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MY HUSBAND SAYS I’LL never retire. He’s right. Now in my 78th year, I have no intention of stopping work altogether to devote myself to round-the-clock leisure. That sounds unappealing, especially since I plan to live well into my 90s, just like my great-grandmother.
Most of my friends opted to retire in their 60s. That includes my husband, Charlie. He retired at age 61 after 38 years as a nuclear engineer, all that time with the same company.
ON DEC. 23, 2022, while Santa and his elves were busy loading his red sleigh with gifts, the 117th Congress was putting together some goodies of its own, formally known as the Consolidated Appropriations Act, 2023. Before we rang in the new year, President Biden signed the bill into law.
Included in that 1,600-page, $1.7 trillion appropriations measure was a special present for folks like me—the so-called Legacy IRA. This allows me to increase the sum I give to charity and the money I earn on my fixed-income investments,
ONE OUT OF FOUR Americans lives in a household with three or more generations under one roof, according to Generations United’s 2021 report. The number of folks living in these multigenerational households has increased sharply over the past decade, from 7% in 2011 to 26% in 2021. Although “multigen” households come in many shapes and sizes, the rarest type is a four- or five-generation family living together.
For most of my pre-teen years, I lived in a four-generation household.
A FRIEND ASKED ME recently if I got paid for the writing I do. She assumed that I’d be compensated, especially for research articles published in scholarly journals.
“Yes,” I replied. “I’m paid generously—in psychic income.”
“What’s psychic income?” she asked.
I explained. “Instead of earning a paycheck for my paper, I earn the satisfaction of this well-respected periodical running my article.” That’s also the way it is for my short stories and poetry that appear in specialty publications.
MY ANDROID RANG on a sunny Saturday afternoon. The screen said it was from a police station. Hesitating, I took the call. My biracial son came on.
“I’m going to jail, Mom. But I didn’t do it.”
Instant memories, almost 50 years old, of police guns pointing at my African husband’s head and mine. Wrong profile of an interracial couple. It wasn’t us. Checking IDs, they realized we weren’t the suspects sought.
With my son’s phone call,
YOUR ESTATE PLAN specifies what you want done with your money and possessions after your death. But your life’s treasures extend beyond these material items—to your values, heritage, relationships, hopes, dreams, memories and stories. You can share some of this with family and friends through a legacy letter, sometimes called an “ethical will.”
Not long before my mother died, she wrote her legacy letter. She asked that it be read during her memorial service.
FOR ME AND MANY other older baby boomers, the traditional retirement model doesn’t work. We’re healthier and living longer than prior generations. Most of us don’t want to sit in a rocking chair, gaze at the sunset, play golf continuously, eat boring lunches at the senior center or live like we’re on vacation every single day.
Instead, we want to remain relevant, with meaning and purpose in our lives, and we want to continue to learn and grow.
I TIED THE KNOT again—at age 71. Four years into widowhood, I met Charlie online. Also widowed, he and I began dating cautiously, each respectful of our late spouses and those marriages, as well as our adult children and grandchildren.
We also focused on financial and legal issues. We knew from experience, and from research we had read, that financial disagreements can derail love. In an international survey of widows and money, women shared advice about re-partnering: Talking about money matters was essential before remarriage,
Comments
Jonathan, you keep giving, and giving, and giving. Thanks for yet more helpful guidance about end-of-life planning and actions. Today, I referenced Humble Dollar and your writing during a Death Cafe meeting I facilitated. Your practical advice has always been so helpful . . . and it continues to be especially so now.
Post: No Slowing Down
Link to comment from July 28, 2024
I also love the Vanguard Total World Stock Fund. That's the only holding in my substantial ROTH IRA account, which my son will inherit someday.
Post: Selling the Sizzle by Jonathan Clements
Link to comment from July 6, 2024
Before I "refired" and sold my financial planning firm more than a decade ago, I consistently recommended your advice to my clients—often referencing your books and Wall Street Journal columns. One year, I even gifted each client a copy of your book, The Little Book of Main Street Money: 21 Simple Truths that Help Real People Make Real Money. So, you can imagine my excitement when you accepted my first submission to Humble Dollar in 2018. Jonathan, you are the best editor I’ve ever worked with! Yes, I'm more than happy to support the new Forum function. Many of your readers and contributors, me included, are deeply grateful for the path you've paved for us that will continue your legacy. One more thanks. Your ROTH IRA story inspired me to streamline my own ROTH account. Earlier this year, I consolidated my four Vanguard U.S. and international stock index funds into Vanguard's Total World Stock Index Admiral fund. Your Humble Dollar advice will continue to be a guiding light for many.
Post: Raise Your Voice
Link to comment from June 22, 2024
Your insight is also supported by science-based research. Folks who keep learning new things and engaging their brains are healthier, happier, and live longer. I currently participate in some lifelong learning classes to study new things and skills, plus expand my social circles. In my early 80s, I plan to move to a retirement community affiliated with a major state university. There, I’ll have access to many interesting courses to keep my brain agile! Glad you don’t want to fritter your life away “hitting that little white ball into a hole.”
Post: Not Wired to Retire
Link to comment from March 27, 2024
I admire your tenacity in maintaining a 35-year career as a university professor. Yes, you’ve earned the right to “slowing down a bit.” I bet your book project will keep you happily occupied for at least a year, including writing, publishing, and marketing your tome. Indeed, writing my book took far less time than what came afterward. It sounds like you’re framing the upcoming first year of retirement as a transition time. Wonderful way to approach the time ahead.
Post: Not Wired to Retire
Link to comment from March 27, 2024
Yes, we have some interesting path parallels, including The American College connection. In refirement, I say NO to many activities/work I’m asked to do. I’m careful about not overdoing my commitments so I can keep those 5 F words in balance, which is sometimes challenging for me. I’m blessed to have enough income and financial assets, so money is not a major motivator in how I choose to use my time and talents. Have fun in your 2024 retirement discernment year!
Post: Not Wired to Retire
Link to comment from March 27, 2024
Yes, my focus is on being useful . . . rather than youthful, as emphasized by many anti-aging advertisements. Glad you like my story. Writing is a fun way for me to be useful. Bet you feel the same.
Post: Not Wired to Retire
Link to comment from March 27, 2024
Thanks for reading my piece, Andrew. The last time I worked in a “regular job” was decades ago. I much preferred being my own boss at my financial planning firm and later during my encore career. Today I pick and choose which projects and activities to work on, and I definitely go at a slower pace. Refirement is such fun for me. It is not for everyone, but we can all pick and choose what’s right for us.
Post: Not Wired to Retire
Link to comment from March 27, 2024
Thanks for letting me know you share my sentiments and like my stories.
Post: Not Wired to Retire
Link to comment from March 27, 2024
Thanks for another insightful article, Jonathan! My husband says I’ll never retire. At age 67, I sold my financial planning practice, shifting to an encore career of speaking across the country, writing, and doing research focused on empowering widows financially. After six years, I “reFired.” That’s not traditional retirement. Now, at age 76, I’m a part-time adjunct faculty member at The American College of Financial Services. I write and speak about legacy and longevity planning at selected conferences. I also mentor surviving spouses and help nonprofits strengthen their endowments. Hubby is right. I’ll never retire because this 4th quarter purposeful living is very fulfilling.
Post: Fire Meets Ice
Link to comment from February 10, 2024