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Editorial
As we are living longer, we need to
plan for 30 years of income. Maintaining
your standard of living throughout
this period will require 70%-80% of your
yearly salary, which can come from Social
Security income, savings, and/or a
retirement plan.
It is best to wait until full retirement
age to collect Social Security. Along
with this income, distributions from your
retirement plan will replace your paycheck.
Minimizing taxes will be critical,
but knowing the best " buckets " for distributions
to accomplish this goal might
require guidance. A financial retirement
plan needs to be reviewed once or
twice per year, with the asset classes
balanced and adjusted as-needed to
achieve your goals. It may be prudent
to limit your tax deferred funds (pretax
401K, 403B) and convert some to
Roth (after tax) to minimize taxes on the
gains in retirement.
Individual goals and aspirations play
a role, too. The Retirement Answer Man
Podcast lists four financial pillars:
1. Vision. What kind of retirement do
you want? Do you want to travel? If
so, how much? Are you a homebody
who likes to garden?
2. Feasibility. Is your vision feasible?
This is where you put numbers to
your goals.
3. Resilience. What is your strategy to
manage the risks (down market, inflation,
risk tolerance of assets)?
4. Optimization. How can tax planning
enhance my retirement? Many
assume we will be in a lower tax
bracket when we retire and are surprised
to learn there is little or no
difference.
The health side of retirement
Maintaining our health is a part of our
wealth. If we don't have our health, we
are unable to live our best, great life.
There is a lot of discussion regarding
lifespan versus healthspan in America.
Lifespan is the duration of existence of
an individual. Healthspan is the length
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OR Manager | Mar/Apr 2025
of time that the person is healthy-not
just alive. In the US, the mean healthspan-lifespan
gap increased from 10.9 to
12.4 years over the past two decades,
according to the Harvey A. Friedman
Center for Aging. And according to the
Centers for Disease Control and Prevention,
the average life expectancy in the
US is 77.5 years.
A nutritious diet and regular exercise
both contribute to a longer lifespan.
According to the Center for Aging, exercise
is the most potent medicine for
preserving quality of life and extending
healthspan. It also remains the most
powerful lifestyle intervention against
chronic disease.
Choosing the right Medicare plan is
an important decision at age 65 or when
the time comes to stop working. Original
Medicare may be more expensive
up front, but Medicare Advantage may
be more expensive long term and limit
one's access to their preferred provider.
Making the right decision for your
long-term healthcare needs depends
on more than just costs. For example,
under original Medicare, which is provider-driven,
an individual can see any
physician in the US that accepts Medicare
patients. No referrals are required.
Many original Medicare patients choose
a supplemental plan (Medigap) that assists
with payments. There are usually
no copayments with this option. Part
D is required for prescriptions. Original
Medicare does not cover hearing, dental,
or vision services.
Medicare Advantage is insurancedriven.
More than half (54%) of eligible
people are enrolled. This is an alternative
to original Medicare for health
and drug coverage and known as Part
C. This plan utilizes doctors in its network,
and only " in network " visits are
covered. This bundled plan usually includes
Part A, B, and D. The individual
needs approval for drugs and services.
Some offer vision, hearing, and dental
coverage. Individuals who choose the
Advantage Plan may not be eligible to
transfer to the Original Medicare Plan
later. Frequent denials of service and
limited-service providers have given bad
press for these plans.
Retirement as we knew it is a
concept of the past. We have the opportunity
to reimagine it, whether as a
time of reinvention, rest, or whatever
we want to make it. Regardless, take
the time to plan carefully and embrace
the many possibilities of later life. Find
what lights you up! Experiment and be
creative! Take risks! Pivot until you find
the " juice " in retirement. This is the
time in life when we have the most to
give and the most to learn. Let's challenge
our beliefs and do what we never
had time to do before. What an exciting
time! ORM
-Rosemary Welde, RN,
MBA, BCC, retired several
years ago after nearly 50
years in healthcare, primarily
as a perioperative nurse,
educator, and director.
References
Benz C. How to Retire: 20 Lessons for
a Happy, Successful, and Wealthy
Retirement. 2024.
Mitchell T. The Retirement Process, A
Psychological and Emotional Journey.
UW Retirement Association.
Greenwald Research. The Retirement
Planning Disconnect. Stanford Center
on Longevity. February 2022.
Horovitz B. 10 Secrets to a Happy Retirement.
AARP. December 9, 2021.
How much do I need to Retire? Fidelity
Investments. August 21, 2024.
Whitney R. Retirement Answer Man
Podcast: The 4 Financial Pillars of
a great Retirement Plan, episodes
555 and 556. September 2024.
Peterson T. Healthspan is more important
than lifespan, so why don't
more people know about it? Institute
for Public Health, Washington
University in St. Louis. May 30, 2017.
www.ormanager.com

http://www.amazon.com/How-Retire-lessons-successful-retirement/dp/1804090697 http://www.amazon.com/How-Retire-lessons-successful-retirement/dp/1804090697 http://www.amazon.com/How-Retire-lessons-successful-retirement/dp/1804090697 https://retirees.uw.edu/resources/retirement-transitions/the-retirement-process-a-psychological-and-emotional-journey/ https://retirees.uw.edu/resources/retirement-transitions/the-retirement-process-a-psychological-and-emotional-journey/ https://retirees.uw.edu/resources/retirement-transitions/the-retirement-process-a-psychological-and-emotional-journey/ https://longevity.stanford.edu/wp-content/uploads/2022/09/Stanford-Final-Report-02.25.2022.pdf https://longevity.stanford.edu/wp-content/uploads/2022/09/Stanford-Final-Report-02.25.2022.pdf https://longevity.stanford.edu/wp-content/uploads/2022/09/Stanford-Final-Report-02.25.2022.pdf https://www.aarp.org/money/retirement/happy-retirement-secrets.html https://www.aarp.org/money/retirement/happy-retirement-secrets.html https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire https://www.rogerwhitney.com/blog/category/Podcasts https://publichealth.wustl.edu/heatlhspan-is-more-important-than-lifespan-so-why-dont-more-people-know-about-it/ https://publichealth.wustl.edu/heatlhspan-is-more-important-than-lifespan-so-why-dont-more-people-know-about-it/ https://publichealth.wustl.edu/heatlhspan-is-more-important-than-lifespan-so-why-dont-more-people-know-about-it/ https://publichealth.wustl.edu/heatlhspan-is-more-important-than-lifespan-so-why-dont-more-people-know-about-it/ https://publichealth.wustl.edu/heatlhspan-is-more-important-than-lifespan-so-why-dont-more-people-know-about-it/ http://www.ormanager.com

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