Brian Loffredo, 68, from Connecticut, worked in retail management for decades while raising four stepchildren. Early in his career, he faced financial struggles, such as being unable to afford heating during winter. He grew his wealth through perseverance, smart investing, and staying at one company for 26 years.
Loffredo continued to live frugally even after retirement in April 2021. Despite buying a Corvette, he still waits for coupons before making other purchases. “You do what you have to do,” Loffredo said.
“Before you spend money, think about what it could have earned if you hadn’t spent it.”
Ken Curell, 73, from Ohio, served in the Air Force for over three decades and later flew for commercial airlines. He credits an article from a financial magazine for inspiring his saving habits. Curell regrets not investing more in Roth IRAs but is otherwise content with his retirement planning strategies.
He and his wife, both military veterans, receive annuities that have eased their financial planning. “The first rule of thumb is to check your emotions at the door when you start dealing with your finances,” Curell said. Deborah Hrustich, 69, from outside Albany, worked early shifts as a neurosurgeon to be present for her children’s activities.
Smart money tips from retirees
She and her husband spent her earnings and saved his, enabling them to travel, attend major sports events, and pay off their mortgage early. Despite her careful financial planning, Hrustich regrets not taking more time for herself earlier in life.
“I always put the needs and wants of everyone else first,” Hrustich said. Following her husband’s sudden death three years ago, she has found new purpose by volunteering as a caregiver and tutor. Karen Jones, 69, from Boise, started saving in her 30s while running a customs brokerage and forwarding firm.
She and her husband lived frugally, driving their cars for over 20 years and buying a camper in cash. Jones sold her company for about $700,000 and paid off her house. Shortly after retirement, her husband suffered a heart attack.
She spent over two years as his caregiver until his passing, a period during which Jones reflected on the importance of enjoying life while working. “We were the only customs broker for a long time in Boise, but I treated my customers like there were a million of us around,” Jones said. Now, she teaches college courses, takes piano lessons, and travels frequently.
These stories exemplify the balance between saving strictly and enjoying life. Many older Americans have achieved comfortable retirements but often wish they had spent less time working and more time relishing life’s simple joys.