New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Prioritizing Personal Fulfillment: A New Retirement Approach for Consolidated Edison Employees

Consolidated Edison 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.

Consolidated Edison 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:

Why Jay Zigmont challenges the traditional notion of leaving large inheritances.
How Consolidated Edison employees can prioritize personal happiness over leaving a financial legacy.
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 Consolidated Edison 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: Consolidated Edison 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 Consolidated Edison 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.

Articles you may find interesting:

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.

What is the 401(k) plan offered by Consolidated Edison?

The 401(k) plan offered by Consolidated Edison is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.

How can employees enroll in the Consolidated Edison 401(k) plan?

Employees can enroll in the Consolidated Edison 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

Does Consolidated Edison offer a matching contribution to the 401(k) plan?

Yes, Consolidated Edison offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.

What is the maximum contribution limit for the Consolidated Edison 401(k) plan?

The maximum contribution limit for the Consolidated Edison 401(k) plan is in line with IRS guidelines, which are updated annually. Employees should check the current limits for the year.

Can employees take loans against their 401(k) savings at Consolidated Edison?

Yes, Consolidated Edison allows employees to take loans against their 401(k) savings, subject to certain terms and conditions.

What investment options are available in the Consolidated Edison 401(k) plan?

The Consolidated Edison 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles, allowing employees to choose based on their risk tolerance.

Is there a vesting schedule for the employer match in the Consolidated Edison 401(k) plan?

Yes, there is a vesting schedule for the employer match in the Consolidated Edison 401(k) plan, which determines how much of the employer contributions employees are entitled to based on their years of service.

How can employees check their 401(k) balance with Consolidated Edison?

Employees can check their 401(k) balance with Consolidated Edison by logging into the retirement plan portal or by contacting the plan administrator.

What happens to the 401(k) savings if an employee leaves Consolidated Edison?

If an employee leaves Consolidated Edison, they have several options for their 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the Consolidated Edison plan if eligible.

Are there any fees associated with the Consolidated Edison 401(k) plan?

Yes, there may be fees associated with the Consolidated Edison 401(k) plan, which can include administrative fees and investment-related fees. Employees should review the plan documents for detailed information.

Additional Articles

Check Out Articles for Consolidated Edison employees

For more information you can reach the plan administrator for Consolidated Edison at 4 Irving Place New York, NY 10003; or by calling them at (212) 460-4600.