Retirement: Living the Good Life
A CONVERSATION WITH JIM NAEVE
BY JACQUE GENOVESE
On a warm, fall afternoon in October, I had an opportunity to sit down with my friends, Jim and Linda Naeve of Lincoln, and catch up on their lives since Jim’s retirement two years ago. I had worked with Jim for several years before they moved to Lincoln in 2007. I had always known him to be a guy who liked working, so I wanted to find out if retirement was what he had envisioned and was he enjoying it, or not.
What work were you doing when you retired?
J: I was the Practice Administrator at Lincoln Family Medicine Residency Program in Lincoln. I started there in 2007, then moved to Lexington to be closer to family. In 2015, we moved back to Lincoln where I assumed my previous job at the Residency Program before retiring in August, 2019.
How did you decide when it was the best time to retire?
J: Linda and I sat down and talked about making a plan for when we both wanted to be done working. She retired in 2009 and was looking forward to my retirement. We had a list of things we wanted to get done before that happened, and we stuck to our plan – all of the projects were checked off. I was 67 years old when I retired.
Tell us about your plan.
J: We put together detailed spreadsheets and developed a strategy to pay off our mortgage, cars, and other debt before retirement. Our financial advisor helped us to determine how much money we would need to live comfortably prior to taking any Social Security benefits. We moved our 401(k) investments to one financial management firm and set up meetings annually with our advisor. Our plan was a road map to help us reach our retirement goals.
Was it difficult to transition from work life to retirement life?
J: I’ve always liked working and enjoyed the people where I worked. I thought if I missed that daily routine, I could volunteer and do work on a part time basis. Now that I’m retired, I don’t seem to have a lot of extra time. Linda and I enjoy doing a lot of projects around the house together. I can go golfing, fishing, hunting, or do painting or woodworking. My days are full and that is what is most surprising to me.
What do you love the most about your life today?
J: The freedom to do what we want, when we want. If I want to sleep in, I can. If Linda and I want to take a trip, we go. ”We can do fun things on the spur of the moment – like dining at our favorite restaurants in Omaha, going to events, attending our grandkids’ activities – we want to enjoy all of that fun stuff now.”
We have three daughters and nine grandchildren all living within driving distance from us, so we like to visit them as often as possible. We like to travel and there are lots of places we want to visit.
One thing we would both like to learn is another language – perhaps French!
PLANNING FOR RETIREMENT
It’s never too early to start thinking about how your investments and savings now will help you have a great life in the future. Here are a few tips on creating your retirement plan.
Decide how much money you will need.
Consider everything – your home, the cost of living, vacations, educational funds for the grandkids, when you plan to retire, etc. It is never too soon or too late to sit down with a financial advisor to help you determine how much money you will need in retirement.
Boost your retirement savings. If you have been allocating funds toward a company sponsored plan, an individual IRA or Roth IRA, investments, or other savings, then you have a great start already. Take advantage of your employer’s matching contribution by saving the required amount to get that benefit. Increase your 401(k) or other retirement plan contributions to the max if you can.
Factor in your Social Security. There’s a lot to know about Social Security benefits. You may be wondering if it will be available when you retire. That’s a good question. You can go to ssa.gov and set up “my Social Security” account. There you can find out how much you will receive based on today’s program and the age you want to start drawing on your benefits.
Review your retirement plan annually.
Your investment strategy should be in line with your retirement goals. If not, consider working a few more years to add to your retirement or Social Security benefits.