When 94-year-old Berkshire Hathaway CEO Warren Buffett recently announced that he was planning to retire from his post after 60 years on the job, the financial world breathed a sigh mingled with both disappointment and pride.
Buffett has earned universal admiration during his life, being known as an incredibly down-to-earth billionaire that has used his wealth to improve the world around him.
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Buffett founded The Giving Pledge in 2010 in partnership with Bill and Melinda Gates with the aim of dedicating large portions of their wealth towards those in need. Buffett has said he intends to give 99% of his wealth to philanthropy during his lifetime.
Hundreds of other billionaires have taken the pledge since the non-profit was founded, including media pundit Ted Turner, “Star Wars” director George Lucas, and young billionaire Nikhil Kamath, founder of online brokerage Zerodha.
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In addition to his impressive philanthropy work, Buffett has also charmed many by continuing to live simply despite his massive wealth. He lives in the same Nebraska home today that he originally purchased in 1958 for $31,500, and still drives the 2014 Cadillac XTS his daughter purchased for him.
As Buffett has a history of choices that seem unusual for one of the world's wealthiest men, it's perhaps no surprise that in retirement, he also has something a bit different in mind than the average person might.
Paul Morigi/Getty Images for Fortune/Time Inc
Buffett's plans for ‘retirement'
In a recent interview with the New York Times about his decision to retire, Buffett said that even though he will step down from his position as CEO at the end of the year, he plans to still go into the office every day.
Buffett says he will continue to contribute investment ideas, making a feisty quip about what he doesn't plan to do with his newly acquired free time.
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“I’m not going to sit at home and watch soap operas,” he said. “My interests are still the same.”′
Buffett's position will be taken over by vice-chairman of non insurance operations Greg Abel, who Buffett named as his successor in May 2021. In the Times interview, Buffett said that he realized that Abel was quickly able to surpass him in terms of what he could get done.
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“The difference in energy level and just how much [Abel] could accomplish in a 10-hour day compared to what I could accomplish in a 10-hour day—the difference became more and more dramatic,” said Buffett. “He just was so much more effective at getting things done, making changes in management where they were needed, helping people that needed help someplace, but just all kinds of ways.”
While Abel seems to be a worthy successor, Buffett also pointed out that his own years of experience give him another reason to keep going to the office.
“I will be useful here if there’s a panic in the market because I don’t get fearful when things go down in price or everybody else gets scared,” said Buffett. “And that really isn’t a function of age.”
