financial plan

Is “Work Until You Drop Dead” Your Financial Plan?

work until you dropLook, I get it. By the time a lot of people start thinking about retirement, it might already seem too late.

Let’s say you are in your 40’s and decide it is time to take your retirement planning seriously. So you start to search for what to do, and all the advice can be boiled down to, “Start saving for retirement in your 20’s.”

Well, that is not very helpful.  And honestly, it is downright depressing.

Is to Keep Working Until You Drop Dead your only option?

Check out this video clip from 60 Minutes Australia



Here are some thoughts about the video:

Let’s start with a quote:


“There are three and a half million of us in Australia, you and me, over the age of 60 with no prospect, or very little prospect, of ever retiring.”


The situation is probably similar for all aging people, no matter where you live. Sure sounds like “Work ‘Til You Drop” is the only solution.

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And how about this statement, “Investment returns are going to be really challenged in the years ahead.”  

Wow, so even if you are investing now, and have been for some time, the returns over the years might get smaller, making retiring with enough money to live comfortably even more problematic.

And if you are looking for the government to take care of you, you better think again. With less people in the workforce paying taxes and more people receiving government benefits (and living a lot longer), this is just a mathematical equation that does not work.

As the video shows, working until you drop might not be all that bad for some people.  Maybe they love their work, and can continue to physically do it, so it is what gets them out of bed in the morning.

If I look at in a broader view, I think the point is choice. I think most people would rather be in the financial position to choose how long they want to work… instead of being forced to work because they need the money.

I personally do not plan to stop working. I’ve created a situation where the work I do can be done as long as I am mentally able.  And since I like it, I don’t feel the need to stop.

It really comes down to two things:

But I plan my finances in a way where I could stop working at some point if I wanted to. And I feel this is where the feeling of financial security really comes in.

No matter what your age, at some point you are going to have to address your own retirement planning.  

  • Do you want to stop working entirely and sit on a porch all day long? Plan for it and make it happen
  • Do you want to work forever and continue to have an income as long as you live?  Plan for it and make it happen

But you need to take an active role and plan for the financial future you want. Because if YOU don’t plan… you won’t have a choice later in life.  You might be forced to work until you drop.