Shark Tank’s Kevin O’Leary has made a surprising suggestion that retirement may not be all it’s cracked up to be, and believes that those who have a job should continue working as long as they can.
O’Leary, 70, had originally retired at the age of 36, but found it unfulfilling and re-entered the workforce.
“Work is not just about money. People often don’t understand that until they stop working. Work defines who you are,” the Canadian businessman said in an interview with CNBC.
Many Americans aspire to join the FIRE (Financial Independence, Retire Early) movement – early retirement being a solid goal for many.
Shark Tank’s Kevin O’Leary, 70, made a surprising suggestion that retirement might not be as great as it seems and believes those who have jobs should keep working
For most Americans, 67 is considered the age at which many Americans retire, with a significant number retiring at age 65 or even before reaching age 62.
The coronavirus pandemic has only accelerated the retirement of many Americans, with lockdowns giving those affected time to reassess their priorities in life.
“I don’t know where I’m going to go when I die, but I’ll work when I’m there,” O’Leary said, noting that he now has no plans to return to retirement.
O’Leary has found financial success but still works hard, running the O’Leary Financial Group, O’Leary Fine Wines and appearing on Shark Tank.
“I retired for three years. I was bored to death. Work allows you to socialize with people, interact with them throughout the day in interesting ways. It even allows you to live longer and is very, very good for your brain health.”
Dubbed Mr Wonderful in the hit TV series which has aired for 15 seasons, O’Leary says there are many benefits to continuing to work, including financial gain – but he adds that money isn’t everything.
“I don’t need more money,” O’Leary adds. “I just want to do the things I want in life, and money allows me to do that. I tell all entrepreneurs, ‘Don’t focus on money. It’s not about greed. It’s about personal freedom.’”
Delaying retirement can also increase Social Security payments, while continuing to work can also provide much-needed social interaction, which can boost mental health.
Delaying retirement can increase Social Security payments while continuing to work can also provide much-needed social interaction that can be a boost to mental health (file photo)
“It allows you to interact with people throughout the day in an interesting way,” O’Leary said.
Yet despite his insistence on remaining in the workforce, statistics show that most Americans retire between the ages of 61 and 64, and the number of those seeking to retire earlier is increasing.
The share of U.S. workers who plan to work beyond age 62 fell to 45.8% in March — the lowest level in a decade, continuing a downward trend that began during the pandemic, according to researchers at the New York Fed.
Among younger generations, Millennials and Generation Z plan to retire earlier and aspire to retire at age 60 or younger.
Although many people want to retire early, they still believe that the ideal retirement age is between 68 and 70.
O’Leary, 70, had originally retired at the age of 36, but found it unfulfilling. So the Canadian businessman continued working and has never looked back.
Among younger generations, Millennials and Gen Z plan to retire earlier with hopes of retiring at age 60 or younger (file photo)
Currently, men tend to end their careers around 65, while women leave around 63.
Researchers found that the number of years Americans expect to continue working has declined 9.5% since March 2020, when the pandemic began.
Of course, economic conditions and personal preferences can also play an important role in deciding when to retire.
But the researchers found that the decline in the number of years Americans want to work appears to be similar across a number of demographic groups, suggesting there has been a widespread shift in retirement intentions.
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