Why People Can’t Figure Out When It’s Time to Retire
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Hey, your money briefing listeners, this is J.R. Whelan. Here at YMB, we're all about bringing you important personal finance and career news to help you make better decisions about your money. But we want to learn more about you. Aside from listening, what other ways would you like to interact with the show? If you're listening on Spotify, look for our poll under the episode description, or you can send us an email to ymb at wsj.com. That's ymb at wsj.com. Now onto the show. Here's your Money Briefing for Tuesday, November 14th. I'm J.R. Whelan for The Wall Street Journal. For a lot of people, their career begins soon after graduating from college. But after decades of working, many have a hard time envisioning when to cross the finish line and retire.
The definition of retirement is shifting. A lot of people are working in retirement. It's a bit more of a fuzzy state than it once was. But I think there's still that idea that retirement is signaling the end of your life, that you're kind of a has-been.
We'll talk to Wall Street Journal Work and Life columnist Rachel Feinsick after the break.
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How does the episode introduce the retirement dilemma and shifting definitions of retirement?
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We spend decades working and putting money away for retirement, and yet when people approach the so-called traditional retirement age, deciding if it's time to leave the workforce can bring them to a full stop. Wall Street Journal Work and Life columnist Rachel Feinzig joins me. So, Rachel, a lot of us have been accused of being workaholics. How much does that play into this question about when to retire?
For a lot of people, work becomes your identity. I mean, it forms the backbone of our days, just the sheer number of hours that we work. There's a real rhythm to that we can get addicted to and feel kind of lost when it's gone. Even more deeply than that, there's a sense that what we do is who we are. We go to a party and the first thing people ask is, what do you do? And like, what do you say when you're retired? One professor who studies retirement told me that When you're retired, everything becomes about the word was, you know, you're kind of living in the past tense. And I think for a lot of people, that's really scary when they're staring it down.
And people are working later in life than ever, right?
Yes. And some of that is financial. I mean, people have to work longer because they're not able to financially retire. There's also a sense that some people don't want to retire. We're also living longer. The idea used to be that it was maybe five years between a physically taxing job and your death. And you would have this like brief respite in retirement and now people can be staring down decades. And, you know, what I heard from a lot of experts, too, was this idea that financially and psychologically, we can't afford necessarily to just have 30 years of leisure. I mean, it might seem like really appealing. to those of us like me that are in the thick of it with work and kids. It sounds like a dream, but there's actually a lot of research out there that shows that if you have too much free time on your hands, it can actually make you just as unhappy as when you don't have enough time.
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