'Many politicians work well into their 80s': I'm 71 and earn $300K for a Fortune 200 company. Do I work until I'm 75?

By Quentin Fottrell

 'My company is eager to retain me because of the 45 years of knowledge and experience I bring' 

 "I have $3 million in investable assets that generate between $500,000 and $800,000 annually, as well as an after-tax account worth $800,000." (Photo subject is a model.) 

 Dear Quentin, 

 I am 71 and my wife is 68. I am still working because I enjoy my role as a global market manager for a Fortune 200 company. I often talk about retiring, but my company is eager to retain me because of the 45 years of knowledge and experience I bring. I am a businessman and developer, and I hold 26 patents that generate significant revenue, with more on the way. 

 I am wondering whether I should retire soon or continue working until around age 75. 

 I earn approximately $300,000 per year in salary and bonus. I have $3 million in investable assets that generate between $500,000 and $800,000 annually, as well as an after-tax account worth $800,000. 

 I work closely with Charles Schwab, but I direct my own investments with their advice. 

 My home is worth about $1.2 million, which is far above the average house value in Kentucky, just five miles from Cincinnati. I owe very little on the mortgage, which has a 2.99% interest rate. I was also a studio guitar player while attending college at Vanderbilt in Nashville, and I own many pristine vintage guitars and other equipment. 

 My wife and I receive $80,000 per year in Social Security benefits. I work closely with Charles Schwab, but I direct my own investments with their advice. I hold a degree in economics from a top U.S. university and have spent my career studying money and market trends. This is my profession. 

 Do you think I should retire now or continue working another five to seven years? After all, many politicians work well into their 80s - we joke about that! 

 Septuagenarian 

 Don't miss: 'The world feels unpredictable': I'm 56. My husband is 64. Our mortgage costs $17K a month. Do we pay it off? 

 You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com. The Moneyist regrets he cannot reply to questions individually. 

 Even if your income were to plummet by 50%, you would still receive $250,000 to $400,000 per year in passive income - an amount that exceeds what most retirees comfortably live on. 

 Dear Septuagenarian, 

 You're not done yet. 

 If you have 26 patents under your belt and more on the way, and you joke with your wife about working until 80 like some politicians do, and your career stimulates you and gives you an outlet for your intellectual and creative pursuits, there's no reason you should stop working because society or convention suggests you ought to consider it. I also love that your company values your 45 years and counting of experience, and that you are also keenly aware that you bring those years of experience to every decision you make. 

 You are in a blessed position of having both health and wealth. There's so much ageism in the corporate world - studies indicate that it tends to hit after people turn 50 - so the fact that you're still trucking 20 years after reaching that fateful number is a credit to you and to your company's culture. If you have a happy and healthy work-life balance, you spend the right amount of time at home with your wife and at the office, and you enjoy your leisure and vacation time along with the time you spend at work, then keep doing what you're doing. 

 You are shifting from the accumulation phase of your life, your salary notwithstanding, to the distribution phase. 

 This is not a financial decision, it's a lifestyle decision. You have enough money to retire comfortably, even if you live to 100 - which is eminently possible given your curiosity about life (allowing for your family medical history, which perhaps is the most important hand we're dealt). Counting your home, which you could tap for equity in the event that you needed money for assisted living or other long-term care, your investments total $5 million. That's a tidy sum for you and your wife to enjoy, especially given your investment income. 

 Your portfolio generates $500,000 to $800,000 annually. Even allowing for extreme volatility, this represents a yield of 13% to 21% on your $3 million in investments, which is exceptionally high and suggests you have stocks, private investments, concentrated holdings, real-estate investments and perhaps alternative assets like annuities or cryptocurrencies. Even if your income were to plummet by 50%, you would still receive $250,000 to $400,000 per year in passive income - an amount that exceeds what most retirees comfortably live on. 

 Stress-testing your finances 

 But you do have some work cut out for you, precisely because of your wealth. You are now shifting from the accumulation phase of your life - notwithstanding your $300,000 annual salary - to the distribution phase. Your biggest challenge may not be running out of money, but rather working with a financial adviser or certified public accountant to minimize your taxes, make sure your portfolio allocation is in tune with your risk tolerance and age, and set yourself and your wife up with adequate healthcare and long-term care. At a 4% withdrawal rate, you could easily survive quite comfortably on your income for as long as you live. 

 The most valuable asset you have now is time - and that's a depreciating asset for all of us. 

 Many high-income retirees in your position eventually transition to a less busy schedule, voluntarily or not, and face having a large chunk of time to fill. You like your work. It still satisfies you and, even better, it appears to serve you more than you serve it. (That is, your identity is not dependent on your role as a global market manager.) The biggest challenge for you is to avoid getting bored in retirement. That may be easy as long as you and your wife are still in good health. In addition to acting as a consultant, when the time comes, you could serve on boards or do volunteer work. 

 If you and your wife enjoy your current work-life balance, keep doing what you're doing. Stress-test your retirement based on your income and expenses. At the point when you want to spend more time at home - and your wife is in agreement - you can cross that bridge, whether you do so at 75 or 80. The most valuable asset you have now is time - and that is a depreciating asset for all of us. Live your life to the fullest, whatever that means for you, and do so with that knowledge so you have no regrets. 

 More columns from Quentin Fottrell: 

 'This is stressful for my parents': My siblings harass our mother and father for money. Should they be cut out of their will? 

 'She spent over $1,000 a month on weight-loss drugs': My son wrecked his finances after meeting his girlfriend. Who's to blame? 

 'I have a moral and ethical conundrum': My husband was killed by a careless driver. I received $2 million. What do I owe my stepdaughter? 

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 -Quentin Fottrell 

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02-21-26 0730ET

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