Icons Dolly Parton and Gloria Steinem never officially retired—why that's a choice for some and requirement for others
The idea of never retiring sounds awful to some, but inspiring to others who want to pursue their passions long after they've left full-time work.
TL;DR
- Gloria Steinem and Dolly Parton continued working well past traditional retirement ages (92 and 80, respectively) until their deaths.
- Many Americans continue working after retirement age for various reasons, including financial necessity and personal fulfillment.
- Around 41% of working retirees state they need the income to cover living expenses.
- Non-monetary reasons for working in retirement include staying active, enjoyment, and pursuing passions.
- Financial experts emphasize achieving financial independence, defined as having enough savings and income to cover expenses without a regular paycheck, rather than focusing on a specific retirement age.
- Planning for retirement involves estimating expenses and income sources to build toward financial independence.
- Early investing and understanding the long-term impact of spending decisions are crucial for securing future financial freedom.