Kevin O'Leary—known to many as "Mr. Wonderful" from the hit show "Shark Tank"—is a well-known critic of early retirement. His personal success, with a net worth around $400 million, contrasts sharply with his warnings that quitting work too soon might lead to unforeseen challenges. 

Data from the Federal Reserve Survey of Consumer Finances,1989 – 2022 shows that Americans aged 45–54 hold a median retirement savings of about $115,000, while those aged 55–64 have roughly $185,000 saved. Although some in the FIRE community manage to build impressive nest eggs early, these figures reveal that the average worker faces a steep climb.

Don't Miss:

• Can you guess how many retire with a $5,000,000 nest egg? The percentage may shock you.
• Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here’s how you can earn passive income with just $100.

Stay Engaged for a Lifetime

Early retirement forces one to stretch a fixed sum over nearly 50 years rather than a more common 30, which dramatically ups the risk of running out of funds. O'Leary recalls how, after selling his company and retiring in his mid-30s, a sudden wave of boredom and a sense of lost purpose quickly set in. 

He once said, "Working is not just about money," highlighting the role employment plays in shaping identity and keeping social connections alive. 

A recent Resume Builder survey found that 42% of retired seniors are actively looking for work to fend off monotony. Meanwhile, Time reports that 19% of U.S. adults aged 65 and older still work—not merely for extra cash but to stay mentally active.

Trending: BlackRock is calling 2025 the year of alternative assets. One firm from NYC has quietly built a group of 60,000+ investors who have all joined in on an alt asset class previously exclusive to billionaires like Bezos and Gates.ed.

There's also a tough financial side to this debate. A longer retirement means the same savings must cover more years of living expenses, healthcare, and rising costs. 

As a Charles Schwab study shows, many U.S. adults now believe they need roughly $1.8 million for a comfortable retirement—a figure that has jumped sharply in recent years. This gap between expectations and reality challenges the early retirement dream for most.

On the flip side, some experts offer a counterbalance to O'Leary's cautious view. Leaving the traditional work environment earlier can free up time for creative pursuits and deep work, opening up new avenues for personal fulfillment. 

See Also: Dogecoin millionaires are increasing – investors with $1M+ in DOGE revealed!

Similarly, voices like Partner Colorado Credit Union say that aggressive cost-cutting and high savings rates can create a strong financial buffer, making an early exit possible if planned carefully.

Alliance America suggests easing into retirement gradually—combining part-time work with delayed Social Security benefits—to bridge the savings gap. 

A survey by Willis Towers Watson WTW revealed that 15% of employees have begun reducing work hours or responsibilities as they transition into retirement, with an additional 19% expressing a desire to do so. Such a transition can ease financial stress while preserving an active lifestyle.

Read Next:

• If You're Age 35, 50, or 60: Here’s How Much You Should Have Saved Vs. Invested By Now
• Many are using retirement income calculators to check if they’re on pace — here’s a breakdown on what’s behind this formula.