I and many others were looking forward to a luncheon with Dress for Success, a women’s workforce development organization, at the end of September. Gloria Steinem was scheduled to be the keynote speaker, sharing her insights on “the importance of empowering women to create meaningful change,” according to the invitation. Mr. Steinem died Wednesday.
“Gloria’s unwavering commitment to women’s equality, opportunity and empowerment helped shape generations of changemakers and inspired countless individuals to speak out, pursue their ambitions and challenge barriers,” Joanie Billie, CEO of Dress for Success Worldwide, said in a statement to CNBC Make It. The organization plans to honor Steinem’s “life, legacy and influence” at a luncheon.
The news of Steinem’s death shocked and saddened not only me, but many people around the world who have since paid their respects. A pioneering icon of the feminist movement, Steinem will be remembered for her journalistic pursuits, co-founding Ms. Magazine and New York Magazine, as well as her steadfast work promoting women’s civil rights and reproductive rights.
According to the Associated Press, Steinem’s health had recently deteriorated, but her failure to publicly announce her illness or provide any other health updates may have made her death seem less sudden. Similarly, in May, Dolly Parton revealed a health issue in an Instagram video and announced that she was canceling her Las Vegas residency scheduled for September. She said she still needs time to heal and can’t perform yet, but assured fans she’s still working. Parton passed away on August 25th.
Both Steinem and Parton were busy until the end. In addition to her upcoming luncheon appearance, Ms. Steinem recently completed a memoir, scheduled for release on September 22nd. Ms. Parton “worked hard until the day she died,” her longtime manager Danny Nozell said in an Aug. 26 press release. During her lifetime, she was involved in numerous projects, including biopics and music documentaries. She also made sure those projects were in reliable hands.
The women, who are well past the traditional retirement ages of 80 for Ms. Parton and 92 for Ms. Steinem, are among the millions of Americans who, for a variety of reasons, continue to work after they officially retire or can claim their full Social Security retirement benefits. This is between the ages of 66 and 67, depending on when you were born, and increases each time you delay claiming until age 70.
Why do some people who are able to retire sometimes don’t?
For some Americans, working until retirement or even death is not an option. According to the Employee Benefit Research Institute’s 2026 Retirement Confidence Survey, approximately 41% of active retirees who cited a reason for their retirement said they needed money to survive. The survey, conducted in January among 1,045 retirees, had a margin of error of plus or minus 3 percentage points.
Although we don’t know the details of their personal financial situations, Parton and Steinem likely quit their jobs, and given their storied careers, they probably weren’t going to work for the paychecks they might have earned for their later efforts. Although both admittedly worked less in their later years than at the peak of their careers, they continued to give interviews, appear, and pursue their creative passions.
“For people like Gloria and Dolly, I’m not sure that ‘work’ captures the whole story,” says Daniel Robey, host of the podcasts “Question Everything” and “Bookmarked,” and a fellow at the Gloria Steinem Foundation. “If your work is closely tied to your purpose, creativity, relationships, and way of understanding the world, it may not feel like an obligation to keep going. You may feel like you’re fully alive.”
This is consistent with the millions of retirees who remain in their jobs for non-financial reasons. According to EBRI research, approximately 91% of active retirees report that they continue to work to stay active and involved, and 85% say they work because they enjoy it.
Kelly Klingaman, a certified financial planner based in Austin, Texas, says her clients, mostly millennial women, feel similarly and “don’t want to completely leave work.” She suspects it’s more of an ambition-driven mindset.
“Not many women have accomplished what we’ve done, and it’s hard to imagine stepping back completely when you have the opportunity to inspire other women to follow the same path in your industry,” she says.
Regardless of why they want to stay in the workforce, many Americans prefer to treat working later in life as an option rather than a requirement, says Scott Boyles, a fellow Austin-based CFP. “The idea of retirement is to reach a point where working is optional,” he says.
“If you enjoy what you do and want to start another career, volunteer, consult, or start a business in your 70s, that’s great. Financial planning should give you the freedom to make that decision,” he says.
“Financial independence is the goal”
The key to freedom, Boyles says, is to focus on figuring out how much you actually need to live on, rather than your target retirement age.
That means estimating your expenses, such as living expenses, remaining debt payments, and future medical expenses, and weighing them against how much you can get from Social Security, retirement account withdrawals, or other sources of income, he says.
“Once you know that number, you can start moving toward financial independence rather than just setting your own birthday.”
In this case, financial independence means having enough savings, investments, and non-labor income to cover your expenses without a regular paycheck.
The amount you need to reach that goal will vary greatly depending on where you live, when you want to retire, and how you want to spend that time. For example, retiring in Hawaii at age 65 could mean you’ll need about $2.2 million in savings, according to January estimates from GoBankingRates. This estimate includes expected Social Security income and required spending.
Once you know how much money you’ll need for your desired retirement, you can start setting goals for contributing to your retirement accounts. Depending on your number, it may be difficult to meet your savings goals with just a 401(k) or individual retirement account because of the annual contribution limits set by the Internal Revenue Service. Other vehicles, such as tax brokers and health savings accounts, can give you more savings options and flexibility in retirement, Boyles says.
It may take some sacrifices to quit working completely or afford a relatively expensive lifestyle at a young age. He added that starting to invest early can make a big difference due to compounding effects, but that some trade-offs may still have to be made.
“Spending an extra $10,000 today is more than just $10,000,” he says. “Think about what would happen if that $10,000 were invested for 20 or 30 years.” Additionally, if you develop a health problem down the road, you may not be able to work for as long as you planned.
But that doesn’t mean you can’t enjoy life while you’re young. It’s good to understand how the decisions you make today will affect your future, he says.
“I think sometimes we treat retirement as a goal,” Boyles says. “I think financial independence is the finish line. Once you get there, it’s up to you to decide what to do next.”
