is considered the age at which many retire, and a significant number retire at age 65 or even before reaching age 62.
The coronavirus pandemic only served to accelerate retirement for many Americans, and lockdowns gave those affected time to reevaluate their priorities in life.
“I don’t know where I’ll go when I die, but when I get there I’ll be working, too,” O’Leary said, noting that he has no plans to retire again now.
O’Leary has achieved financial success, but is still working hard running O’Leary Financial Group, O’Leary Fine Wines and appearing on Shark Tank.
“I retired for three years. I was bored to death. Work allows you to socialize with people, interact with them all day long in an interesting way. It even helps you live longer and is very, very good for brain health.”
Nicknamed Mr Wonderful on the hit TV show which has been on for 15 seasons, O’Leary says there are many benefits to be gained from continuing to work, including financial gains, but says money isn’t everything.
“I don’t need more money,” O’Leary adds. “I just want to do the things I want to do in my life, and money allows me to do that. I tell every entrepreneur, ‘Don’t focus on money. It’s not about greed. It’s about personal freedom.'”
Delaying retirement can also increase Social Security payments, while continuing to work can also provide much-needed social interaction that can be a boost to mental health.
Delaying retirement can increase Social Security payments, while continuing to work can also provide much-needed social interaction that can be a boost to mental health (file photo)
“It allows you to interact with people throughout the day in an interesting way,” O’Leary said.
Still, despite their insistence on staying in the workforce, statistics show that most Americans retire between ages 61 and 64, and the number of those looking to retire younger is increasing.
The share of American workers planning to work beyond age 62 fell to 45.8 percent in March, the lowest level in ten years, continuing a downward trend that began during the pandemic, according to researchers at the Federal Reserve Bank of New York.
Among younger generations, Millennials and Gen Z plan to retire earlier and aim to do so at age 60 or younger.
Despite aspiring to retire early, many still believe that the ideal retirement age is between 68 and 70 years old.
O’Leary, 70, originally retired at the age of 36 but found it unfulfilling so the Canadian businessman kept working and hasn’t looked back.
Among younger generations, Millennials and Gen Z plan to retire earlier and aim to do so at age 60 or younger (file photo)
Today, men tend to retire from their careers around age 65, while women do so around age 63.
Researchers found that the number of years Americans expect to continue working has dropped by 9.5 percent since March 2020, when the pandemic began.
Of course, economic conditions and personal preferences can also play a role in the timing of retirement.
But researchers found that the decline in the number of years Americans want to work appears to be similar across several demographic groups, suggesting there has been a widespread shift in retirement intentions.
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