So I've started working my way down the Top 100 rich list, listening to interviews with one gazillionaire after another. I've arrived at Carlos Slim.
https://www.youtube.com/watch?v=Hh-e61Nv-lQHe has one idea that I like: He talks about the combination of 'late retirement' and part-time work. So people would work into their 70s and beyond, but only 3 days per week.
https://youtu.be/Hh-e61Nv-lQ?t=1165He says this is a good option, both individually and societally.
Individually - It keeps you active and connected and helps give you meaning, while not burning you out and allowing time for family, friends and relaxation (because it's just 3 days). The income stream also helps to cover costs of living and particularly healthcare, which is set to rise.
Societally - As a large segment of the population ages, we need as many workers as possible. We also need to give young people a chance to get into the job market. If all seniors work full-time, that means less opportunities for the youth. But if everyone works 3 days per week, then there's plenty of space for young people to fit in. And with inflation, slow growth economy and an ageing population, even wealthy seniors might need to have an additional income stream to pay for medical costs.
Not sure what others think, but I'm all for working 3 days until 70.
1. Unlike full-time, part-time seems like a pace I could sustain well into old age.
2. Even if I have enough investments to FIRE, I'd still like the added security of an income stream, as an extra buffer against economic fluctuations, inflation, etc.
3. Since I will die eventually, I'd rather die while working, doing something meaningful, surrounded by old and young. I think it's a better way to go than sitting in a nursing home doing nothing.
4. Having the long-term game plan of working part-time into old age, I can spread my efforts out more evenly over a life-time. This means I'll be less stressed, happier and healthier on average throughout my lifetime. In an uncertain and changing world, this seems like a more reliable plan than doing an enormous amount of hard, stressful work now, in hopes of achieving a wealthy retirement, when that might not be possible.
This seems similar to the Mustachean philosophy, in terms of putting more emphasis on happiness, relationships and long-term sustainable lifestyle, as opposed to working your guts out until 60 then suddenly quitting all work and retiring into a life of inactivity.
Keen to get everyone's thoughts/commentary.