What a Kids’ Book Taught Us About Retirement and Legacy

Every so often, a simple story reveals something profound. In this episode of The Own Your Retirement Show, Josh Bretl and Mark Elliott explore how a middle-school novel, yes, a book written for kids, offers lessons about communication, connection, and what retirement really means.

A Surprising Lesson from a Children’s Book

Josh shares a personal story about reading Old School by Gordon Korman with his son Zach. The novel follows a boy named Dexter who grows up in a retirement village called “The Pines,” surrounded by seniors who become his teachers, mentors, and friends. What starts as a lighthearted family reading assignment turns into a deeper reflection on how generations can learn from each other, and how community shapes our perspective on aging and purpose.

As Josh tells it, even his own parents, who live in a retirement-style community, saw the parallels. The story sparked conversations about family, connection, and the often-overlooked wisdom that can be found in multi-generational relationships.

Real-Life Lessons for Retirement

That story set the stage for a powerful discussion about preparing for the unexpected. Josh and Mark pivoted from fiction to financial reality, tackling one of the biggest challenges facing retirees today: rising healthcare costs.

According to Fidelity, the average 65-year-old retiring this year will face more than $172,000 in lifetime healthcare expenses, double what retirees faced just 20 years ago. And that doesn’t even include long-term care. Medicare covers a lot, but not everything. Premiums, prescriptions, and uncovered costs can add up fast, especially if you’re not budgeting for them.

Josh explained how FSR Wealth Strategies helps retirees create plans that anticipate these costs before they become financial stress points. He encourages listeners to think proactively about:

• Building healthcare costs into your retirement budget
• Planning for both routine and unexpected medical expenses
• Understanding Medicare’s true costs and coverage limits
• Exploring long-term care options before they’re needed
• Reviewing your financial plan regularly as costs evolve

As Josh says, “Healthcare is one of those things you can’t fully predict, but you can plan around it.” That’s where comprehensive planning comes in, covering not just income and investments, but also taxes, healthcare, and legacy considerations.

The Changing Landscape of Retirement Income

The conversation also touched on how retirement planning itself has changed dramatically since Josh’s father, Scott Bretl, founded FSR Wealth Strategies in 1988. Back then, most retirees had pensions. Today, the 401(k) has replaced the pension for millions, but it shifts the responsibility for managing retirement income from the employer to the employee.

Josh explained the difference between a pension (a defined benefit) and a 401(k) (a defined contribution). With pensions, the income is guaranteed. With 401(k)s, you know what you’re contributing, but not what you’ll ultimately have to spend. That’s why income planning has become the foundation of FSR’s “Own Your Retirement” process.

He emphasized that it’s not about how much you’ve saved, it’s about how you’ll turn that savings into steady, reliable income. That means understanding your investments, managing market risk, and ensuring your assets are working together to support your lifestyle for decades to come.