Problem with that is due to inflation, you're making less and less compensation every year. Standard "you're doing a good job" raises often do not meet inflation, and certainly are not right now where inflation is higher than the recent historical mean. This is not a problem for some people, maybe including you, but I think most people have a general vague career expectation of making more when they're 60 than they make when they're 50, than they make when they're 40, and so on--even if they don't plan to be an overachieving "ladder climber".
I may have been unclear. By retirement job, I meant a job that I took during (read: after) retirement, not the one I’d walk away from at the moment of retiring.
At that point, financial arrangements are presumably already all set.
I agree, but this isn't as bad as you might think once you're a senior engineer at a top-end company. A lot of your compensation is in the form of stocks that will appreciate in value with inflation, so assuming you're in good graces with your director and VP, it's possible you'll fall behind the market rate very slowly
