When planning for retirement, factor in friends, family and philanthropy

I read with great interest the recent column by Peter Jensen in The Baltimore Sun (”Probably going to wing that retirement thing as it comes along. Wait — is that bad?” April 25).

Contrary to Jensen’s experience, my wife and I did know what we were doing when we put our trust in an appropriately aggressive financial adviser who has helped us get to where we are. Although I consider myself neither rich nor poor, I believe we are adequately funded to get to our final days without major financial stress (with the help of long-term care insurance and paid up life insurance). Your readers may not fully recognize that when you are living off of the income of your investments, if the value of those investments diminishes, the money you spend gets subtracted from the total rather than from the profits.

While I am absolutely rich when it comes to family and friends, I would have also been financially rich were it not for two main factors. First, when I had my near-fatal heart attack in 1999, I decided to cut back from my usual work schedule of 70-plus hours per week plus every fourth weekend to 50 hours per week and no weekends, resulting in a significant fall in income. Secondly, the only major (financial) mistake I have made was 51 years ago, when I married a social worker. She has found multiple worthy nonprofit organizations for us to support both physically and financially.

If you want to learn how to get six packets of instant oatmeal into a plastic bag for weekend backpacks, I’m your man. If you want to learn how to fill a lunch bag to the top for bunches of lunches, you talk to my wife.

My son, who teaches political and religious ethics, once suggested to me that the best degree of philanthropy requires that you do without something partly because of what you give away. I believe we do qualify there. In addition, when we are in temple on Friday nights when silent prayer time arrives, I always say to the big guy (or gal) up there: “I believe I have done all I could given my abilities and opportunities. What happens to me now is not important. Please help my wife and family be healthy, happy and let them do good things for the world.”

On the other hand, if I were to win the Mega Millions, as Jensen suggests, all of my neighbors will be rich — as I will move to a really rich neighborhood.

— Warren Israel, Pikesville

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