Enjoying the Fruits of Retirement: 16 Years In and Still Employed Part-Time at Age 78
78-year-old Donald Kimmel Continues Active Role in Bone Research and Mentorship
Donald Kimmel, a 78-year-old former bone researcher, maintains an active role in the field, having retired 16 years ago. He advises students on their career paths and keeps himself updated on the latest research.
In an interview, Kimmel shared insights into his financial planning and the importance of healthy aging. He resides in Florida. His responses were edited for length and clarity.
Kimmel, a chemistry graduate in 1968, pursued dentistry but found it an unsuitable fit. He discovered NIH-sponsored research programs for dental students, which opened his eyes to a career in research over dentistry. This led him to become a Ph.D. student in a research-focused graduate program, marking his shift from dentistry to bone biology.
During his career, Kimmel specialized in bone biology research and grant writing. He switched research focus to osteoporosis before it became popular. Osteoporosis is a disease that causes a decrease in bone density.
Throughout his career, Kimmel moved around, including to a hospital in North Carolina, where he studied the effects of kidney disease on bones. He joined Merck in 1995, where he developed a second-generation osteoporosis medication.
Upon retirement, Kimmel adjusted his financial plans, emphasizing the significance of compound interest and asset allocation strategies for long-term returns. He also purchased long-term care insurance.
Despite retiring, Kimmel returned to work almost immediately, receiving a call from a lawyer at pharmaceutical company Eli Lilly, requiring him as an expert witness in a lawsuit. He continued to work as a consultant for another four or five years.
Kimmel and his wife also manage multiple properties in the U.S. Virgin Islands, initially bought as vacation homes. They hired locals to manage the properties until Hurricane Maria damaged one of them, forcing its sale.
In his free time, Kimmel stays active by participating in 5K runs and reading medical journals about bone research. He enjoys mentoring students and offering career advice. This part-time work provides a sense of fulfillment in his retirement.
Kimmel and his wife currently have monthly expenses of approximately $9,400 (USD), with a combined Social Security of $5,400 (€4,770), a pension of $300 (€265), and a historically averaged $5,800 (€5,122) from investments. Their financial advisor, using an algorithm, projected positive returns on their investments.
Kimmel advocates for maintaining good health to avoid preventable diseases and strives to stay informed about treatment options and lifestyle choices. His advice, "Wise people learn from their own mistakes. Wiser ones learn from the mistakes of others," applies to maintaining health in the golden years.
What is Donald Kimmel's approach to personal finance in his retirement years? He emphasizes the importance of understanding compound interest, asset allocation strategies, and even purchases long-term care insurance. Beyond finances, he remains passionately engaged in education and self-development, particularly in career development and mentorship for students.
