American Express employees should take Jay Zigmont’s message to heart by embracing a retirement centered on personal fulfillment rather than obligatory inheritance, says Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement, who emphasizes the importance of aligning financial plans with values that bring meaning and joy in the present.
American Express employees should recall that true financial success isn't just about preserving wealth for others. As noted by Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement, who echoes Jay Zigmont's message, it's about using that wealth to create a fulfilling, experience-rich retirement that honors the life you've worked so hard to build.
In this article, we will discuss:
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Why Jay Zigmont challenges the traditional notion of leaving large inheritances.
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How American Express employees can prioritize personal happiness over leaving a financial legacy.
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The growing trend of valuing meaningful experiences over wealth transfer in retirement.
Jay Zigmont, a licensed financial planner and author, challenges traditional views on inheritance and wealth accumulation when it comes to financial management. In an episode of Morningstar's podcast, The Long View, Zigmont introduced a persuasive perspective that questions the merit of leaving sizable inheritances, particularly under strained family conditions. Instead, he emphasizes using accumulated wealth to improve one's own life rather than as a means to mend relationships or to gain affection.
In his book The Childfree Guide to Life and Money, Zigmont initially targeted childless individuals. Now, his insights extend to American Express employees and others who may have heirs less appreciative of their efforts to amass wealth. He critiques the traditional financial planning approach that emphasizes leaving a monetary legacy for such heirs as overly idealistic.
Zigmont promotes prioritizing personal happiness over leaving financial legacies. He encourages spending on activities that bring joy, freedom, and comfort, and supporting those who genuinely value such generosity. His clear message: American Express employees who have spent years building their wealth should feel entitled to enjoy their earnings without the obligation of leaving an inheritance, particularly to those who may seem indifferent or ungrateful.
Zigmont's philosophy prompts a reevaluation of one's financial planning objectives. He suggests using wealth to improve personal living standards rather than repairing broken relationships or leaving a financial legacy for future generations. Ultimately, he proposes that a life rich in satisfaction and meaningful experiences is the most valuable legacy one can leave.
Research by the National Endowment for Financial Education reveals that about 70% of seniors who focused on enriching personal experiences reported higher satisfaction in retirement compared to those who concentrated on wealth transfer. This correlation underscores the significance of personal fulfillment in one's later years. The emerging trend of prioritizing living fully over leaving inheritances is gaining traction, suggesting a shift towards more rewarding post-career lives.
Explore Jay Zigmont's innovative financial approach, which advocates for relishing life's simple pleasures rather than accumulating wealth for ungrateful heirs. Discover how you, as a American Express employee, can redefine your retirement years by focusing more on meaningful experiences and personal satisfaction. Understand why an inheritance is not mandatory and learn the benefits of investing wisely in what truly enriches your life.
Consider the wealth you've accumulated like a beautiful, expansive garden you've nurtured over many years. You could open the gates for garden parties, enjoying the colors, fragrances, and company of those who truly appreciate the garden's splendor, or you could keep the gates closed, preserving every bloom for future generations who may not value its beauty. Zigmont's advice leans towards the former: rather than saving everything for successors who may not recognize the effort and love invested, use your resources to enhance your life now and create joyful memories. This approach allows your golden years to flourish beautifully, filled with cherished moments and personal happiness.
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- Corporate Employees: 8 Factors When Choosing a Mutual Fund
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- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
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Sources:
1. Business Insider. Spend More to Avoid Dying Rich If You Don’t Have Kids, Says This Financial Guru. Business Insider , 5 Apr. 2025.
2. Business Insider. I Asked 200 Retirees for Their Best Advice. The Biggest Tip Had Nothing to Do with Money. Business Insider , 6 Apr. 2025.
3. Morningstar Podcast Team. Dr. Jay Zigmont: Handling Your Finances When You Don’t Have Kids. Morningstar , 2 Apr. 2025.
4. Zigmont, Jay, PhD, MBA, CFP®. The Childfree Guide to Life and Money: Make Your Finances Simple So Your Life Without Kids Can Be Amazing . The American College, 31 Dec. 2024.
5. Fortune. Retirement Is Becoming Just the 'Third Half' of Life. Here Are the 4 Key Mindsets We've Identified Among the New Generation of Retirees. Fortune , 7 Mar. 2024.
How does American Express ensure the adequacy of retiree medical coverage options for employees, especially in aligning with the current healthcare needs specific to its retirees? What factors does American Express consider when determining if changes to the retiree medical plan are necessary, particularly concerning federal and state regulations?
Comparison of American Airlines' 401(k) Plan to Others in the Airline Industry: American Airlines' Super Saver 401(k) plan typically includes employer matching contributions and a variety of investment options, which is common across major airlines. However, the specific matching percentages and investment fund choices may vary, so it's important for employees to compare these details to other airlines to determine where they can maximize their benefits.
In what circumstances can employees of American Express change or cancel their retiree medical coverage? What procedures does American Express recommend to ensure that changes in status or eligibility do not result in gaps in health insurance coverage?
Historical Changes After Bankruptcy: Employees should note that after American Airlines’ Chapter 11 bankruptcy filing, there may have been changes to retirement plans, such as revised matching contribution rates or plan restructuring. Current employees need to understand how these changes affect their retirement savings and future benefits.
As American Express continues to evolve its healthcare offerings, how does the company assess employee satisfaction regarding retiree medical plan options? What mechanisms does American Express use to gather feedback from retirees about their medical plans, and how does this feedback inform future plan design?
Financial Planning Resources: American Airlines probably offers resources like financial counseling, retirement calculators, and online planning tools to help employees assess their retirement readiness. Employees can access these resources through HR or their benefits portal to make informed decisions about their future.
What should American Express retirees know about their rights under ERISA concerning their retiree medical benefits? How does American Express communicate these rights to its employees to ensure awareness and understanding during the transition to retirement?
Maximizing Contributions: Employees should ensure they contribute the maximum allowable by the IRS, currently $22,500 per year (2024 limit), or $30,000 if age 50 or older, to maximize their tax benefits and company match. Understanding the annual contribution limits helps employees avoid over-contributing while still taking full advantage of their plan.
How can employees of American Express contact the company for more information regarding their retiree medical plan options? What specific resources or contact points does American Express offer for retirees seeking detailed guidance on medical benefits?
Contacting HR or Benefits Administration: Employees can typically contact American Airlines’ HR or benefits administration through a dedicated helpline or online portal to inquire about the Super Saver 401(k) plan or other retirement-related concerns. Timely communication ensures employees receive the assistance needed for a smooth retirement process.
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