“Saving for retirement” is a phrase thrown out a lot. At work, in the media, with friends, etc. I think what we really want is financial independence though.
Financial Independence vs Retirement
Financial independence is when you have enough money to cover your living expenses. Someone living very frugally who only spends on food and necessities won’t need much.
While the person who loves to travel and spend on experiences like concerts, theatre, and sports, will need a lot more money to cover their living expenses.
Retirement is financially independent but with the caveat that you are “retired” from working, or no longer working.
What People Want: Choices
Many people want to retire, but many other people want to be financially independent and still work at least part time. Working gives purpose, a social circle, extra money, among many other things.
The big difference between the financially independent person who decides to work and between the person who is not financially independent is choices.
The financially independent person (or well on their way) has the ability to choose who they want to work with, when they work, and how often. They also have the ability to leave work if they want to.
The person not in that position doesn’t have those options.
And ultimately, it’s about choices. Doing what you want to do, when you want to do it.
Do you want financial independence or retirement?
