You know
you can
retire when…
…You won’t run out
of money until age 95.
A 65-year-old woman
today has a 41 percent
chance of surviving past
90. A man the same age
has a 28 percent chance.
(Try the retirement
calculator at aarp.org/
retirementcalculator.)
…You can wait for
Social Security. If you
must begin at 62—and
accept a lower check for
the rest of your life—you
may not have the cushion you should.
…You own your home.
Half of homeowners
ages 55 to 64 still have
a mortgage. Carrying
any debt can tempt
retirees to eat into
savings too quickly.
OBIE THOMPSON
Houston, Texas
Age: 53 Year Retired: 2009
…At least 40 percent
of your income is
guaranteed. Though
it’s wise to invest a chunk
of savings for growth, a
foundation of predictable income from Social
Security, immediate
annuities, or low-risk
investments is essential.
…You can cut one fifth
of your spending in
hard times. Being able
to reduce your expenses
at will is a necessary
survival skill.
—Jonathan Pond
OBIE THOMPSON IS taking a two-
pronged attack to his retirement from
30 years of teaching. Phase I: “I do
whatever I want, whenever I want,
for a full year.” That means getting up
early, reading the newspaper online,
“I do
whatever
I want,
whenever
I want”
Bible classes at his church, which is
laying the groundwork for what he
hopes will be Phase II: finding work
as a chaplain. He was ordained several
years ago and is aiming for a hospital
or prison assignment. As for leaving
teaching, he says, “I knew it was time. I
wanted to move into the second chap-
ter of my life when I had a lot of energy
and good health.”
; Favorite worry repellent “I medi-
tate every morning. I don’t avoid the
news—but maybe I should avoid it
more. I continue to meet with my
financial planner once a quarter to
make sure I’m on track.”
; What I wish someone had told me
“That the first few days would be a
little weird. One morning I actually got
up and started heading out to work—I
had to remind myself, ‘ You’re retired!’”
; My secret to happiness “Have a
backup plan—I’d like to teach a GED
course at a community college if I get
bored in six months.” ;
