In the industrial revolution, workers moved from farms to factories to receive wages for their labours… at least, as long as they were physically able. Eventually, though, all factory equipment must be ‘retired’ from use when it is too old to function properly - from machinery, to the workers themselves. In turn, retirement savings were born of the concept that workers needed a way to provide for themselves when their bodies were no longer physically capable of factory work. However, with the shift from factories to knowledge work, the reality is that not only can work continue as long as the mind is able – no longer dependent in the same way on the body – but as it turns out, ‘retiring’ and withdrawing from productive life actually conflicts with our own natural drivers of well-being, including purpose, community, and social connections. Ultimately, then, the real key to ‘retirement’ is not actually to retire, but simply to reach the point of ‘financial independence’ where how you spend your time is no longer reliant on the income it can generate. Whether you choose to still do work that generates a productive income is up to you – and, in fact, recognising that human well-being typically involves contributing to society in a way that is productive, and often income-producing, “financial independence” may actually be within closer reach than “retirement” ever was anyway. The concept of ‘retirement’ is an obsolescent by-product of the industrial era that needs to be retired. - Michael Kitces. Earn 0.50 CE/CPD hrs on Portfolio Construction Forum