Reply to Saving for retirement when you don't plan to retire?

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[quote=Anonymous][quote=Anonymous]Retirement Is Worst-Case-Scenario Insurance.

Retirement planning is like life insurance. It should be viewed as nothing more than a hedge against the
absolute worst-case scenario: in this case, becoming physically incapable of working and needing a
reservoir of capital to survive.

Retirement as a goal or final redemption is flawed for at least three solid reasons:

1. It is predicated on the assumption that you dislike what you are doing during the most physically
capable years of your life. This is a nonstarter—nothing can justify that sacrifice.

2. Most people will never be able to retire and maintain even a hotdogs-for-dinner standard of living.
Even one million is chump change in a world where traditional retirement could span 30 years and
inflation lowers your purchasing power 2–4% per year. The math doesn’t work.3The golden years
become lower-middle-class life revisited. That’s a bittersweet ending.

3. If the math does work, it means that you are one ambitious, hardworking machine. If that’s the
case, guess what? One week into retirement, you’ll be so damn bored that you’ll want to stick
bicycle spokes in your eyes. You’ll probably opt to look for a new job or start another company.
Kinda defeats the purpose of waiting, doesn’t it?

I’m not saying don’t plan for the worst case—I have maxed out 401(k)s and IRAs I use primarily for
tax purposes—but don’t mistake retirement for the goal.[/quote]

This is the problem...you are assuming that you have the choice to work....I have a job that I love.  I am working in the field which I studied in Grad School.  I am also 50.  My career has adjusted based on customer needs;  currently the customer needs (federal) are to cut costs.   So far, the impact has been minor (minimal raises; reduced benefits), but that could change soon.  I am now working 75% time -- which will soon mean I am earning 75% of my salary.  And in 6 months, my industry may be gone.  literally.

So, I need to adjust and start in a new industry, one where I have limited exposure, and I would have to start at the bottom...only the people they want at the bottom are right out of school.  Not with 20 years of experience.

Fortunately, I saved for retirement.  My one million will not be enough to retire on here, but I can move to a lower cost of living area, take my retirement and my 400K of equity in my house, and start over in a lower paying field and survive.

[/quote]

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