I’m Financially Prepared To Retire: Here’s Why I’m Not Going To
Written by
Jake Safane
Edited by
Amber Barkley
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
While many people keep working throughout their lives due to not being financially secure enough to retire, there’s also a strong contingent of workers who keep at it because they want to, not because they necessarily have to.
Take Bill Catlette, partner at Contented Cow Partners, a leadership and workforce advisory. At 72 years old, he still works at least 50 hours per week, and his business is booming. Even though he could slow down if he wanted to, he is intent on continuing to work, at least in some capacity, for the rest of his life.
“I’m working more for the twin purposes of making a difference and having fun than I was thirty years ago, but money is still relevant, if only as a means of keeping score,” he explained.
What keeps Catlette going? His three primary reasons to keep working include:
Finding the Fun in Work
Working later in life is something that Catlette is happy to do, because he enjoys his job. “I don’t just like my work, I love it and plan to do it in some form for as long as I draw breath,” he said.
“Besides, I’ve found out how to work and have fun,” he added. That includes persistently choosing “to work with people whom I like and respect.”
For example, in addition to his day job as a corporate coach, he and his business partner Richard Hadden are working on their fifth book together, which they plan to finish in early 2025. And Catlette has found ways to combine his work with enjoyable travel.
“How bad would it be to winter in Key West while working on a book?” he said.
Yet he travels more on his own terms, while using technology to avoid always having to fly all over the country as a business coach/speaker/advisor. The rise of Zoom since the COVID-19 pandemic has helped his career in this regard.
“I’ve already done three Zoom coaching calls today, with clients in different time zones. I did two over the weekend from the Outer Banks beach,” he said. “Previously, the work was fine; it was the road warrior stuff that was wearing me out.”
Staying Relevant
Another reason why Catlette doesn’t plan to retire is that he wants to stay mentally sharp. One of his top fears, which he said most U.S. seniors should be afraid of, is “the fear of becoming irrelevant by virtue of not keeping pace with my learning,” he said.
In a way, continuing to learn through his work helps him stay young.
“Truthfully, age is but a number to me. People who think they’re old act old,” he said.
For those who haven’t been able to find this mental stimulation through work, he suggested that it’s important to keep searching, rather than getting complacent.
“Find something you do love, or can learn to love, and get about doing it. If you strike out a time or two in the search, shake it off and keep going. I’ve known too many people who grew old and died, due largely to boredom,” he said.
Trying To Stay Ahead of Healthcare Issues
Lastly, Catlette plans to keep working because his other big fear is “the utter brokenness of the U.S. healthcare system, which isn’t a system at all. I’m an unrepentant capitalist who works a great deal in that space, but we lag [behind] much of the world in health outcomes per dollar spent,” he said.
So, while he in theory is financially set up to retire, continuing to work reduces the risk that a health crisis would wipe him out.
“With very few exceptions, I’m not sure anyone has a healthcare ‘safety net’ in the U.S. I think staying hungry, regardless of one’s circumstances, is a good thing,” he said.
And he hopes that continuing to work — while also making time for hobbies like fly fishing — will help his health. “I’ve no scientific evidence but am inclined to believe that staying physically and mentally active might be advantageous to avoiding Alzheimer’s, the scourge that took my mother’s life,” he said.
Ultimately, Catlette has found that he has been able to construct a good life for himself that does not need to involve traditional retirement. He continues to look for new opportunities, such as having just finished a 12-year stint on a non-profit board — and now searching for another one to join. He also continues to learn new skills while making time for travel and hobbies, which his work can support.
And as he pointed out, having enough money doesn’t mean you’re required to stop working if you enjoy it.
“Warren Buffett is 93 years old, and he’s not mailing it in,” he said.
More From GOBankingRates
