People with money, plan for this lifestyle change with enough time and money to enjoy both. People who don’t have money think of retirement at an attained age that is set by the government or their boss.
We can learn a lot about retirement from Derek Jeter. Although most of us are in a different tax brackets than “the Captain”, we can gain insight on how its done in the big leagues. Some of these tips are even supported by the IRS.
Derek Jeter will surely enjoy the empire that he has built over the years. He is engaged in multiple business ventures off the field that will serve as income streams during retirement. Product endorsements, special appearances and his gym business will continue to provide economic opportunity for Jeter.
The “tip” here for the common person is that multiple streams of income are needed for retirement. While some are expecting a social security check for sustenance during the golden years, the IRS has been advising taxpayers that social security is not intended to be the only source of income during retirement. Personal financial resources should also be a part of retirement planning. The Captain has this area covered.
As an athlete, Jeter also demonstrates the value of being healthy enough to enjoy retirement. Meanwhile, the rest of us are concerned about rising health care costs and the need for retirees to budget for health related matters
Being proactive about health – staying healthy – is one of the best ways to curtail unnecessary expenses.
In addition, Jeter said that he is not retiring because he has to… but because it is the right thing to do.
This is a great reminder that retirement can be a voluntary decision. With enough resources and a good plan, we can enjoy what life has to offer. Having these resources requires discipline and dedication, which most people are probably capable of developing with the righ guidance.
Jeter made it all look effortless, and I look forward to following his “next career”.