fbpx

Tony Bennett Proves You May Never Want To Retire

A few weeks ago, I had the wonderful privilege to see Anthony Dominick “Tony” Benedetto a.k.a. Tony Bennett perform in concert at the ripe young age of 88.   On August 3rd, he turned 89.   In fact, what made the performance even more amazing is that he sang duets with Lady Gaga who strutted the stage with at least six outfit changes.   As I stood in amazement watching this legend belt away his famous tunes, it made me think about how people should be approaching this word we call retirement.

A friend of mine and fellow Wall Street Journal author Professor Olivia Mitchell from the Wharton School of Business recently pointed out in an article about how people are aging more vibrantly than they did in the past.   On the left is the famous artist Albrecht Durer’s portrait of his 63-year-old mother in 1514.  On the right is the lovely actress Helen Mirren at the same age more recently.

Portrait of the Artist’s Mother – Albrecht Durer
Helen Mirren
As we age and live longer, there are both emotional and financial concerns about how you may approach retirement.   The facts I see every day planning for clients is that they don’t really want to retire.  Rather, they have passions for other things in life that they would like to be doing without the fear of worrying about having money in retirement.  This ranges from becoming a professor at a university, to a restaurant owner, to running a bed and breakfast in the mountains of Georgia.   This is what makes the Tony Bennett story so amazing and why he continues to work. . . . because it’s not really work at all.   When you find your true passion in life for something you love, then you can do it effortless and still make money no matter what age you live to be as long as your faculties are still working.

It’s going to become more common to see people in America live to be the age of 100.  For people who were born in the early 1900’s, they faced a life expectancy of around 50 years old and living into your 70’s was extremely rare.   They not only had pensions, but as social security materialized as another source of income nobody expected to collect on this fixed income source more than 5 to 10 years.

The reality today is that pensions from companies have all but vaporized into thin air.  For those of you who have a pension, you should thank your lucky stars that this income will be part of your retirement plan. We also know that social security is slowly becoming bankrupt, and that some sweeping changes to the program looms for the future.  Thus, the idea of “retiring” will sit squarely on the shoulders of how well you build your own nest egg.

From watching the remarkable performance by Tony Bennett the other evening, perhaps you may want to take a different slant on retirement.  The consideration here would be to create enough baseline money to cover your overall fixed expenses in your budget.  Then, wrap your arms around something you can become incredibly passionate about in life that will earn you enough income to cover those discretionary expenses as you age.  If you plan to live to the (I guess not so ripe anymore) age of 100, having something to get excited about every day won’t only help you emotionally, it might just provide you that extra income so you can leave the job you hate today and start working on something you love.   Just don’t leave your heart in San Francisco!

Written by: Ted Jenkin
Request a FREE consultation: www.oxygenfinancial.net

About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

Hey!

My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

Read More About Ted Here

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

Background and qualification information is available at FINRA's BrokerCheck website.

No Comments

Leave a Comment