As I said, both are at about the same levels financially and live virtually identical lifestyles, so their discretionary income needs are really about the same. The difference between them is how they perceive their financial status and not their actual amount of money, and that has led them to very different opinions as to in which life stage each belongs.
My own perspective is similar to Larry’s. I retired 12 years ago at the age of 53, having sold out to my partners. Since then I’ve been involved in a number of business ventures (virtually all of which have failed, primarily because I just didn’t want to work that hard), periodically consult in my field (market research), have written three books, and regularly write for magazines and journals.
Yet I fully consider myself to be retired. I go to bed when I want to, write or consult if I want to, binge watch a TV series until 5 in the morning, take naps whenever I can, and don’t exactly dress to the nines (because what do I have to do? Where do I have to go?) Half the time I’m not even sure what day it is. I would not want to give up the things I do that let me feel productive and connected to the world, but I also wouldn’t let them control my life, and that’s what makes me feel retired. Basically, everything is a hobby to me.