Cecilia Chiang is the 98-year-old former owner of the Mandarin Restaurant in San Francisco, which she opened in 1961 and sold in 1991. Her son followed in her footsteps and is a co-founder of the P.F. Chang’s restaurant chain.
Cecilia has a long list of accomplishments. She received the James Beard Foundation’s Lifetime Achievement Award in 2013, was featured in the book “200 Women: Who Will Change the Way You See the World” and was the subject of a PBS documentary called “Soul of a Banquet.”
Cecilia hasn’t slowed down in retirement. She is a consultant for San Francisco restaurants and works with charities. She goes to movies and the ballet. She still cooks at home and enjoys meals at restaurants in her neighborhood. “I like to work,” she told MarketWatch. “I enjoy what I’m doing. It makes my life more interesting.”
Cecilia Chiang is enjoying a long and active life well into retirement. And she’s planned for it. Advisers say that others should follow her lead. The average woman who turned 65 in 2015 has a one-in-three chance of turning 90, up from one-in-four chance 50 years ago. And for newborns — almost one in 10 girls and one in 20 boys born now will live past 100, according to the University of Southern California’s Leonard Davis School of Gerontology.
Here’s what to do to enjoy a retirement like Cecilia Chiang’s:
- Enter retirement with a plan. Know what you would like to do in retirement, and have a financial plan.
- Go into retirement debt-free. Debt is crushing at any age, but especially during retirement.
- Get the right financial and legal advice. Do your homework and select reputable advisers.
- Know what your expenses will be. Health care alone will cost at least $280,000 during the span of retirement for a 65-year-old American couple retiring this year, according to a recent estimate by Fidelity Investments. And those are out-of-pocket expenses that do not include long-term care.
- Think about a side hustle. Future retirees expect employment to make up a quarter of their income (to supplement their Social Security benefits and retirement account withdrawals). As Cecilia Chiang said “I never really retired.”