| I was born and raised in a small town in southeast | | | | long process of recovery. What would you do in that |
| Arkansas with a population of about 700. My parents | | | | or a similar situation? I opted to retire rather than |
| were share-croppers. It was a hard life. We had no | | | | trek all over the country seeking another comparable |
| mechanical equipment. All of the power needed to | | | | six figure position. The shocker for me was the |
| get the crops to market was provided by two old | | | | realization that even with my tax-deferred annuity |
| mules and us. My parents' mantra to me and my | | | | that I had poured handsomely into, my total |
| other ten brothers and sisters was: "Get a good | | | | retirement income slid downward by nearly 20%! |
| education so you can get a good job and make a | | | | Obviously, I had not saved enough. I felt terribly. I |
| good living." | | | | felt like I had failed. |
| Well I earned a BA degree and joined the Air Force. | | | | I later discovered that calculations of retirement |
| After I was discharged, I found it difficult to find | | | | income adequacy usually target 75%-8o% of |
| "good paying" work, however. The jobs I was able | | | | pre-retirement income which is considered by many |
| to land paid enough to put a roof over my head and | | | | financial planners as adequate since the income needs |
| allowed me to have a little "fun" but little else. | | | | of retirees are supposed to be lower than those of |
| Planning and saving for retirement were not priorities | | | | workers. The reasoning is households no longer need |
| for me at that time. | | | | to save for retirement, taxes are supposedly lower, |
| When I finally began to focus a little on retirement in | | | | work- related expenses disappear, and the family size |
| the late 1970's, I was fortunate enough to begin | | | | of retirees is generally smaller. Retirees are also |
| carving out a career in the Public Sector as a school | | | | expected to consume less (whatever that means). I |
| district administrator. I secured the services of a | | | | was at 80% of my pre-retirement income, but that |
| financial planner and set up a tax-deferred annuity. I | | | | didn't make me feel any better. All I could think about |
| was able to increase my income to six figures and | | | | was I had worked nearly all of my adult life and now |
| was sailing along toward retirement. And then Life | | | | that I was retiring, I would have to live on less. |
| happened! | | | | Remember, however, you do not have to live on |
| At age 62, I found myself suddenly thrown out of | | | | less in retirement. No matter where you are right |
| the district on my ear because the district massively | | | | now financially, you can build and enjoy a retirement |
| over- spent its budget and had to eliminate nearly | | | | lifestyle that you desire. Peace. |
| four hundred jobs, including mine, to just begin the | | | | |