Forget the gold watch. Member Ralph Walters would rather have an all-terrain vehicle, thank you very much.

The 14-year retiree from Bettendorf, Iowa, approaches his newest adventure the same way he tackled retirement savings – with systematic discipline.

Ralph and his wife, Darla, have always planned for their future carefully. And they’ve taken advice from Doug Grenier, their Modern Woodmen representative, to help create the financial resources to live their retirement dreams.

The savings habit
Ralph and Darla were both elementary school teachers in Rock Island, Ill., when Doug approached them about making the most of their tax-sheltered annuities [403(b) TSAs] for retirement savings.

“I was in the middle of my career as a teacher, and Doug shared that there was a catch-up provision for our annuities,” says Ralph. “Legislation had passed that enabled us to go back and start at the beginning of our careers with contributions. He sat down and counseled us – showed us some direction. It sure made a big difference in our retirement.”

“They were such good savers,” Doug says. “The bottom line was they would be able to save even more.”

In addition to their TSAs and other fixed annuities, the Walters have permanent life insurance and mutual funds.

Active lifestyle
Ten years younger than Ralph, Darla has been retired for just two years.

“A friend of mine told me, ‘Don’t let your husband retire before you, because he’ll take all the space, and you’ll never get it back,’” Darla says with a laugh.

Ralph has used some of that space for golf and landscaping hobbies, along with the four-wheeler. The couple has also enjoyed traveling.

They also enjoy spending time with five grandchildren and volunteering at the residential care facility where Ralph’s mother, Millie, lives. The grandkids, nieces and nephews join Ralph and Darla in putting on musical programs for the residents. Payouts from Millie’s Modern Woodmen annuities cover the costs of her care.

Advice for others
The Walters’ approach to saving made it possible for them to do the things they want in retirement. They encourage others to do the same, regardless of income level.

“It doesn’t matter what the numbers are, but it’s got to be a disciplined, systematic approach,” Ralph says. “If you do that with a little or a lot, you should pay yourself first. That doesn’t mean you forget about your financial obligations, it means you make sure each payday you put something away and discipline yourself not to touch it.”

They also recommend professional assistance.

“Both Doug and Tom Hosmanek [Doug’s regional director] have been instrumental in our retirement planning,” Ralph says.

Doug is happy to see the efforts paying off for the Walters. “Living out the retirement dream is enjoying each day, knowing that they have that backing – they’re not wondering where the next dollar is going to come from for their retirement lifestyle.”

Rewarding retirement
“Our retirement plan was financial security,” Ralph explains, “to be able to take care of us and not be dependent on our children or anybody else. And, we wanted to have some disposable income to do the things we’ve always wanted to do.”

The foresight Ralph and Darla showed when they were younger, along with assistance from their Modern Woodmen representative, made it possible for the Walters to explore retirement interests without financial concerns.

“While we’re not wealthy, we’ve got a very comfortable retirement,” Ralph concludes. “And it feels really wonderful.”