“Clearly, Buffett is in the twilight of life, yet his longevity offers lessons for the rest of us,” Chris Farrell, author of “Unretirement” and “Purpose and a Paycheck,” told Yahoo Finance.
“First of all, don’t listen to scholars, commentators, and colleagues that say it’s all downhill in the second half of life. No, you now have experience to tap and the knowledge to connect the dots in creative ways.”
To stay on the job, your work needs to matter. “The work matters if it is a way to satisfy curiosity, to learn new things, and offers the ties of collegiality — and even friendship — among colleagues and peers,” Farrell said, “If you’re not getting those rewards, then maybe it’s time to move on, perhaps to retirement, perhaps to an encore career.”
For many people, work defines who they are and what they value, and that’s certainly the case with Buffett, he added.
“The same holds for many artists, professionals, entrepreneurs, and skilled workers like machinists and electricians. They’ve spent decades building expertise — why stop when they’re still good at it? Well, at least until age eventually does take its toll (and that’s clearly the case with Buffett now).
What is intriguing about Buffett’s letter is how much time he spends on friends, colleagues, people that he has met over the years and shaped him for the better (many from his hometown of Omaha). Work can be a big part of social life, especially as people age and friends pass away or move. Work becomes a source of belonging and conversation.”
The lesson here isn’t to work until you no longer can, Farrell said. “The lesson is to find and stick with what gives you meaning and connections to the broader society.”
“It is amazing that Buffett has chosen to work into his 90s, but it is also an increasingly common story,” Ken Stern, a longevity and aging expert and founder of the Longevity Project, told me. “As Americans live longer, more and more people want to find purpose in the second half of life and also make sure that they have strong social connections. [There are] lots of ways to do that, but work, for a growing number of people, provides both meaning and connection.”
“Think of Jane Goodall who famously worked into her 90s or Mel Brooks, who at age 99, has just committed to producing and starring in ‘Spaceballs 2’,” Stern said.
He added: People aged 75 and older are the fastest-growing component of the American labor force, with the number of older people working expected to double by 2030.
“Some of that has to do with economics, of course, but for many people, like Buffett, it has more to do with meaning, connection, and a more fulfilling, healthier life,” Stern said.
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Now, my own take. Work is an identity for many people. It describes us, intellectually absorbs us, motivates us. For many of us, as we move beyond the traditional retirement age of 65, we know we still have the juice to contribute. Our gut says that our best work isn’t in the rearview but is possibly ahead.
Moreover, having a sense of purpose and understanding of how our work is meaningful — not only to our lives but to the world beyond — keeps us on the job.
The ideal scenario is to exit the workplace, or retire, when you want, how you want. Almost none of us can do so free of financial pressures like Buffett can.
But we can all draw on this pearl of advice from his letter:
“It is never too late to improve … Decide what you would like your obituary to say and live the life to deserve it.”
Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including “Retirement Bites: A Gen X Guide to Securing Your Financial Future,” “In Control at 50+: How to Succeed in the New World of Work,” and “Never Too Old to Get Rich.” Follow her on Bluesky.
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