David Letterman ought to create a Top 10 list highlighting indicators that retirement isn’t as absolute as one might think.
After 33 years of hosting The Late Show , the TV legend retired in 2015. However, nearly 10 years later, he’s calling career afterlife a “myth.”
Don't miss
- I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast)
- Auto insurance in the U.S. currently averages at an impressive $2,329 per year on average. Here’s how 2 minutes can help you save over $600 in the year 2025.
- Secure substantial quarterly earnings via this $1 billion private real estate fund — regardless of whether you're a millionaire or not. Here’s how you can begin with just $10 at hand.
"The concept of retirement is absurd," the 77-year-old stated. GQ in an interview You won't be able to retire; the human body isn’t designed for retirement.
As long as you remain healthy, you continue to seek productivity. It took me a few years after ending the show to realize that it follows an entirely different pace," he explained. "Without the usual routine, things can feel quite unfulfilling. Thus, you must discover what holds significance for you.
His latest project, My Next Guest Needs No Introduction Featuring David Letterman On Netflix, which is currently in its fifth season, he belongs to an increasing group of older Americans who are postponing retirement until they reach their 70s and even 80s.
Here’s what’s driving numerous Baby Boomers to keep working into their retirement years.
Silver wave in the workforce
In 2023, approximately 11 million Americans aged 65 and older continued to be part of the workforce, as reported by statistics. Pew Research Center The number of workers at retirement age in the economy has increased fourfold since the mid-1980s.
Multiple systemic elements have fueled this shift. According to research highlighted by Pew, labor economists indicate that today’s older population tends to enjoy better health due to advancements in medicine. Additionally, they are less prone to engage in strenuous occupations and are generally more educated than previous generations. Consequently, these conditions facilitate extended employment among numerous elderly individuals.
Individually speaking, though, the choice to work instead of relaxing at the seaside usually comes down to two factors: financial need or lack of engagement.
Read more: Certified investors can now invest in this $22 trillion market segment previously exclusive to high rollers — and own property tied to stores like Walmart, Whole Foods, or Kroger with minimal effort involved. Here’s how
Some desire to work, while others must.
With an approximate net worth of $400 million, as reported Celebrity Net Worth , Letterman clearly doesn’t need He is part of an exclusive circle of affluent elderly individuals like Warren Buffett, Bill Gates, and Bernard Arnault, who choose to keep working purely for their enjoyment.
A survey by F&G Annuities & Life discovered that 51% of those aged over 50 who have not yet retired and current retirees are thinking about postponing retirement or returning to work. For those still working, 33% said they enjoy their job too much to leave, whereas 45% of retirees mentioned seeking mental engagement as their primary reason for wanting to return to employment.
In simple terms, numerous elderly individuals find retirement dull. Conversely, some must return to work due to financial constraints. Insufficient savings coupled with increasing living expenses has driven less affluent seniors back into employment.
The study reveals that 49% of those approaching retirement intend to postpone their retirement because of inflation, whereas 44% of current retirees mentioned that inflation has compelled them to return to employment. Both groups are at greater risk should an unexpected health issue or personal crisis make it impossible for them to continue working.
With this in mind, younger Americans should prioritize early planning and diligent investing to build a secure nest egg. Whether you aim to work into your 80s or dream of enjoying long siestas on a beach in Greece, having the choice is far better than being forced to work due to market pressures in your senior years.
What to read next
- This Denver woman’s savings account was accessed, drained of a whopping $7,363 by a scammer — but the bank first ruled the transactions were legit. Here’s how she got her money back
- Here are 3 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
- Protect your retirement savings with these 5 essential money moves — most of which you can complete in just minutes
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Post a Comment