When most people think about retirement, they imagine a life full of friends, hobbies, and (likely) travel.
To illustrate, think about what you would do if you knew you were going to retire at 65 and die at 75. You’d probably work hard before turning 65, giving up some time with friends, hobbies, and travel, in order to make those final years as comfortable as possible.
But, what if, when you were 74, I told you you weren’t actually going to die until 85? What would you do with that extra 10 years? You’d probably be ecstatic! Ten extra years of friends, hobbies and travel, right?
Now, think about what you would do if you knew you were going to die in 5 years. You’d probably try to pack that time with friends, hobbies, and travel, right?
If both answers are the same, you’ve got a problem. If you would do the same thing with limited time that you’d do with bonus time, it’s probably a good indication that you should be doing more of those things, right now.