When people plan for retirement, they ask all kinds of questions about how much income they’ll need, where they will live, etc. But one of the most important questions is, do they hate their job? If you love your work, there is a pretty good chance you’ll continue to work until you have to stop. One of my clients is a 68 year old musician, who is having a blast traveling the world making music. I’m expecting him to quit when they pry his guitar from his cold dead fingers. His retirement needs are not the same as someone who is 55 and counting every second until they turn 59 1/2 and can tap their IRA.
If you don’t like your work, odds are you need to be a better saver. A couple that is 65 years old and healthy have a pretty solid chance of living to 90 years old. If you’re going to quit early, you’ll need your money longer, it’s as simple as that. The problem is, if you hate your job, you may want to be spending money on vacations and nice cars to make up for your work life.
The moral of the story is, if you hate your job, do one of two things. Find some work you like to do, or save like a squirrel. Otherwise you could end up hating your retirement as well as that job you had.