Bill Gates Thinks Working Less Sounds Awful

Billionaires should keep some opinions to themselves
͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
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September 10, 2024
Retire with Money

Earlier this month, Microsoft co-founder and philanthropist Bill Gates told CNBC that working less than full time “sounds awful” and that he — at age 68 — would like to work another 20 to 30 years.

My opinion may be in the minority, but… maybe he should sit this one out?

While he and ex-wife Melinda French Gates have arguably done more good through their famed foundation than most billionaires on the planet, when it comes to assessing the lives of everyday people, the world’s seventh-richest person is comically out of touch.

Six years ago, while appearing on an episode of The Ellen DeGeneres Show, Gates was tasked with guessing the prices of a handful of groceries. After admitting that he hadn’t stepped food in a supermarket in years, it played out exactly as you might expect. He estimated that:

  • A box of Rice-A-Roni was $5 rather than $1 …
  • A 72-pack of Tide PODs, priced at $19.97, cost $4 …
  • And a bag of Totino’s Pizza Rolls, retailing for $8.99, cost $22.

My point is that while it’s hardly surprising that billionaires are out of touch with the costs of household staples, when it comes to retirement, they’re apparently equally clueless.

According to Gettysburg College, average Americans spend 90,000 hours of their lives working — or roughly ⅓ of their lifespans. If Gates wants to work until he’s 98, more power to him. But for the rest of us, who have toiled for decades and diligently saved, being able to work less than full time come retirement age sounds pretty amazing.

In fact, it’s something we should reward ourselves for achieving.

— Jordan Chussler, investing and banking editor

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Stat of the Week: $172 million
Tax Dodgers
Rangely García for Money

The IRS is tracking down high-income tax dodgers. The agency recently reported that it’s made “significant progress” by collecting $172 million due from 21,000 wealthy Americans who hadn’t filed taxes since 2017.

Money Move of the Week
Home warranties can help protect what homeowners insurance does not cover
Home

Owning a home comes with inevitable expenses — in the blink of an eye, you can find yourself shelling out big bucks to fix your home’s essential systems and appliances. Unlike homeowners insurance, which covers natural disasters and theft, a home warranty could help safeguard you against costly repairs of home appliances and systems due to normal wear and tear. The right warranty could help shield your savings by covering those eligible household items you depend on every day.

See Money’s list of the best home warranty companies today.

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Retirement 1, 2, 3
More Insights and Advice from Money
Inflation
Food costs have outpaced broad inflation over the past five years, and during that time, major retailers’ stocks have seen big-time gains.
Money; Getty Images

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The national average for a gallon of gas is currently $3.30, down 17 cents in the past month. Before the end of 2024, prices could drop even further.
Money; Getty Images

Interesting
Next week, the Fed is expected to decrease interest rates for the first time since 2020. Here’s what it means for your wallet.
Money; Kevin Dietsch / Getty Images

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These savings accounts earn more than regular savings accounts ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

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plus Travis' new horse + coffee milk ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

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