Kevin O’Leary Says Early Retirement Doesn’t Work — Here’s Why
Many Americans dream about retiring early. Some even dedicate themselves to the FIRE (financial independence, retire early) movement to ensure they can experience an early retirement.
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“Shark Tank” investor Kevin O’Leary could retire early, but he told CNBC Make It that he won’t — and money has nothing to do with it. According to him, here’s when an early retirement may not be worth it.
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‘Working Is Not Just About Money’
When O’Leary was 36 years old, he sold his first company and said he achieved great liquidity because of the sale. He then decided to retire and entered retirement for three years.
As a retiree, however, O’Leary said he was bored out of his mind.
“Working is not just about money,” he said. “People don’t understand this very often until they stop working. Work defines who you are.”
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Why It’s OK To Keep Working Instead of Retiring Early
O’Leary, now 69 years old, has enjoyed substantial career growth since coming out of retirement.
Some of his major wins as an entrepreneur include becoming a TV personality as one of the Sharks on the hit series “Shark Tank,” writing the bestselling “Cold Hard Truth” book series, and establishing O’Leary Ventures to support startups.
Aside from being able to receive larger monthly Social Security payments if you decide to delay retirement, continuing to stay in the workforce does come with benefits.
One of the biggest benefits, according to O’Leary, is that you’re in a place where you’re able to engage with people.
“It gives you interaction with people all day long in an interesting way,” he said.
This added stimulation is not only good for one’s brain health, but it can even help you live longer and increase your overall longevity in retirement.
When Does O’Leary Plan To Retire?
His short answer to this question? Never.
“I don’t know where I’m going after I’m dead, but I’ll be working when I get there too,” he shared.
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This article originally appeared on GOBankingRates.com: Kevin O’Leary Says Early Retirement Doesn’t Work — Here’s Why
