Anyone who can remain solvent for forty years of retirement is AOK in my book. When they speak and dole out advice, I’m listening.
Meet Patricia Lyons Harrington, the feisty spirit that helped forge her own career and manage her own money at a time when most of her peers married and stayed home to raise children. Today, the former music teacher lives with her nephew and his wife in a separate apartment in their home in Essex, Mass., where former students still come to visit her.
In a Money Mag article, written by Elizabeth O’Brien (click here) Harrington doles out the best advice yet for fellow retirees.
- Start saving your money early. Harrington started out early, at age 13, by saving quarters. Today, the equivalent of that would be socking away $5 bills.
- Secure guaranteed income. Harrington has multiple sources of income: her teachers pension, her deceased husband’s Social Security and a deferred annuity.
- Nurture your passion. Harrington’s passion is music. She volunteered giving tours of Boston Symphony Hall until she was 85.
Harrington was only married for six years before her husband died. She didn’t marry till she was 67 years old, so she has no children. Harrington moved in with her nephew, George Lyons, his wife, Ann, and their three young daughters after her husband passed away. Harrington used $100,000 from her savings to contribute to the down payment on the house Lyons purchased for everyone to share. Lyons worked with a lawyer to protect his aunt’s investment in the house he bought.
The extended family remains happily together for 30 years. And counting.