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

Prioritizing Personal Fulfillment: A New Retirement Approach for University of Missouri Employees

University of Missouri 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.

University of Missouri 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 University of Missouri 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 University of Missouri 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: University of Missouri 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 University of Missouri 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.

How does the eligibility criteria for the Defined Benefit Retirement Plan at the University of Missouri System differ for Level One and Level Two members, particularly in regard to their hire or rehire dates?

Eligibility Criteria for Level One and Level Two Members: Level One members are employees hired before October 1, 2012, or those rehired before October 1, 2019, who had earned a vested benefit but did not receive a lump sum. Level Two members are those hired or rehired between October 1, 2012, and October 1, 2019, without eligibility for Level One benefits. Employees hired after October 1, 2019, do not accrue service credit under the DB Plan(University of Missouri …).

In what ways do service credits accumulated at the University of Missouri System impact an employee's retirement benefits, and how can employees ensure that they effectively maximize their service credit over the years?

Impact of Service Credits on Retirement Benefits: Service credits are critical in calculating retirement benefits at the University of Missouri System. Employees accumulate service credits based on their years of service, which directly affect their pension calculations. Maximizing service credits involves consistent full-time employment without breaks, as any leave of absence or part-time status may impact the total service credits earned(University of Missouri …)(University of Missouri …).

What are the various options available to employees at the University of Missouri System for receiving their retirement benefits upon reaching normal retirement age, and how do these options influence long-term financial planning for retirement?

Retirement Benefit Options: Upon reaching normal retirement age, employees can choose between a Single Life Annuity or a Joint and Survivor Annuity, both with options for lump-sum payments of 10%, 20%, or 30% of the actuarial present value. These choices influence monthly payout amounts, and selecting a lump sum reduces future monthly benefits proportionally(University of Missouri …).

With respect to the University of Missouri System's Defined Benefit Plan, how are employees' contributions structured, and what implications does this have for their overall retirement savings strategy?

Employee Contributions: Employees contribute 1% of their salary up to $50,000 and 2% for earnings beyond that threshold. This structure helps fund the DB Plan, with the University covering the majority of the cost. Employees need to factor in these contributions as part of their overall retirement savings strategy(University of Missouri …).

How can employees at the University of Missouri System assess their eligibility for early retirement benefits, and what considerations should be taken into account when planning for an early retirement?

Early Retirement Eligibility: Employees may retire early if they meet specific criteria: at least 10 years of service credit for ages 55–60 or at least 5 years of service credit for ages 60–65. Early retirees will receive a reduced benefit to account for the longer payout period(University of Missouri …).

What tax implications should employees of the University of Missouri System be aware of when it comes to distributions from their retirement plans, and how can they effectively navigate these implications?

Tax Implications of Retirement Plan Distributions: Distributions from the University of Missouri System’s DB Plan are subject to federal taxes. Employees can mitigate tax burdens by electing to roll over lump-sum distributions to a qualified retirement account, such as an IRA, to avoid immediate tax liability(University of Missouri …).

What are the policies regarding the continuation of benefits for employees who leave the University of Missouri System, particularly for those who are not vested or are classified as non-vested members?

Non-Vested Employee Policies: Employees who leave the University before vesting in the DB Plan (fewer than 5 years of service) are not eligible for retirement benefits but can receive a refund of their contributions. These non-vested employees must decide whether to receive their refunded contributions as a lump sum or through a rollover to another retirement account(University of Missouri …).

How might changes in employment status, such as taking a leave of absence or returning to work after a break, affect the service credit calculation for an employee at the University of Missouri System?

Impact of Employment Status Changes on Service Credit: Employees who take leaves of absence or return after breaks in employment may experience reductions in service credit. However, certain types of leave, such as military service or medical leave, may allow employees to continue earning service credit(University of Missouri …)(University of Missouri …).

In the event of an employee's death prior to retirement, what benefits are available to their survivors under the University of Missouri System's Defined Benefit Plan, and how can members ensure their wishes are respected?

Survivor Benefits: In the event of an employee’s death before retirement, survivors may be eligible for either a lump sum or monthly payments. Employees can designate beneficiaries to ensure that their wishes are honored, providing financial protection for dependents(University of Missouri …).

How can an employee at the University of Missouri System contact the Human Resources Service Center to obtain personalized assistance regarding their retirement options and any inquiries related to their retirement plan details? These questions require detailed answers and are designed to facilitate a comprehensive understanding of retirement processes and options for employees of the University of Missouri System.

Contacting HR for Assistance: Employees can contact the Human Resources Service Center for personalized assistance regarding their retirement options by emailing hrservicecenter@umsystem.edu or visiting the myHR portal for further details(University of Missouri …).