I Retired Early and Regretted It: Why I Went Back To Work To Continue Building Wealth
Written by
Jacob Wade
Edited by
Gary Dudak
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Retiring early is the new American dream. Imagine working for 15-20 years (instead of 40 years), investing half your income and retiring in your 30s or 40s.
Many have jumped on the Financial Independence Retire Early (FIRE) movement and have been able to exit the workforce much earlier than anticipated.
But a few early retirees have found out that it’s not as amazing as they thought it would be. We chatted with a few people who retired early — and then realized retirement wasn’t for them and started working again.
Here’s why they went back to work instead of staying retired.
I Wanted To Continue Providing Value
While retiring conjures up images of spending all day on the beach, many early retirees don’t feel satisfied doing nothing.
Conrad Golly, retired law enforcement professional and founder of ConradGolly.com, retired early due to an injury, but then decided to start a business instead of staying retired. “Even though I was financially stable, I still had a desire to provide value to others and contribute to society,” Golly said. “Starting my own business allowed me to do that.”
John McLaughlin, early retiree and founder of Lifeline Education Connection, retired from a company he owned but realized he wanted to continue helping others. “First and foremost, I’m 59 years old and I can still bring value to my company,” McLaughlin said. “This won’t always be the case as I have seen slightly older friends and family members either physically or mentally deteriorate to the point where they can no longer bring value. I realized I am going to get there soon enough, and wanted to be productive as long as I could.”
I Wanted a Challenge
Retirement removes the challenges that work presents, which can be a good thing, but may also lead to boredom and a lack of purpose. Early retirees who have gone back to work respect the challenge of working for a business.
McLaughlin wanted to stay sharp by being engaged with his business associates. “Work keeps you sharp and challenged,” McLaughlin said. “Thirty plus years of experience makes me a valuable asset as I have likely been in a similar situation to the one they are asking me about. My early mistakes are especially valuable because you remember them and are able to warn someone in a similar situation of the possible pitfalls.
Govind Dhiman, retired software engineer and founder of news site LeeDaily.com, was disappointed after retiring. “After a few years of retirement, I started to feel bored and restless,” he said. “I missed the challenge and camaraderie of work. I enjoyed working with my colleagues and solving problems together. I also missed the feeling of accomplishment that I got from completing a project.”
I Wanted More Financial Security
Retiring early takes long-term discipline and a large enough nest egg to support your needs for the rest of your life. Sometimes early retirees simply didn’t have as much as they thought they needed or wanted more money to feel secure.
Dhiman also realized he wasn’t financially independent. “I didn’t have enough money to support myself indefinitely,” he said. “My savings were starting to dwindle and I knew that I would eventually need to find a way to generate income.”
McLaughlin found that he was spending more than he could sustain. “I thought I had plenty of money saved and also had numerous sources of passive income,” McLaughlin said. “No matter how much you have saved, when your spending exceeds your income, you realize that you are starting to reduce your assets instead of building them. This was unsettling to me in my late 50s as I am hoping I have decades left and want to have the resources to enjoy my later years with no reserve.”
Golly had enough money to stay retired but wasn’t completely comfortable with the total amount. “While I was financially stable, I wanted to ensure long-term financial security for myself and my family,” Golly said. “Starting my own business allowed me to have more control over my financial future.”
I Didn’t Want To Retire, I Just Needed a Vacation
When you’re stuck in the daily grind, you might feel like the only escape is retiring from work forever. But in some cases, you are simply working too hard and need a long vacation.
Chanda Torrey, early retiree and founder of Gifter World, was burned out and retired early to get away from long weeks at the office. “After working about 80 hours a week for years as an executive in the non-profit sector, I retired,” Torrey said. “I imagined that my new life would be filled with lunching with my girlfriends while having cocktails at 11 am. That idea was great for a couple of weeks and then I became incredibly bored. Turns out…. I probably only needed a vacation.”
I Have a Passion for Entrepreneurship
Once you are retired, you have more time to pursue your passions. For some, those passions include entrepreneurship and running a business.
Alan Fendrich, former retired executive and current CEO of Advanced Hiring System, decided to start another business after retiring for only one year. “At the ripe age of 49 I retired with a 7-figure nest egg,” Fendrich said. “I then trained and ran a marathon, bought a home on the beach and began what I thought was to live my life dream. However, at 50, I said goodbye to retirement and embarked on a new adventure and started my 5th business. Running businesses had become ingrained in my DNA, and the thrill of building something meaningful consistently outweighed the relaxation of retirement.”
“As I reflect on my journey, I can proudly say that retirement was simply a rest stop, a brief moment to recharge before diving headfirst into a new wave of creativity and entrepreneurship,” Fendrich said. “Age may be just a number, but passion and purpose possess the true power to defy conventional norms and fuel a life well-lived.”
Golly also learned about a passion for business after retiring. “I discovered a passion for entrepreneurship and saw the potential to create something of my own,” Golly said. “I wanted to challenge myself and see if I could be successful in this new venture.”
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