Introduction To The Pathways For The Peaceful Retiree
Growing up in a middle-class family in a somewhat affluent community during the 1970’s and 80’s made me both curious and observant. I often wondered why some parents both went to work while others had only one parent leave the neighborhood. How did Jimmy’s dad afford a yacht without working? How could Billy’s dad stop by in the middle of the day to check on his son? Where is Naples, Florida and why is Arty moving there? And finally, why was Judge Warren always waiting on his doorstep for me to deliver his Milwaukee Sentinel newspaper by 6:00 am?
Reflecting on these experiences, I realized that being surrounded by early retirees, self-employed businesspeople, and accomplished professionals was my first foray into studying human behavior. It likely influenced my chosen profession and interest in finance. How did these people achieve their status? Were they born into wealth, did they marry into it, or did they seize opportunities? Were they driven by success or were they simply fortunate?
I was fortunate to grow up in a family that valued education, watching the news, and staying informed about current events. This meant reading the Milwaukee Sentinel after delivering it. Sports were my first love, so I checked the box scores each morning. The business pages followed the sports pages, and then I would check the closing price of the company my dad worked for. Some days the stock was up, and other days it was down. Why was that? Was the company worth more or less each day? These were strange questions for a ten-year-old, I know.
While I’m not at the point of retiring, from those early days of trying to understand stocks to learning about my grandfather’s monthly pension check from the gas company, and receiving a monthly Social Security check after my dad died too young - I’ve been thinking about retirement nearly my entire life.
Having thought about retirement for decades, we’re titling our articles Pathways for the Peaceful Retiree. We believe that retirement is the final phase on the 30/30/30 journey where each of us will spend approximately 30 years being educated, followed by 30 years of employment, and finally 30 years of retirement—if we’re lucky! While we are all on our own paths, and at different stages, we share the goal of a peaceful retirement. At our firm, peace of mind and financial freedom have long been our goals for clients. What else is there, really? Yet we know from experience that peace of mind doesn’t happen overnight. For some, the seeds are sown at a very young age, while others may need to play catch-up. Despite the uncertainties of the global political economy, capital markets, and human behavior, we know that a peaceful retirement can be achieved with a bit of planning, trust in others, and a lot of patience.
Some months, you’ll hear from me. Other times one of my colleagues will share their perspective. Regardless, each article we write, we’ll bring insights into behavioral finance and discuss why people make the decisions they make. We’ll bring stories to life using case studies and write not just about the end game of retirement, but importantly, the pathways that lead us all to a peaceful retirement. We’ll include some strategies that should be implemented early on to greatly affect the outcome. We hope this information will benefit you, your children and your grandchildren and make a huge difference in their lives. What a gift! We’re excited to get started.
Editors Note: Joe McNeil and his colleagues will be providing their insights on a regular basis. We have placed their articles under the Read category within our Slow Down section not only because these insights are required reading, but also because they read like a book of tips from experts in the field of finances. Enjoy!
