Is Infinite Leisure Really the Goal?

In 1905, William Osler, who was physician-in-chief at Johns Hopkins hospital and a leading figure in the global medical community, stated that after 60 the average worker was “useless” and should be put out to pasture.

This was shortly after coming up with something he called the “golden years of plenty,” which was from 25 to 40 years of age. From 40 to 60 workers were “uncreative and tolerable.” It took another 30 years before the Social Security Act was passed to get those pesky older workers to stay at home and get out of the way of the younger generation.

While the average lifespan (after accounting for infant mortality) has increased by nearly 20 years in the past 100 years, 60 to 65 remains the generally accepted retirement age. With few exceptions, the developed nations of the world expect that once you hit that magic 60 number, it’s time to get ready to get out of the way of the younger generation.

This timing made sense 100 years ago, when populations were increasing, work was physically demanding, and the likelihood of making it much past your 60th birthday was relatively slim. We’re already working far fewer hours. In 1905 the average annual hours worked were close to 3,000, or more than 10 hours per day, six days a week. In 2017 (the most recent data available), the average work year was just over 1,700 hours.

Knowledge work has increased, with the typical employment consisting mostly of banging on a keyboard and moving a mouse. Workers turning 60 aren’t used up as they once were, sitting in the porch rocker waiting for the grim reaper. Those same workers have decades of experience available as well. Additionally, there are fewer younger workers waiting for the jobs the older generation are holding on to.

The retirement industry has everyone believing they need $2 million to live the life they’ve earned, but the median 401(k) balance at age 65 is about $130k in the US. So much for golf, gardening, and Greece.

Even those who have managed to save enough aren’t really excited about retirement. The major benefit seems to be taking control of one’s time. No alarms and no one telling you when, where, and how to work, are greater than giving up the job and a sense of being useful.

The reality is that few people are interested in infinite leisure, while many others can’t afford it. Most people want to stay active – mentally and physically – for myriad reasons, for as long as they can.

It’s really not the work we want to get away from. It’s all the stuff that goes with having a job: the boss, the commute, the lack of control. That’s why a lot of retirees volunteer: they get use utilize their skills, but they also get to work on their own terms.

Another increasingly popular option is to start a business. One common belief is that starting a business is for 20-year-olds, but according to Harvard Business Review, the median age for starting a new business is 45. More importantly, the probability for success in business ownership rises with age, peaking in the late 50s.

Here’s the point: while corporate America is busy ignoring people in their 50s, many of those same people are starting successful businesses of their own and taking control of their time.

Business ownership isn’t right for everyone – if you’re interested in learning more so you can determine that for yourself, let’s talk. The possibilities may surprise you.