Last month, world-renowned investor Warren Buffett announced his retirement as CEO of the conglomerate Berkshire Hathaway after taking the helm at age 34. Sixty years later, at age 94, Buffett will step aside. Ageing has finally taken its toll. He will demit office by year’s end.

According to Buffett, he didn’t start feeling old until age 90. He said: “When you start getting old, it’s irreversible.” Recognising that he was slowing down, the CEO decided that it was time to hand over the reins to his 62-year-old successor, Greg Abel.

At the shareholders’ meeting in May this year, Buffett praised Abel’s business acumen. He said: “If you understand businesses, you will understand common stocks.” Buffett doesn’t plan to recline at home and watch movies; instead, he intends to visit the office regularly and contribute his investment ideas, as he is still mentally sharp.

Abel has been at Berkshire Hathaway for more than 20 years. He is committed to the preservation of Berkshire Hathaway’s reputation and philosophy.

There are business leaders globally, likeAbel, who continue to work in their 60s and beyond. Founder of Microsoft Bill Gates continue to work at age 69. Though he stepped down as CEO in 2020, he remains an advisor. At age 89, Costco’s co-founder and retired CEO, James Sinegal, still visits the company every week. He retired from Costco in 2012, but his passion for the retail business has kept him engaged as a board member and director. One of his famous quotes says: “The only way to do great work is to love what you do.”

Though a billionaire, Sinegal once said: “Success is not about accumulating wealth, but about making a positive difference in the world.”

While in Jamaica, successful investor Christopher Williams announced his resignation as chairman of the Professional Football Jamaica Limited (PFJL). He quipped: “I am stepping down in order to unretire in my business and professional life.” Just last year, Williams revealed his decision to resign as CEO of Proven Investments, effective January 2025, while maintaining a working relationship with the company.

He had a transformative tenure as chairman of the PFJL. Under his leadership the PFJL attracted major sponsors. In a post on his social media platform he was apologetic to the football fraternity as he could no longer dedicate the necessary time to the organisation due to the demands of his business interests. However, he commits to serve in the capacity of an ambassador. Truly, his retirement has been short-lived as new challenges and business opportunities beckon. In his words, “Time now to unretire and explode” his business opportunities. Williams is pursuing his passion.

James Sinegal said, “Find something that you are passionate about and you won’t have to work a day in your life.” At 80 years old he visits Costco every day. He did it because of his love for the business. He believes, “If you can find something you love, it can be a great gift for you”.

I mentioned previously in this column that the father of one of my clients unretired and earned more income during those years than during all the years before his retirement. He finally stopped working in his 90s. He didn’t work because he needed the money. He worked to fulfil his purpose and his passion.

A report by management consulting company Bain & Company indicates that, by 2030, 150 million jobs globally will shift to older workers.

There are numerous benefits to working longer or unretiring. Some older persons work full-time or part-time for financial reasons. Others for mental activation or professional engagement. Delaying retirement can result in financial gains. Additional income reduces the risk of outliving your money in retirement. Funds have more time to be invested to meet future needs. Returning to the workforce allows for social interactions and provides the opportunity to pursue new goals or hobbies.

There are health benefits to be derived from working longer. It promotes longevity, mental and physical fitness. A balanced life of rest, leisure, and work will enhance well-being and peace of mind. Retirement lifestyle differs for everyone. Whether you choose to work longer or unretire, the bottom line is you need to ensure that whatever you pursue brings happiness.

Buffett said it correctly: “The happiest people do not necessarily have the best things. They simply appreciate the things they have”.

Grace G McLean is a financial advisor and retirement specialist at BPM Financial Limited. Contact her at gmclean@bpmfinancial or visit the website: www.bpmfinancial.com. She is also a podcaster for Living Above Self. E-mail her at livingaboveself@gmail.com.

Grace G McLean.