Why Billionaires Are Refusing To Retire

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#business #finance #billionaire

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Most people alive today will never be able to retire.

Almost half of all Americans report having no dedicated retirement accounts at all, and rising living costs means that millennials will need more than a million dollars saved to retire comfortably. It’s a bleak outlook for most people who will probably be working in some capacity until the day they die.
But there are people with enough money to live several lifetimes in extreme luxury without ever needing to work again… and yet they still chose to work, even at the expense of their health, their family life and worst of all… their own net worth…

So what is stopping so many billionaires from retiring? According to Bloomberg, the average age of a global billionaire is now 63 years old, and it’s slowly getting older every year, as wealthy people live longer and longer lives. Male billionaires are slightly older at 63.7 years and female billionaires are on average 62.4 years old.

Female billionaires have a longer life expectancy than male billionaires but they still trend younger because several have been the beneficiary of an inherited estate or divorce settlement at a younger age. Forbes has also now reported that there are NO billionaires under the age of 30 that are self made… all of them have inherited their wealth.

As billionaires are getting older and richer, an ever increasing number of them are also working well into their twilight years. You might think that they are just obsessed with accumulating more wealth. The mental state of billionaires who just need more is a factor that we will get to soon, but for some of them, they would actually be even richer if they took a step back and just enjoyed their wealth.

So it’s time to learn How Money Works to find out the three reasons why billionaires refuse to retire.

[Dantursi]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[darnellcapriccioso]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[DonaldMark-nese]

The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.

[gw.]

It is an addiction. Some people choose Alcohol, some choose tobacco, some are addicted to making a dollar out of 15 cents.

[SeanTalkoff]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

[danielattah]

I guess it's partly because of the psychological reasons:
-They genuinely enjoy what they doing.
-They've built too much of their sense of self into what they do for a living.
-They need to feel alive somehow and their work helps them feel alive.
-They don't trust anyone else to run their 'baby'

[kevinwahl]

I cannot imagine the existential dilemma that hits many ultra-rich people of “now what.”

[D_ND_H]

The day you retire is the day you start to lose importance, status and connections. If you lived your life with those benefits its hard to live without them. People stop answering your calls immediately etc.

[joeykeilholz]

Basically proves that the people that control our lives fundamentally don't think that life is worth living. From top to bottom, they want a society obsessed with work, where family and friends are a blip in our increasingly short lives.

[KarenLavia]

I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.

[Riggsnic_co]

With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.

[davidwells]

It is like that with so many older people. They wont leave so others can move up even when they are failing at work. Work is their life and it is all they have. Alot of cases they have no power or purpose in real life and work is a safe haven.

[Vivienedouglass]

Money is very important no one wants to leave the money making business. for me, As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.

[warrpedd]

A billionaire "job" has no relation to a normal job that most people have.

[kortyEdna]

My retirement account has gone down by 13.7% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.

[mazone]

Tom from MySpace is my hero. That guy got out at the perfect time and set himself up perfectly.

[MeterLP]

Being a CEO seems like playing a 4X game like Stellaris. Make decisions and watch the numbers go up. I can see why some wont retire when they are already playing their favorite game, with lots of power as a bonus.

[CrystalJoy-]

These days, retirement is harder than it used to be. Rather than investing, I have been saving for a very long period. I'm thinking of investing in stocks because of all the inflation, but I'm not only familiar with market tactics.

[jcflav]

62.5 hours a week is a joke. Everything that isn't sleep or time at home is considered work. Traveling to work? That's work. Lunch? That's work. Golfing with your failsons? You guess it, work. Fucking hell, I "work" like 80 hours a week if that is what counts.

[jonathanabgrall]

They're not exactly doing back breaking work. They just tell people to move digital numbers for them.

And its kind of the problem with the whole "you'll never retire" thing. Sure working white collar jobs in your 60s, 70s or even 80s is feasable.

But you can't be a carpenter or ironworker or mechanic etc in your 70s. Certainly not full time. Its quite literally physically impossible.

Pretty sad to see the people who work the hardest doomed to poverty.