Northwestern Mutual: When approaching or in retirement, it's very common to have a desire to leave something behind. While legacy planning is often thought of in financial terms, it can include so much more.
For retirees looking to leave a legacy, options abound. Some people may choose to share their skills and knowledge with others, either through teaching or writing. Others may opt for financial support, whether through direct giving or by setting up a trust or foundation. And still others may choose to build something tangible that will benefit future generations, such as a park or community center.
Here are a few ways to create a lasting legacy:
Sharing skills and knowledge
One of the most valuable things anyone can offer is their skills and experience. Retirees may choose to pass their knowledge on by leading formal classes or workshops, or informally through mentoring or coaching. Whatever the method, it's a way to share knowledge and experience and help others reach their potential.
Writing it down
Another way to leave a legacy is through writing. The writing could be in the form of a memoir, autobiography, or even just a simple letter to be passed on to future generations. Whatever the format, it's a way retirees can share their lives and experiences with others.
For some retirees, leaving a financial legacy is important. This can be done in several ways, such as setting up a trust or foundation or making direct gifts to family members or charities. Permanent life insurance, like universal or whole life insurance, is an easy way to leave a financial legacy for family or even to an organization that was important to them.
Another way to leave a legacy is to build something that will benefit future generations. This could be a physical structure like a park or community center or something less tangible like a scholarship fund.
Sharing their time
Retirees have wisdom and experience to offer, and one of the best ways to pass it on it is by sharing their time. This could be volunteering with an organization, or simply spending time with family and friends.
A lasting legacy
Retirees hoping to leave a lasting legacy should consider all of their options and choose the one (or ones) that best suits their goals, values, and abilities. Whether they decide to teach, build, write, or donate, it's important to do what feels right. What matters most is that they take the time to consider what they want their legacy to be and how best to achieve it.
Assistant Director - Field & National Grassroots Public Relations
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Original Source: Northwestern Mutual: Leaving a Legacy: What to Consider