Our mother spent her later years living in a military veteran community in Washington, DC. During my visit, we covered all sorts of topics, from family news to analysis of current events.
I sat in a Victorian easy chair and she sat across from me in another easy chair. (Her hearing was good, but lip reading helped.) During one visit, when she was 90 years old (she died at 94), she abruptly changed the subject.
“Where will I be buried?” she asked. Seeing the surprised look on my face, she quickly added: “You never thought that would happen, did you?”
No, it wasn’t. Her question led to a long discussion. She said we have no plans for a family. Her grave was to be placed with that of her late father at Arlington National Cemetery. It would be unfair to leave the decision up to the children, she advised, so make a plan, let them know that you want to be cremated, and give them instructions on where the remains should go. She was right.
I bring up the issue of burial because it is just one of the many complex decisions people have to grapple with in retirement. A far from comprehensive list includes: Where will you live? Will you perhaps earn an income part-time? How will you turn your savings into income? How can you foster family relationships and strengthen community ties? What are your objectives at this stage in life? Especially given the inevitable uncertainties about future health and life expectancy Then, these questions are not easy to address.
In contrast, retirement is not complicated for young adults. Retirement is an abstract concept.
“Retirement? That’s seriously like asking someone, ‘So, have you ever thought about burial planning?’ Have you decided on cremation or burial? Well, I’m 22 years old,” Moshe Milewski, a finance professor at York University in Canada, said on the podcast “Rebuilding After Retirement.” “So is the idea of retiring, come on.”
Young adults are grappling with their own complex life decisions, such as finding a job, deciding where to live, and in some cases starting a family. Milewski said that for them, the only practical thing to do in retirement is simply to focus on investing regularly in a retirement savings plan, stick to low-cost investments, and be diversified. Ta. That’s all for now. Time is your friend.
