Personal Finance

I’m in my mid-50s with $10 million saved, why can’t I pull the trigger on retirement?

Joey Frenette

Published: March 16, 2025 12:48 pm

A nest egg worth eight figures is more than enough to fuel even the most lavish of retirements. Heck, it’s enough to retire more than one person. Still, some people with more than they’ll ever need for retirement still don’t want to make the leap. Just because you can retire doesn’t mean you ought to, though. The great Warren Buffett is still not retired, but that’s because he loves what he does. In one’s mid-50s, there’s really no societal pressure to retire early, even for those who’ve amassed a massive $10 million nest egg.

In this piece, we’ll check in on a Reddit user on r/fatFIRE who’s clearly got more than enough to retire, but is feeling a tad hesitant about pulling the trigger. From the way they describe their job, it doesn’t sound like everything is going well with their current role. Notably, they’ve referred to work as “increasingly unappealing,” while also remarking on how nice it would be to focus on hobbies (gold, reading, and all the sort).

Undoubtedly, if one’s feeling symptoms of burnout and doesn’t feel happy going to work every morning, perhaps hitting the retirement button is the most obvious move. So, why does this person have second thoughts? It’s surely not due to the inability to retire early, given they’re well on track to reach a “fat” form of retirement. Let’s dig into potential reasons such an individual may be struggling to leave the workforce.

Early retirement isn’t for everyone. Mid-50s is still a decade or so away from most traditional retirements.

Even those who’ve been aiming to retire early can struggle to pull the trigger when it’s time. Indeed, continuously raising the bar on one’s “FIRE number” may be common among those who aren’t quite ready to retire despite having hit their initial target. For such an individual who has their own share of doubts, I see no issue with raising the bar, especially since a sudden transition from work to retirement would be tough to get used to.

Additionally, some folks may question why you’re choosing to retire at such a young age. Indeed, the FIRE movements are definitely not the norm, especially in an age where the average retirement age could be moving higher (67 or more?) in response to the higher costs of living and growing economic uncertainties.

While it would be nice to finally retire, one may find it harder to pick up where they left off if an economic recession ends up hitting. With Trump tariffs fuelling a higher chance of recession, perhaps waiting until external factors “nudge” you into retirement (let’s say a layoff amid a rougher economy) could be the way to go. Indeed, many choose to stick around until they’re pushed out of the workforce.

While it feels better to have a retirement on your own terms, those who are indecisive with lingering doubts, I believe, should probably stay the course and think things through before retiring. It’s a big deal and not one to be taken lightly.

The golden handcuffs are tough to break out of.

Undoubtedly, $10 million is more than enough to not have to work again. But if one’s lifestyle is lavish and the hunger for more money is insatiable, early retirement can be really tough. Indeed, leaving behind a fat salary is not for everyone, especially if you’re being incentivized to stay via bonuses, raises, increased perks, promotions, or something else. Indeed, the golden handcuffs may be shiny, but they’re not necessarily worth breaking out of, especially for someone in their 50s.

As such, I’d urge anyone in the same shoes as the conflicted Reddit user to reach out to a financial advisor or a career counsellor to help them figure out what they really want. The important thing is they have financial freedom and options to do as they’d please. Now, it’s just a matter of finding out what it is that one wants to do.