Retirement Lessons from My Two Parents
April 25, 2014 by The Experts Blog
An excerpt from: Who Is Your Retirement Role Model? Sometimes, emulating those who have come before can lead to a happy retirement. With this in mind, we asked The Experts: What role model—famous or not—do you have for the way you’d like to live in retirement?
This discussion relates to the latest Encore Report and formed the basis of a discussion on The Experts blog in March 2014.
Retirement Lessons from My Two Parents
ED SLOTT : My dad was my role model for pretty much everything, including retirement, even though he never really retired. He slowed down and enjoyed the work he was doing but focused more time on family and friends. I think that’s a good model for me and others who don’t really want to retire. By continuing working on his terms, he stayed connected to business and his clients but lived like a retiree, coming and going as he pleased. He did only the things he loved, without the stress and deadlines of full-time work. I think that is a good balance. I, too, would always want to stay relevant, connected and active, but would want to focus on the parts of my business I love the most. I also admired how he lived modestly and didn’t have any debt. He didn’t waste money on anything he didn’t use or enjoy, but he didn’t deny himself. He lived happily within his means, never trying to impress anyone. That’s a good lesson for all retirees. Living lavishly on credit cards in retirement is a recipe for disaster. He showed me how much happier you can be living on what you can afford.
My mom is another role model for how I would like to live in retirement. After my dad died, she sold the house and got herself a beautiful apartment that she loves—no more bothering with maintaining a home. She lives close to her children and grandchildren and is extremely active. Financially, she has set herself up with guaranteed income for life from several annuities she has. No matter how long she lives, these checks keep coming, providing her with lifetime financial security. I see that as a gift to us, her children. I see too many families where children have to use their own retirement money to take care of a parent who ran out of resources. My mom planned carefully to make sure that she will never run out of money in retirement. I have made plans to do the same.
Ed Slott provides retirement education and analysis at his websites, www.IRAhelp.com and www.theslottreport.com. Ed created the PBS program, “Ed Slott’s Retirement Rescue 2014!”
