MY PARENTS WERE financially comfortable but not rich. Some of their friends, though, were rich. The men always seemed to die before their wives, resulting in a few wealthy widows in my parents’ social circle.
I recall glancing at the annual report of a company for which my dad had done some work. One of the widows was listed as a board member and her occupation was stated as “investor.” I asked my dad what that meant and he replied that it meant she had enough money that simply managing it was a part-time job.

AMERICANS THINK they need an average $1.9 million to retire, according to a survey of 401(k) plan participants by Charles Schwab. Years ago, a finding like that would have terrified me.
I worked really hard in my younger years and socked away money diligently. But between paying off the mortgage, saving for the kids’ education and being hit by an unexpected divorce, there’s no way I could ever have amassed $1.9 million.
Still, I’ve learned to live well in retirement.

I TURN 70 IN JANUARY and my wife just turned 65. I recently applied for my Social Security benefits, and got her kicked off with Medicare. I needed to call both agencies. What a contrast I’ve seen in their responsiveness.
As I’ve conceded before, I’m a bit of a fanatic when it comes to this topic.
We set up my wife’s online Medicare account, and she designated me as her “authorized representative.” Like most couples,

A RECENT ARTICLE from Morningstar suggested that the 4% rule for sustainable retirement withdrawals should be revised downward to 3.3%. This lower rate, the researchers argued, is safer given today’s rich stock market valuations and low bond yields.
The article also recommended being flexible with withdrawals, by taking larger amounts in good markets and smaller withdrawals during down periods. This strategy could provide more lifetime income than fixing a withdrawal amount in the first year and then automatically increasing that sum each year with inflation.

I JUST TURNED 62. That’s the milestone age when so much of the magic—and the decision-making—of retirement begins to happen.
For the record, although I recently left the workforce early to pursue a long-simmering passion for writing, I won’t be starting Social Security payments early. Nor—unless something changes health-wise—do I intend to begin distributions from my IRAs any time soon. Before I go down those two routes, I plan to live off my taxable-account savings and minimal dividend income for as long as I can.

I SEE THIS LABEL used a lot. But it hit me that I really didn’t know what “senior” means. I know it’s used to describe old people. But truthfully, I don’t know what “old” means, either.
We’ve been manipulated into believing that, when we turn 65, we automatically turn old—which isn’t true. It’s a mistake to label people based on their age, because biological age can vary considerably from chronological age. A person’s age is a meaningless number unless we’re dealing with hard-and-fast rules,

I’VE AWARDED MYSELF a professional designation: CER, or Certified Experienced Retiree. In the dozen years since I left the workforce, I’ve learned a great deal about retirement. I’ve grappled with the financial aspects, how your relationships with family and friends evolve, and how your outlook changes over time.

One key lesson learned: A steady income stream provides peace of mind. In my case, it’s from a pension and Social Security. For younger retirees, it could mean drawing savings from a 401(k) or IRA,

WALL STREET JOURNAL personal finance columnist Jason Zweig recently made this observation: Getting rich isn’t the hard part, he said. “Staying rich is the hard part.”

On the surface, staying rich might seem easy. After all, you simply need to build a balanced portfolio and then withdraw from it at a reasonable rate. Sure, there are stories about lottery winners and professional athletes going broke. But you might assume that phenomenon—having a hard time staying rich—is limited to such extreme cases.

I’D ALWAYS THOUGHT that saints were long-ago martyrs, those people shown in paintings in the Louvre or the Prado.
That’s why I was surprised to find a plaque honoring a 20th century saint at the church I attend in Newcastle, Maine. The saint, Frances Perkins, had worshipped at that very church, St. Andrew’s Episcopal, until her death in 1965.
Who was Frances Perkins? My friends often draw a blank at the name, although she helped shape our lives.

DURING THE PANDEMIC, I’ve taken to reading the obituaries. I especially enjoy the stories about people who lived a long time. What I’ve found is that many of them volunteered in some fashion or continued to work until late in life. Most didn’t do it because of the money. They did it because it gave them a sense of purpose.
I’ve come to believe that doing work that we love and have a passion for—that’s meaningful to us—serves as our own personal “fountain of youth.”
Ask yourself: Why do rich people,

MY WIFE AND I CONTINUE to modify our retirement plan in response to changes in our lives. Most of the changes have to do with the timing of both our retirements. But there’s also the puzzling question of which investment accounts we should draw on for income. More on that later.
First, a bit of background: I started receiving my pension at the end of 2017, after I stopped working fulltime. We expected to start drawing on our retirement savings in 2018.

FOR THE RECORD, I’m a card-carrying member of the FIRE—financial independence/retire early—movement. Except I don’t believe in the RE part.
All the folks I know who advocate FIRE, and who have achieved financial independence, are still working in some capacity. Many of them have websites, put out podcasts or write books on how to retire early—which is funny because they’re still working and making money.
For some reason, they feel the need to deny that they’re still working.

LAST WEEK’S NEWS that Social Security recipients will receive a 5.9% cost-of-living adjustment for 2022 might seem like a nonevent. After all, those larger monthly checks will be fully devoured by today’s higher prices.
Or maybe not.
September’s report for the Consumer Price Index (CPI) showed that inflation for medical care services—a big cost for retirees—was quite tame over the past 12 months, rising less than 1%. Seniors also spend significantly less on transportation,

ONE OF THE TOUGHEST financial challenges most people face—second only to accumulating enough for retirement—is deciding how to convert those funds into retirement income. Especially when the goal is to never run out of money.

I pride myself on being informed. This morning, I received my comeuppance. I was reviewing my 401(k) account, which is administered by Fidelity Investments. I had taken my required minimum distribution for 2021, but was exploring other ways I could withdraw money.

IT’S EMBARRASSING to admit in a public forum that I failed at retirement. But I’m doing so—because I think people can learn from me, and thereby avoid making the same mistakes.
I spent my entire 38-year career in the banking industry. Naturally, I learned a lot about money and investing. I helped thousands of clients save for their own retirement. On top of that, my wife is an investment advisor.
But despite all that knowledge and expertise—and having enough money to retire comfortably—I still managed to find my way into retirement hell.