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‘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?

Retirement these days isn’t what it used to be. Gone are the days when you clock out at 65, get your gold watch, and settle into endless golf and gardening. For a lot of folks—especially those of us still pulling in a good paycheck and leading big teams—the retirement question isn’t just “Can I?” but “Should I?”

I’m 71, working at a Fortune 200 company, making around $300K a year. So I’ve been asking myself: do I keep going until 75? More and more people are pushing past traditional retirement ages, and it’s not only about the money.

The Money Side: It’s More Than Just the Paycheck

When you’re still earning $300K a year, the math feels pretty straightforward—why quit? Every extra year you work can seriously boost your retirement savings, especially if you’re maxing out your 401(k) and those catch-up contributions they let folks over 50 make. Plus, the longer you hold off on Social Security (up to age 70), the bigger your monthly check gets.

But it’s not all upside. That income is taxed heavily, and once you hit 73, you have to start taking Required Minimum Distributions (RMDs) from your retirement accounts. This can bump you into a higher tax bracket and make your financial juggling act trickier. Figuring out when to pull from your savings versus working longer isn’t black and white. Having a good financial advisor who gets the tax game can make a huge difference.

Living Longer Means Planning Smarter

Here’s the kicker: people today live longer than ever. At 71, it’s reasonable to expect you might make it well into your late 80s or 90s. That’s decades to cover financially. Working longer provides a nice cushion, and let’s be honest, it can give you a solid reason to jump out of bed in the morning.

That said, health can throw a wrench in even the best-laid plans. If you or your spouse hit a health bump, suddenly working until 75 might not be doable. It’s a gamble with real stakes.

More Than Money: Why Work Still Matters

Look at politicians or CEOs who keep working well into their 80s—it’s rarely just about the paycheck. Often, work is tied up with their sense of identity, daily routine, and social life. Retirement can be surprisingly tough if you haven’t built something else to fill that space.

What I’ve seen work best is preparing for life beyond the office before you actually step away. Getting involved with volunteering, taking board roles, mentoring younger folks, or consulting part-time can help keep that sense of purpose alive. But if you haven’t cultivated interests or connections outside your job, the transition can feel pretty lonely.

Health Benefits: A Practical Concern

By 71, most of us have Medicare, so health insurance worries lessen. But some employer plans offer supplemental coverage that’s way more comprehensive than what you can find on your own. For many, that’s a big reason to stick around.

Don’t forget about your spouse, either. If they’re younger and still need your coverage, working a few more years might make sense to keep their benefits intact until they qualify for Medicare.

Cognitive Health: Facing the Tough Truth

No one likes to talk about it, but aging can affect our mental sharpness. In high-pressure jobs, even small slips matter. I’ve found that the best approach is being honest with yourself and listening to feedback from trusted people. If you notice things slipping, it’s better to step back on your own terms rather than waiting for others to make that call.

Ageism: It’s Still Out There

Sure, we see some folks in politics or business leading well into their 80s, but that’s not the norm. In many workplaces, ageism is real and can push talented people out before they’re ready. Staying current with technology, keeping your network strong, and proving your value are key to staying relevant. If you’re coasting, you’re putting yourself at risk.

Market Ups and Downs: Why Timing Matters

Retiring right when the market tanks is a nightmare scenario. If your investments take a nosedive just as you stop working, you could face what’s called sequence-of-returns risk—a fancy way of saying early losses can wreck your nest egg. Working longer can help soften that blow, but only if your job is stable. I’ve seen too many layoff stories derail even the best plans.

When Working Longer Isn’t the Right Move

There are definitely times when pushing on isn’t worth it. If your job is physically tough or the stress is burning you out, it’s time to rethink. I’ve known executives who regret waiting too long, wishing they’d spent more time with family or chasing passions sooner. Beware of the “one more year” trap—it can sneak up and keep you stuck in a job you no longer enjoy.

And if you’re financially set and have a plan for what’s next, stepping away earlier can bring unexpected joy and peace of mind. The trick is having clarity about both your finances and what you want from life.

Wrapping It Up

Deciding whether to work until 75 when you’re still earning and engaged isn’t just about the dollars. It’s about your health, your sense of purpose, your identity, and a bit of luck. The folks who do well late in their careers are the ones who plan ahead, stay connected beyond the office, and know when to take a bow.

Sure, there are risks—health setbacks, market crashes, age bias. But there are also big rewards: steady income, social ties, and the satisfaction of still making an impact. If you’re 71, still enjoying what you do, there’s no rule saying you have to stop—unless you want to.

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