12 Reasons to Never Retire (Even When You Have Enough Money)

In this episode of The Personal Finance Podcast, we explore 12 data-backed reasons why working past traditional retirement age can boost your health, wealth, and happiness—from how postponing retirement preserves cognitive function and reduces mortality risk by 9-11%, to why social isolation from leaving work increases death risk by up to 77%, and how modern remote opportunities make it easier than ever to design lifestyle-friendly careers that keep you mentally sharp, socially connected, and financially secure well into your later years. Watch this episode on Youtube How Andrew Can Help You: Listen to The Business Show here. Don't let another year pass by without making significant strides toward your dreams. "Master Your Money Goals" is your pathway to a future where your aspirations are not just wishes but realities. Enroll now and make this year count! Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here! Learn to invest by joining Index Fund Pro! This is Andrew’s course teaching you how to invest! Watch The Master Money Youtube Channel! , Ask Andrew a question on Instagram or TikTok Learn how to get out of Debt by joining our Free Course Leave Feedback or Episode Requests here. Car buying Calculator here Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at shopify.com/pfp Thanks to Policy Genius for Sponsoring the show! Go to policygenius.com to get your free life insurance quote. Indeed: Start hiring NOW with a SEVENTY-FIVE DOLLAR SPONSORED JOB CREDIT to upgrade your job post at Indeed.com/personalfinance Go to https://joindeleteme.com/PFP20/ for 20% off! Shop outdoor furniture, grills, lawn games, and WAY more for WAY less. Head to wayfair.com Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com/PFP Chime: Start your credit journey with Chime. Sign-up takes only two minutes and doesn’t affect your credit score. Get started at chime.com/ Acorns: Start investing automatically with Acorns and get a $5 bonus at Acorns.com/PFP Visit www.functionhealth.com/PERSONALFINANCE or use gift code PERSONALFINANCE100 at sign-up to own your health. Delete Me⁠: Use Promo Code PFP for 20% off! Connect With Andrew on Social Media: Instagram TikTok Twitter Master Money Website Master Money Youtube Channel Free Guides: The Stairway to Wealth: The Order of Operations for your Money How to Negotiate Your Salary The 75 Day Money Challenge Get out Of Debt Fast Take the Money Personality Quiz Learn more about your ad choices. Visit megaphone.fm/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Andrew Giancola?

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• 0:44Andrew Giancola?

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• 1:27Andrew Giancola?

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• 2:25Andrew Giancola?

  What's up everybody and welcome to the personal finance podcast. I'm your host Andrew, founder of mastermoney.co and today on the personal finance podcast, we're going to be talking through 12 reasons to never retire, even when you have enough money. If you guys have any questions, make sure you join the master money newsletter by going to mastermoney.co/newsletter. And don't forget to follow us on Spotify, Apple Podcasts, YouTube, or whatever podcast player you love listening to this podcast on. And if you want to help out the show, consider leaving a five star rating and review on Apple Podcasts, Spotify, or your favorite podcast player. Now today, we're going to be diving into 12 reasons to never retire. And I'm going to talk through a ton of different thoughts here. We're going to do some dreaming

• 3:10Andrew Giancola?

  here today about your retirement and how I want you to start to think about the structure of your retirement. Because a lot of times, when we understand what we want in life, and when we understand what we want to do in retirement, we can make sure our money reflects those specific goals. Now in this episode, this is one that I've been thinking about for a long time, because on this podcast, we talk a lot about financial independence. We talk a lot about retiring early. But here's the thing, just because you reach retirement age, doesn't mean you absolutely have to stop working. Sometimes, what you want to do is to continue to work, but do things that you actually love. So today, I want to kind of reframe the word retirement. I want to reframe the way that you think about

• 3:53Andrew Giancola?

  retirement, because it doesn't mean that you need to just shut the door on productivity. What it really means is that you can design life on your own terms. And so this can be something like you're volunteering for the causes that you believe in, or you are spending time working the job you always wanted to do part time, or you're helping out in an industry that possibly has been your passion for your entire life. There are so many different options that we're going to be diving into in this episode, but pursuing work that you love can be really, really good for a lot of people. Now for me specifically, I have thought about this a lot. And it is going to be something where I don't think I'm going to ever be able to stop working fully, meaning I need always need something to do. If I am doing nothing, I get really bored very quickly. And so I'm always going to need activities to do. I

• 4:38Andrew Giancola?

  am always going to need things to do. Now you might be the type of person who for decades and decades worked 80 to 90 hours per week. You put in your time and energy and you just want to stop. You just want to rest and relax. More power to you. There's nothing wrong with that whatsoever. But I also want to lay the case for the other side for folks who really need something else to do. Even if it was something like a low risk business that you've always wanted to start, you could start a low risk business within retirement. And so here's the way I'm thinking about this currently for me is first, I want you to break up your retirement in phases. So what a lot of data shows is that when you retire, the first couple of years are where you spend the most of your money and most of your time doing things you always wanted to do. So a lot of folks, they will spend a lot more

• 5:22Andrew Giancola?

  time in their hobbies. Maybe you love golf or fishing and so you spend more time golfing or fishing, or maybe you wanted to always travel the world. And so a lot of people will do a lot of their traveling on the front end of their retirement because they are more able, they have a lot of their cash on hand, and so they're looking to go and do those bucket list items. And so what I call this is there is some gap years there, meaning at the point in time where you decide to retire, I think it is well worth it and you earned it to be able to take some time to rest. I think it is healthy for a lot of people to take months and months to rest, figure out what you want to do with the second half of your life, and in addition, be able to put a plan in place. This also allows

• 6:03Andrew Giancola?

  you to think clearer. This is going to allow you to actually get that full rest and recovery that you've always and probably desperately needed for years and years and years. And so what I call this timeframe is the bucket list years, meaning it is one, two, three, four years that you take early on in retirement that allows you to get that full rest, that full relaxation. And during that time, you're trying to figure out, well, what am I going to do with the rest of my life? The rest of my life? I don't want to just sit on the couch. I don't want to go sit on a beach all day. How am I going to make an impact? Or how am I going to make a change in people's lives? Maybe you want to invest in the next generation. Maybe you want to start that small, low-risk business because you want something to do. What are you going to do moving forward to make a big difference?

• 6:43Andrew Giancola?

  And so today in this episode, what I'm going to be doing is I'm going to go through 12 different reasons why I think you should reconsider just laying on a beach all day. I'm going to go through these 12 reasons and I'm going to back it up by data because there is a lot of statistics out there that show why this is actually very important for people when it comes to a number of different things, including your health and longevity. So, health and longevity are a huge portion of what we're going to be talking about today. And so I'm really, really pumped for this because I think for most people, they need to reconsider how they are going to think about the second half of their life. And so today, we're going to tackle and dive right into it. So if that's something you're into, let's get into it.

• 7:23Andrew Giancola?

  All right, so number one is working supports cognitive and emotional well-being. So in 2021, SSM Population Health did a study and they found that postponing retirement preserves cognitive function for all genders, education levels, and job types. So this is a big thing for a lot of folks right now. I am reading this book and I'll reference this book a couple of different times in this episode. But I am reading this book on longevity called Outlive. It's by Dr. Peter Attia. If you've never heard of Dr. Peter Attia, he is absolutely fantastic, has a bunch of wonderful information. If you're interested in health and living longer. And this book is something that really dives into some of the big horsemen, meaning heart disease, cancer.

• 8:07Andrew Giancola?

  But the third thing people think less about is things like cognitive decline. And so this is something where I think a lot of folks out there aren't actually putting a plan in place to make sure that they preserve their cognitive health. So let me give you an example of this, okay? Because I think work challenges your brain in a number of different ways. One is it helps you problem solve. So when you're working, you are problem solving all day long. If you own a business or you're doing a job, you are problem solving. Problems are being thrown at you all day and you are solving those problems. But secondly, it also allows you to be planning because you're planning out your days, you're planning what you should be doing within your work. And so these are really good. Things that protect you against cognitive decline. And so let me give you an example of this. Okay.

• 8:50Andrew Giancola?

  So my grandfather owns a small wine store and he has owned that wine store for about 25 years now. Before that, he owned grocery stores and he has been a business owner his entire life. He came over here from Italy. He's an Italian immigrant. And so he has been in business for himself his entire life. Okay. He is almost 90 now and still has the cognitive function of someone who would probably be in their 40s or 50s. And the reason for that, and I believe this is truly the reason for that, is because he continued working. Now, he is not the healthiest individual anymore. He owns a wine store. He's really into wine. He eats a lot of Italian food. And so bodily function wise, he is not the healthiest individual in the world, but his mind has not gone. So he still does all his accounting.

• 9:32Andrew Giancola?

  If you ask him questions about, you know, specific numbers, he will be able to do it at the top of his head. He is really, really with it still in his late, late 80s. He can tell you anything about all these different wines, goes through the different grapes, can tell you all these various things. And I think the real reason behind this is because he has continued to work throughout his entire life. And he loves everything about working. He loves being there every single day. He loves the day to day talking to customers. He loves having conversations with people. And this is something where it has tremendously supported his cognitive health. Now, my grandmother, who was his wife, didn't work for a portion of her life, especially towards the end. And so we would see a massive cognitive decline in her because she was not doing anything but kind of staying home,

• 10:16Andrew Giancola?

  watching TV, just kind of hanging out. And so we saw a cognitive decline pretty quickly because of that. And this is two sides of the coin when it comes to your brain health. I think it is so incredibly important to think through your brain health as you start to decide what you're going to do in retirement. So here's a big thing also in Outlive by Peter Attia. There are two separate ways that we want to live. There is lifespan, which is how long you live, and there is health span. Health span is how positive are the last few years of your life? Where a lot of people, they start to struggle to even tie their shoes. They start to struggle to do basic cognitive functions. They start to struggle to be able to move around like they used to. And so focusing your time and energy on making sure Your health span is tremendous is going to have a massive benefit for you.

• 11:00Andrew Giancola?

  And so for a lot of folks out there, making sure your cognitive function is a huge portion of your health span. You want to be able to move around, you want to be able to think, you want to be able to do the things that you always wanted to do in the past. And so I think this is really, really important. So even creative part-time roles can provide mental stimulation. And I think that is one thing a lot of people need to know. You don't need to be working a full-time job. You could work one day a week somewhere, but it gives you that structure. It gives you that part-time cognitive function that allows you to actually use that mental stimulation. Now, obviously in retirement, I also encourage a lot of folks out there to make sure you're continuously reading. So I had another grandmother on my other side, my mom's side, who lives past the age of 100. And a lot of it was, she would exercise a lot, but she would also be reading constantly.

• 11:43Andrew Giancola?

  And so those two things, I think tremendously helped her live longer, but also have a great health span towards the end. And so this is really, really important for most people is to have these cognitive replacement activities if you do retire. So even if you are deciding, yeah, I'm not going to work anymore. I did my time, I'm done, I don't ever want to think about work ever again. But just having those replacement activities, I think can be really, really important. Number two is continued work is actually linked to better health and longevity. So a study by the Journal of Epidemiology and Community Health found that one extra year reduced mortality risk by nine to 11% even in those with health issues. So work often requires movement, schedule adherence and socialization, which are all tied to longevity.

• 12:27Andrew Giancola?

  A lot of this is tied to cognitive health, but it also keeps you moving around more. But purposeful engagement helps regulate stress hormones and maintain physical health. Now let's get real here. A lot of our jobs out there, they are not good for our stress hormones or our health. And so what you could do is if you're looking to make sure that you can preserve your health and longevity long-term, you can take a less stressful job, either in the current organization that you were at and/or that you could do something that you absolutely love. So one example of this is that I think you could go and let's say you love golf. I love golf, maybe you love golf, I'm a terrible golfer, but I still love the game. And so if you love golf. Maybe you're someone who also loves taking care of their lawns. Okay.

• 13:09Andrew Giancola?

  And so if you love those two things, being something like a part-time greenskeeper could be one of the most fun things for somebody out there who loves the combination of those two things. Low stress, you're just out there making sure the golf courses look good. You're getting up early in the morning, making sure the sprinklers are working properly, making sure the greens look good, making sure the fairways look good. And so all of this kind of stuff can be super beneficial for someone who is interested in golf and landscaping and all that different kind of stuff and wants to be outside. Maybe you work in an office all day throughout your entire career and now you want to be outside. You could really find your purpose and purpose is what's super important here. Now, Blue Zones Research, if you don't know who Blue Zones Research is, they are the folks who have looked at blue zones, meaning the areas in the world

• 13:51Andrew Giancola?

  where people have lived longer than everyone else. And in these areas, they found that purposeful activity actually extends life expectancy. So your life expectancy could be extended by you actually working more. And I think that is a really, really interesting thing, which leads me to number three, because purpose is a longevity superpower. Every single human being in this world needs a purpose. You absolutely have to have a purpose, a reason to wake up every single day. You have to have something that you are striving for or looking to attain. If you're not, you're dying, you're going backwards. You need a purpose. If you're sitting here right now, you're like, I have a job and I have no purpose. You need to find that purpose because that purpose is what is going to absolutely change your life. In fact,

• 14:32Andrew Giancola?

  a 2019 study of 7,000 adults aged 51 to 61 found a strong sense of purpose lowered mortality risk over 16 plus years, 16 plus years by making sure that you have a purpose. So purpose can come from a mission-driven career. It can come from mentoring other people, meaning other people in your life that you are trying to help along the way, and/or creative endeavors can also lead to purpose. So there are a number of different things. So let's say, for example, you retire and you always wanted to write a novel. Okay. And because you always wanted to write a novel, that is a creative endeavor that also gives you purpose and allows you to wake up every single day and get to writing. Okay. Or maybe you've always wanted to help people with personal

• 15:16Andrew Giancola?

  Finance, for example, this is the reason why I'll probably never retire. And so every single day you wake up with that purpose to help other people with their finances. So they can reduce their stress and anxiety around their family and everything else that they do day in and day out. Or maybe you just want to go work in a mission driven career. You love what you do. Maybe you're an attorney who wants to do some pro bono work. You're retired attorney and now you want to do some pro bono work to help people out. That is another mission driven career that can help you moving forward. A second part of that study found that people with purpose handled setbacks better and they recovered faster from even being sick, which is absolutely incredible. And purpose doesn't need to be grand. So for some of you, maybe you're retiring and your purpose is going to be spending more time with your grandkids.

• 15:57Andrew Giancola?

  You're going to help your kids save on daycare costs and you're going to be spending time with your grandkids and watching your grandkids a couple of days a week, or maybe full time, depending on what you really want to do. Or maybe it's creative art, or maybe you like to solve interesting problems and help other people solve interesting problems. Or maybe you want to be a life coach and help people through their lives as they go on their day to day. All of these things are amazing, but having a purpose is one of the most important things that you need to be doing. Number four is social engagement from work protects against isolation. So a 2025 Business Insider longevity report found that social isolation can increase mortality risk by 29 to 77%. That is a massive, massive differentiation. And so we as humans, we need social interaction.

• 16:40Andrew Giancola?

  So all of you introverts out there, you need to recharge after social interactions. That makes complete sense, but you still need that social interaction. It is actually good for our health to have social interactions. Now you may think about this from time to time, but after you go and hang out with somebody that you haven't seen in a long time, that you really enjoy being around, like that you really, really enjoy spending time with. You feel good after that interaction and the reason for that is because you need to have these social interactions. So workplaces provide built in network for conversation, collaboration and even belonging. Now, do all of these interactions need to be in person? No, they don't always have to be in person. A lot of you who work remotely, you're still working with people on Zoom calls or you're still talking through and having conversations with people. And that collaboration allows you to have that feeling of belonging.

• 17:24Andrew Giancola?

  Also, retirement can cause so Social circles to shrink rapidly. This happens a lot when you stop working because you're not going out and doing specific things, especially if your friends are still working. So if you're not working, but your friends are still working because you retired early, it can cause those social circles to shrink rapidly. And really, you're going to have to find a new friend group if you don't do that. So another big thing. And then volunteer or group based work can also be an alternative if jobs aren't appealing to a lot of people. So if you're like, I'm not getting a job, I'm not going out and getting another job, then going out and volunteering or spending time at your church or spending time in clubs or hosting different events, those can help you kind of get some of that social interaction when it comes to retirement. Now, here's the beautiful thing about retirement that I want most people to note.

• 18:08Andrew Giancola?

  This is all up to you. You have the flexibility to do what you want in retirement. And so when it comes to this, this is the beautiful thing about making sure you get your money right is in your working years during your accumulation stage, if you get your money right, you can make choices about your life and really decide on all of these different decisions. That's why it is so incredibly powerful to make sure that you nail it early on because financial freedom can absolutely change your life and you can do the things you want. You can work on the things that you want. You could spend your time and energy doing things that you actually love. And that's why we love talking about personal finance because it allows you that freedom. It allows you the freedom to decide on all of these different things.

• 18:51Andrew Giancola?

  You get to choose who you hang out with day in and day out. If you don't like who you hang out with, if you don't like Karen over at HR, if you don't like Bob over in accounting, you don't have to hang out with them anymore. Guess what? You've got enough money to say, hey, guys, peace out. I'm not going to stay here and hang out with you guys anymore. I'm going to go do what I want day in and day out. I'm going to go find a job that I love so I can find purpose so that I can increase my health, all these different things that we are currently talking about right now. And so making sure that you understand why we are talking about this stuff and that you have the power of choice, you have free will to make these decisions when you get to retirement age is really, really powerful. Number five is that continuing to work helps you keep structure, mental stimulation and personal momentum.

• 19:36Andrew Giancola?

  Momentum alive. So, research on post-retirement adjustment shows a drop in life satisfaction when structure disappears. And I think it is very important to make sure that you still have structure in place in retirement. So, some of you out there who may not be as type A as me, may be excited to not have as much structure. And again, that is great, but you still need some sort of structure, like you're waking up at a certain time, you're going out and get your exercise in, you're gonna go spend time and have a coffee with friends, you're gonna go, you know, do whatever you want to do day in and day out, but at the same time, just having that structure, having that day-to-day of what you're doing every single week is really, really important. So, a schedule is gonna help you regulate your sleep, your eating, your exercise, all are very, very important for health. In fact, it's very important for longevity

• 20:19Andrew Giancola?

  as well. And without structure, many are gonna experience boredom, restlessness, and depression. I know for me, I would get so incredibly bored if I did not have structure. And even part-time work, or those volunteer days, can help maintain some of those healthy rhythms. And so, just having a couple of days a week where you're doing very specific things can be extremely helpful in the long run to your longevity and your health. All right, number six is that work is gonna facilitate personal growth and continuous learning. So, being lifelong learners is a very, very important thing, because lifelong learning and up skills are associated with higher life satisfaction and reduced cognitive decline. Now, this is from the National Institute of Aging in

• 21:00Andrew Giancola?

  2020. And so, work environments are gonna expose you to new skills, they're gonna expose you to new ideas and challenges. Now, this is one thing I've noticed a lot with the baby boomer generation. I don't like the fact that some baby boomers, specifically folks like my parents, for example, did not keep up with technology fast enough as it was evolving. I think it is very important for most people to understand technology and actually keep up with technology as time goes on. I really don't think it's that funny when people can't handle technology at a certain point in time. You were alive when the technology was created, you should have been following along this entire time. Why? Because it leads to opportunities, but it also is going to help you in a lot of different environments. And so, I think for most people, work environments

• 21:43Andrew Giancola?

  are gonna expose you to those new skills. They're gonna expose Do those new technologies, they're going to put you into workshops that are going to help you with sales skills. They're going to put you into workshops that are going to help you with public speaking. It's going to help you through a bunch of different challenges and a bunch of different environments. And so because of that, it keeps you adaptable in a fast changing world. And I think that is really, really important for mental flexibility. If you get to a point in time where you feel like the world has passed you by, that is not a good place to be. And for most people out there in the older generations, I see this over and over and over again. So if I were you, if you were younger, like I'm in my 30s still right now. So I have committed myself to making sure I do not want this world to pass me by, because I don't think that's a good feeling. And secondarily, I don't think you can thrive in a world when that world passes you by. And so

• 22:25Andrew Giancola?

  because of this, I have committed myself to making sure, oh, I understand everything about AI and what is going on going forward, or I understand everything about technology and what is happening, at least have an understanding of how to use it and what it's for. Because that I think is really, really important for a lot of people. And it helps you with that continuous learning over time. Retirement without active learning risks stagnation. You do not want to be stagnant in this life. You want to have that purpose. You want to be continuously learning. It is very important. Again, reading is going to be a huge factor in this. So I just think that most people who are in retirement need to make sure that they have a fantastic reading plan. I think they should be reading at least once every single week, reading articles every single day, making sure that you are exercising that brain, memorizing things, trying to get out there and

• 23:08Andrew Giancola?

  just keep the ball rolling, because this is going to help you with your continuous learning, and this is going to help you with your personal growth. Let's take a break and then we'll jump into number seven. If you've heard any recent episode of Health Corner, you know that I have spent the last few years trying to optimize my sleep. I've tried sleep trackers, cooling my room, changing my nighttime routine, all the different things, but nothing really matters as much as having the right mattress. And that's one of the reasons I love Lisa. A great mattress is one of those things that you use every single night and you spend a third of your life sleeping, and it can make a huge difference on how you feel the next day. Lisa has mattresses designed for different sleep positions and comfort preferences. And their sleep quiz can help

• 23:53Andrew Giancola?

  you get matched in less than two minutes. Plus, they're designed and they're assembled in the USA and they come with free shipping, easy returns and a 120 night free sleep trial. So go to leesa.com for up to 30% off mattress plus and get an extra $50 off with promo code PFP. Exclusive for my listeners. That's L-E-E-S-A.com promo code PFP for 30% off mattresses plus an extra $50 off. Let them know we sent you in the survey after checkout. Lesa.com promo code PFP. My relationship with money has changed a lot over the years. Early on, I thought building wealth was about making more money.

• 24:37Andrew Giancola?

  Now, I know it's really about having clarity. When you know exactly where your money is going and whether you're on track, you make better decisions. That's one of the reasons I love Monarch. It's the personal finance app that tracks everything from your accounts and investments to your savings, goals and spending. So you can see your entire financial picture in one place. One habit that's made a huge difference for me is my five minute drill every single morning. I open Monarch, check my spending, investments, cash flow and net worth, and I'm done in just a few minutes. It gives me confidence that nothing is slipping through the cracks. I also love the AI weekly recap because it'll flag spending changes, upcoming expenses or shifts in my net worth before they become a problem.

• 25:21Andrew Giancola?

  Instead of reacting after the fact, I can make adjustments early. It really feels like having a financial advisor in your pocket. Write your own money story with Monarch. Use code PFP at monarch.com to get your first year of Monarch Core half off at just $50. That's 50% off your first year at monarch.com with code PFP. It's kind of amazing how much can change in just a single year. Every summer, the kids are a little bigger, a little more independent, and life looks a little different than it did the year before. And it reminds me that while we can't predict the future, we can prepare for it. That's one of the reasons I like PolicyGenius. See, PolicyGenius isn't an insurance company. They're an online marketplace that lets you

• 26:06Andrew Giancola?

  Compare life insurance quotes from some of America's top insurers side by side for free. And their licensed team helps you compare coverage, prices, and terms, answers your questions, and even handles the paperwork so you can get the right policy without the hassle. For me, having life insurance isn't about expecting something to happen, it's about knowing my family is protected so I can actually enjoy these moments together instead of worrying about what comes next. And with PolicyGenius, you can find 20-year life insurance policies, starting at just $276 a year for $1 million of coverage. Head to policygenius.com to compare life insurance quotes from top companies and see how much you can save. That's policygenius.com.

• 26:49Andrew Giancola?

  If you've been listening to this show for a while, you know it's not just me anymore. It takes a great team behind the scenes to make everything happen. And if I had to hire someone tomorrow, I'd want someone who could jump right in and make an impact. That's why I'd use Indeed Sponsored Jobs. When workplace chaos hits, Indeed Sponsored Jobs helps you reach qualified candidates faster. Your job gets boosted in search results, so you're spending less time searching and more time interviewing the right people. Plus, you only pay for results, which I absolutely love. Sponsored jobs posted directly on Indeed are 95% more likely to report a hire than non-sponsored posts. That's a huge advantage when you're trying to grow your business.

• 27:32Andrew Giancola?

  Spend less time searching and more time actually interviewing candidates who check all of your boxes. Less stress, less time, more results. When you need the right person to cut through the chaos, this is the job for Indeed Sponsored Jobs. And listeners of this show will get a $75 sponsored job credit to help get your job the premium status it deserves at indeed.com/podcast. Just go to indeed.com/podcast right now and support our show by saying you heard about Indeed on this podcast. Indeed.com/podcast. Terms and conditions apply. Need to hire? This is a job for Indeed Sponsored Jobs. Now, number seven, I think, is a fun one, because I think this is a lot of really cool stuff that you could do with this, but extra income, even if it's modest.

• 28:16Andrew Giancola?

  strengthens your financial security. And I think this is something that a lot of people later on in life can look into. Now, it depends on your tax situation because you don't want to bake into your social security and a lot of other things, yada, yada, yada. But at the same time, I think most people in retirement should try to find a way to make a little extra money for fun. Now, this is something I really enjoy doing, and so maybe you don't enjoy trying to do that, but I think there's a lot of fun and cool things that you can do. So adding $10,000 a year later in life can significantly reduce sequence of return risks in retirement portfolio, according to Morningstar Safe Withdrawal Studies. And so what this means is that, let's say, for example, that you have a portfolio in place and you're drawing and living on that portfolio. Well, if you found an additional $10,000 per year that you can live off of, that's

• 29:00Andrew Giancola?

  going to significantly reduce the amount that you have to pull from that portfolio later on in life. And so, for example, if you live on $80,000 per year and $10,000 of it comes from additional income, part of it comes from social security, the amount that you actually have to draw from your portfolio is going to be $40,000, $50,000 per year. So when there are down years, that sequence of return risk can be dramatically reduced based on a lot of different studies. But part-time work can also extend savings longevity, meaning your savings is going to last you a lot longer, and it's going to buffer against market volatility. All fantastic things and things we want to make sure that we are currently doing. Even small earnings can be fun spending without tapping into principal. So one thing I love about this is extra income. A lot of people I know who are following strategies like what we're talking about

• 29:44Andrew Giancola?

  here, they will utilize that extra income for fun money. So they'll use it for, you know, the fun things they want to go out and do. They'll take their families on vacations. They'll go and spend time on experiences. And I think that is a very powerful reason to go and try to make some extra money. Now, in retirement, I think the best way to do this is, one, you can go get a job. That's nothing wrong with that whatsoever. But number two is you could start a business. And in that business, you could have write-offs and all these different things that can help you with your tax situation. And so if you start a business, like a side hustle, for example, I know people who go and resell books, they'll go to thrift stores, look at those books, and then go resell those books, or they'll go out and find things that they enjoy. Maybe they like to bargain hunt and they resell on eBay. A lot of great things that you can go out and do, but small

• 30:26Andrew Giancola?

  More earnings can add up to a lot when it comes to fund spending. And even just consulting a few hours a week can be financially impactful. So maybe you were in a career where you can do some consulting work and you can help out by doing the things that you used to do, but just doing it in a few hours a week. You can work from home, you can spend time doing some of the stuff that you love or the stuff you were doing for a very long time. And so consulting, I think, is another great way to help people out. Now, we can give you a bunch of retirement side hustle ideas. If you want an episode like that, please shoot me a message and we can talk through that. But I think there is a lot of data out there that shows that it just helps your retirement portfolio if you can earn a little bit of extra money. Now, number eight is it is easier than ever to find lifestyle friendly work.

• 31:08Andrew Giancola?

  So a 2023 study by Pew Research found remote and hybrid work doubled since 2019, and self employment among older adults is at a 20 year high. Now, this is fantastic news because now the internet provides flexible, home based and location independent jobs, working from home if you want to, or if you want to go out and spend time out in society day to day, you can also do that. And you can scale hours up and down as needed. So examples of this would be like freelancing, or teaching online, or coaching, or creative production, all of those are great retirement jobs that can help you earn a little extra money. Now, number nine is that a study found in the 2022 Journal of Economic Behavior and Organization that many retirees regret early exits due to loss of purpose and social ties.

• 31:54Andrew Giancola?

  So number nine is there are tangible regrets when people retire too early. Now, for a lot of people in the FIRE movement, so if you don't know what the FIRE movement is, that stands for Financial Independence, retire early. And a lot of people within the FIRE movement, the reason why they are pursuing FIRE is not so they could sit on a beach all day, it's because they want to spend time doing what they love. And so they'll retire early so they could spend more time building relationships, or they could spend more time doing work and tasks and jobs that they absolutely love. And so I think that is why, and one of the most powerful parts of that movement, is that a lot of people want to retire so they can do the things day in and day out that they want. And so the fantasy of retirement for a lot of people doesn't always match what reality is. A lot of times you're thinking about, oh, I'm gonna be traveling.

• 32:39Andrew Giancola?

  I'm gonna be golfing every day. I'm gonna be playing pickleball every day. And all those different things are absolutely fantastic. But they can get boring over time if you're doing the same thing day in and day out. They can get mundane. And so if you don't have those social interactions, it is really, really important to make sure that you find ways to do that. Loss of identity and community can also outweigh the relief from work stress. And so when you retire, making sure you have community in place of other folks who can also spend time doing the things that you love to do on the days that you want to do them. Meaning if you have friends who are still working, then you need to make sure you find other community members out there who you can spend time with, who maybe are retired and can do the same kind of things. And then also test drive retirement first by reducing hours before quitting entirely. I love, love, love this option.

• 33:24Andrew Giancola?

  And I've seen a lot of people do this. So for example, years ago, the dentist I used to go to before he retired, he would kind of take days down one at a time until he finally got down to one day a week. And when he got down to one day a week, all of a sudden he realized the other four days of the week, he was pretty bored. And so he started to come back and he would actually work three days a week instead of down to one, because he realized he didn't like it. And so now I think he's still practicing and he's, you know, well within his 70s or 80s because he realized, oh, retirement was not as fun as I thought it was going to be. And so I'd rather continue working because I enjoy the work I'm doing. And I think that for a lot of people can be a really, really beneficial way to think about this. And number 10 is people need to realize this. It's okay to keep working. It is not mandatory to retire.

• 34:07Andrew Giancola?

  A lot of people feel like they feel obligated to retire because they finally achieved the goal. But the Social Security Administration data shows more Americans are working into their late 60s and 70s by choice, not necessity. And so culturally, we've been programmed to see retirement as a finish line. It is not a finish line. It is a point in time where you're starting the second half of your life. And I want you to realize that, that you can do some amazing things in that second half of your life if you take care of your health and if you take care of your cognitive ability. Those two things alone, making sure that you are exercising, making sure that you are spending time working on your balance and stability, and making sure that you are spending Time on your brain can absolutely change your second half of your life to be as amazing as

• 34:51Andrew Giancola?

  the first half. And so I want you to think about this. And many people out there genuinely enjoy work and don't want to stop. And so because of that, for a lot of you out there, you don't have to have this as a finish line. It is not something where like everyone in the world is going to look at you funny if you start working or continue to work and they're going to think, oh, he's broke. He didn't actually have enough money to retire. He just said that, you know, that is something where I don't want you to think, don't worry about social pressures. Don't worry about, you know, all the other extra things that come along with it. Instead, redefining work to make it sustainable long term is what you really want to do. And that's what we're trying to do here is redefine work to make it sustainable if you want to do it. Again, if you want to lay on a beach all day, more power to you. You earned it. But at the same time, if you want to continue

• 35:31Andrew Giancola?

  working, I don't think it's the finish line. Number 11, work can amplify your positive impact. So for a lot of you out there, you have causes that you believe in, including me, that could make a huge positive impact. There's a study done in 1992 that shows that helping others boost life satisfaction and mental health in retirement. And so work can be a platform to mentor. It can be a platform to build. It can be a platform to teach others about solutions and improve people's lives. Secondly, is retirement doesn't end your ability to contribute. You can contribute and you can help other people. So maybe you want to work in causes you believe in. Let's say, for example, you want to work with something like the Tim Tebow Foundation. The Tim Tebow Foundation is

• 36:13Andrew Giancola?

  something I absolutely love, mainly because they do a couple of different things. But one of the big things that I absolutely love that they do is they fight against child trafficking, meaning they will literally send teams in, like SWAT teams in to various areas of the country and other countries to go get children who have been taken away from their parents and bring them home. That, my friends, is a massive, massive cause. And it is a cause that is a way bigger problem than a lot of people think. And so being able to work towards causes like that can be so powerful within your life. Maybe you want to volunteer at your local church. Maybe you want to spend time volunteering for cancer patients. You know what causes truly matter to you. You know what causes are really, really important to you. Maybe they're social causes, or maybe it's just giving back to your local community.

• 36:56Andrew Giancola?

  All of these can be really, really important and your retirement is the time to give back. You're going to have way more satisfaction by doing something like that than just by sitting around on a beach all day. And then number 12, and this is one I love, and I think it is really important for a functioning society to do this, is that you can inspire younger generations. And so it is very, very important for older generations to teach younger generations and inspire younger generations. There was a social learning theory study done, and it found that younger generations, who actually had someone who was a role model in their life, meaning someone who actually stepped in and was a role model, made them more resilient, it gave them more purpose, and their work ethic and life choices were drastically improved.

• 37:39Andrew Giancola?

  And so because of this, you can literally change people's lives just by inspiring younger generations. And so continuing to work shows children and grandchildren the value of lifelong contribution and counters negative stereotypes of aging. In addition, it reinforces the mindset that life can stay active and engaged well into later years. And I think all of these can be super, super important for a lot of people. If you want to be a role model to your kids, or you want to be a role model to your family about work ethic, working hard, making sure you make the right life decisions, this can be something where if you continue working, it can be very, very powerful for them to see you working. And I think that for a lot of folks is a huge, huge winner, especially if you have a family. So those are the 12 reasons that I have to never retire.

• 38:23Andrew Giancola?

  If you guys have any other reasons that I missed, make sure you leave a comment down on YouTube or Spotify or wherever else you can leave a comment right now. Would love to hear some of your other reasons. And if you plan on working past retirement, also leave a comment down below. Would love to hear why as well. Again, if you want to ask any questions for any of our money Q and A's coming up, make sure you join the Master Money newsletter and send in your question. Again, Master Money Academy is on the way. We have our beta group already launched and running right now. So we are really, really excited for that. Our founding wealth builders are a really, really great group, and we're excited to jump right into that. So again, thank you so much for being here. Thank you for investing in yourself. That's exactly what you did by being here today. I truly appreciate every single one of you.

• 39:06Andrew Giancola?

  I hope this got you excited for retirement in the second half of your life. Even if you're younger, it's fun to think about this kind of stuff to make sure you have the right plan in place. Thank you so much for being here, and we'll see you on the next episode.

• 39:31Speaker 01

  At Edward Jones, we believe rich is more than caring about the latest and greatest. It's also taking care of what gives your life meaning. That's why your dedicated financial advisor meets you where you are, with personalized financial strategies that help protect what matters, so you can preserve your progress while creating a path forward. The key to being rich is knowing what counts. Let's find your rich, together. Edward Jones. Member SIPC.