A month ago, I got pretty upset when I read that one in six Americans believes they will never be able to retire. That makes me crazy – which is why so many posts since then discuss how simple it can be to make it happen – slowly but surely, of course.
So when I saw this article yesterday over at USA Today, I couldn’t resist talking about it for a minute. This is another article about “never retiring.” But this one is different. This one is about a bunch of people like Frank Pascarelli, who is patiently awaiting his 80th birthday party next month. And he’s still working. He’s selling cars – and apparently a bunch of them!
Pascarelli led sales at Linus Cadillac Buick GMC in Vero Beach, Fla., “for well over a decade, and still does better than the majority of the salespeople,” says Vincent Perez, general manager. “His work is exemplary. I’m very proud to have him.”
Go Mr. P! More importantly:
Pascarelli has not stopped working, not because he can’t afford to stop or because he saw investments go sour. He’ll be 80 next month and is financially set, he says. He just enjoys working.
And apparently the trend is not limited to Mr. Pascarelli:
An April Gallup survey had similar findings: 534 working people were asked whether, when they reached retirement age, “you think you will continue working and work full-time; continue working and work part-time; or stop working altogether?” Those who answered that they would continue to work were then asked, “Would you do it because you want to, or because you will have to?”
• 18% said they would work full-time, and a third of those said it was because they wanted to, not because they would have to.
• 63% said they would work part-time; almost two-thirds of those said they would do it because they wanted to.
• 18% said they would retire and stop working altogether.
So if my math is right (it’s probably not but it’s within a percent or two I’m sure…) almost 48% of the people surveyed would continue to work full or part time because they wanted to – not because they’re broke.
This is why you should start saving for retirement now. This is why you should slowly but surely become a millionaire. Not so you have money. So you have choices. Work if you want to work. Don’t work if you don’t (or can’t).
So let’s raise our glasses to Mr. P and everyone one of us who remembers today (wait…I’m the only one drinking? Ha! Don’t worry. It’s just free work coffee…). If you’re well on your way to being able to retire at the “typical retirement age,” that’s great. Today is validation.
If you’re not then start today! Call and ask what the minimum investment in your company’s 401(k) or 403(b) is. Set up a Roth IRA. Start today so some day you stop working when you want to.
By the way, the pic is actually of Mr. Pascarelli, taking a phone call in his office at his car dealership in Vero Beach, Fla. Pretty cool
Until next time, put your credit card down and slowly step away from the mall!
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