Comments
I agree with Rebecca, and I also really appreciated the thoughtful points from Julia Wise and DenkerBerger.
I wanted to add a few personal reflections, replying to your post and your comment.
In practice, I don’t think EA funders are likely to provide ongoing grants to people whose productivity has significantly declined. Funding is usually tied to impact, not years of service. That’s why I think it’s our personal responsibility to prepare for retirement, rather than expecting the movement to support us later in life.
I used to think similarly to you — that climate change or other global risks might make saving for retirement pointless. But when I looked more closely at the data, I realised that’s not certain at all. I started contributing to a pension and found it can actually be very tax-efficient (in the UK, it can save up to nearly 50% of what you’d otherwise pay in tax).
If you start early, you don’t need to contribute much — even 3–5% can make a big difference over time, plus your workplace is likely to match it, so it's "free money". I regret not starting sooner because now I have to contribute more to catch up.
I also agree with Julia that life can change a lot as you age. You may want to help a family member or do an unpaid project you are passionate about. Also, when you’re older, health issues or other needs may come up more often. My father-in-law recently needed a £16k hip replacement and had to remortgage his house to pay for it. Having savings for unexpected expenses like that can be life-changing.
Another reason I want to be financially stable in later life is that it gives me more freedom to choose how to make an impact — for example, mentoring younger people, helping a new charity get started, or volunteering on my own terms.
I know it can feel discouraging to think about aging or being less productive, but many people find new ways to contribute meaningfully later in life. Having some financial security can make that easier and less stressful.
Some people may be able to rely on family support or inheritance, but for most of us, starting early with small pension contributions may be a good choice.
A few thoughts here from someone who has thought a lot about retirement.
1. I'm not sure where you are located now or where you are planning to grow old, but some countries have better safety nets than others. In the US it's smart to plan for retirement. In Europe, less planning may be required (large blanket statement, I know)
2. I think it's reasonable to suspect that at some point you may age out: this could be do to physical limitations, mental limitations, a desire to slow down, or simply put, you may be less valuable in any field. Since it's hard to predict what the future holds and growing old isn't an option, at minimum, you should be planning for some level of financial security. And P.S. you shouldn't look at this negatively, it's just smart planning. It's similar to eating healthy or working out. Take care of yourself.
3. Consider backing into how much money you might need in your old age -- specifically what does your budget look like when you are old, and how much would you need in a retirement portfolio to fuel passive income to sustain yourself? Start out with a retirement calculator like this one.
4. Coming up with a sound financial plan will ease the burden of your initial question. In fact, if you are less financially reliant on EA-related jobs, you may actually be able to expand your options as to what you can do in the future and per chance, have a greater impact.
5. If you do end up in a position where you have more than enough later on in life, you can always give more away and continue to work.
Your thought process seems binary: e.g. do I keep working or do I save for retirement. There are a whole variety of options within these two paths!