this post was submitted on 17 Sep 2023
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"I should totally spend some of my retirement savings in my 40s"
Yes, that does require courage and go against conventional thinking. Ask someone in their 80s how they would feel about having to go back to work in exchange for a few years off earlier in life. Call me small minded but this idea is not for me.
What if you spent some of that time off in your 40s figuring out how to generate even more money for your 80s? You might not do that if you're too busy spending 60 hours per week every week on your job.
What if you die at 55? Also possible.
Both models have their risks.
I understand why most people oversimplify and assume that waiting until the end of their lives to retire is the right way to do it. It seems safer, even though I'm not sure it is. Sometimes you outlive your money and sometimes the money outlives you.
Nah.
You don't need to "retire" for a few years in your 40s to figure out how to make money in your 80s. You're either going to be investing or developing projects or studying, none of which is retirement.
You don't have to work 60 hours a week from your 20s to your 60s. You could work 40 or even 30 hours a week and spend some time figuring out how to make money in your 80s.
Yes its possible to die at 55, but it's unusual, and it's daft to plan on that because obviously in the more likely event that you do not die, you might run out of money.
It's fine to focus on a good balance between work and life in your 30s and 40s, bit I think calling it a brief "retirement" in your 40s or 50s planning to return to work later isn't a great plan.
OK. So don't do it.