Leave a Lasting Legacy: What Is a Legacy?

Have you considered the legacy you will leave to those whose lives you touch? Does leaving a legacy need to be financial or something more? 

This month we explore how to leave a lasting legacy in an organized way. You’ll learn the ways that you can leave an enduring legacy during your life and beyond. 

Today we are defining legacy and noodling on what that means both financially and non financially. Next week, we’ll discuss the different strategies that you can use to leave a financial legacy, the following week we’ll explore non-financial legacies, and in the 4th episode of this series, you’ll learn how to create your own legacy strategy. 

Live a life true to yourself

Some people are spurred into retirement because they have trouble compartmentalizing work and so it bleeds into other areas of their lives. They choose retirement to escape the pace of a grueling work life.

However, many high performers experience a lot of guilt upon retirement. They may feel an obligation to their team or their clients to continue working and feel held back by other people’s expectations, but living a life true to yourself means letting go of others’ expectations. 

Learn how to not just survive retirement, but gain the confidence to rock retirement. Sign up for the 6-Shot Saturday newsletter to receive a weekly email with a summary of the answers to the questions from the show, plus links, tools, books, and other resources that will help you on your retirement journey

What do you think of when you hear the word legacy? 

When you hear the word legacy do you simply think of money or does legacy mean something more? 

My mom died young–she was only 48 when she passed. When I think back on her legacy I don’t consider the check I received from the lawyer a few months later. Instead, I am reminded of our conversations and debates on how best to live life. You could say that this podcast is an indirect result of her legacy. 

Mom insisted on living a life of delayed gratification so that she could save for the future–a future that she never got to enjoy. I argued that living life in the present was the way to go. However, finding a balance between living well today and delaying gratification is the best way to live a life without regret. Ultimately, that is what this podcast is all aobut. 

What does legacy mean? 

The dictionary defines legacy as money or property given in a will, or something handed down from an ancestor. 

When you die you will leave a legacy. What you choose to leave behind is up to you. 

A nonfinancial legacy includes lessons, memories, and experiences that you share with others. How are you actively working to build a nonfinancial legacy in retirement? 

A financial legacy could be money, property, or other mementos that generally come to your loved ones in a sterile way. A financial legacy could give your heirs the financial fuel they need to get started or continue on their journey through life. Make sure to tune in next week to hear what tools you can use to build your financial legacy. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [5:35] What do you think of when you hear the word legacy?

LISTENER QUESTIONS

• [14:48] A Daily Stoic blog post
• [16:14] Responses to Wendy’s question about postponing travel
• [19:03] A Roth conversion question from Joel
• [22:22] Joe’s question on planning for inflation
• [27:12] What should Joe’s CFP be doing in response to the current market conditions?
• [33:02] Where I learned to fly fish in Colorado

TODAY’S SMART SPRINT SEGMENT

• [34:17] Expand your thinking on legacy

Resources Mentioned In This Episode

Legacy Is Not for You from the Daily Stoic blog

Boomer Benefits - check out their FREE 6-day mini-course!

Episode 429 - Should I Retire Earlier If I Have Health Issues?

IRS Publication 505

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center