Six Warren Buffett Quotes Every Retiree Should Live By
The 'Oracle of Omaha' knows a thing or two about life, investing and retirement.
When it comes to retirement advice, it doesn’t get better than Warren Buffett. The billionaire CEO of Berkshire Hathaway and one of the most successful investors in the world, is known for espousing sage advice on everything from investing to retiring.
He should know a thing or two about it. The 95-year-old has amassed a fortune and has a cult-like following among investors who favor his value approach to investing.
Over the years, Buffett has shared his knowledge and wisdom in his company’s annual shareholder reports, at Berkshire's annual retreats, and during addresses to universities, institutions and think tanks. His advice is too plentiful to list, but here are some of Buffett’s gems that all retirees should live by.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Six Warren Buffett Quotes Retirees Should Live By
#1. “Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.”
-My Philanthropic Pledge
Retirement doesn’t mean people stop collecting stuff, but Buffett wants us to. Instead of focusing on acquiring new things, we can focus on health and friendships.
The Harvard Longevity Study, the longest-running study of adult life, concluded that good relationships are the strongest predictors of health and happiness, more so than career achievement, exercise, or diet.
#2. "Investors should remember that excitement and expenses are their enemies." -Berkshire Hathaway 2004 Annual Report
This is particularly important for retirees who are in the drawdown phase. Their portfolios should be focused on stable investments, not the hottest stocks or trends. Buffett is warning that excitement can lead to selling low and buying high.
Another risk: expenses. Every dollar a retiree pays in fees is one dollar less that can be used in retirement. That’s why Buffett prefers low-cost index funds and ETFs over actively-managed funds.
#3. "Our favorite holding period is forever."
-Berkshire Hathaway 1988 Annual Report
Know when to hold 'em. Buffett certainly does–forever. With this quote, the "Oracle of Omaha" is advocating for investors, even retirees, to invest for the long term.
Retirement can last twenty-plus years, which means your savings have to continue to grow. The bucket rule of spending is one way to make sure money remains invested and growing.
#4. “Be fearful when others are greedy and greedy when others are fearful”
-Berkshire Hathaway 2004 Annual Report
FOMO is real, especially when it comes to investing. Nobody wants to miss out on the next tech boom or crypto craze. Still, you don’t want to overpay, and that’s what Buffett is warning us about.
That’s particularly true for retirees. They have less time to recover from stock market losses. What's more, when stocks are high, it may be time to take some profits.
On the flip side, Buffett argues that buying opportunities abound when the markets are pessimistic and stocks are depressed. Basically, sell high and buy low.
#5. “When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you.”
-Terry College of Business at the University of Georgia
For many people, their social and emotional well-being is tied to their work. After all, they've spent decades honing their trades. But that no longer matters in retirement. It's the relationships that are the true measure of success, in Buffett’s opinion.
Creating, fostering, and maintaining those relationships becomes the focus rather than making money. Buffett suggests happiness doesn’t come from how much money you have, but if the people you love love you back.
#6. “Predicting rain doesn’t count, building the ark does."
-Berkshire Hathaway 2001 Annual Shareholder Report
If this year has taught retirees anything, staying the course tends to win out. It was true after the Great Recession in 2008 and 2009, during COVID and the big sell-off in 2024.
With this quote, Buffett is urging retirees to ignore market movements and, instead of trying to time the markets, stick to their long-term plans.
The idea is to build a resilient retirement plan or an ark that will protect your money in downturns so you don't have to worry about it.
Buffett's notable quotables
This is just a small sampling of the words of wisdom Buffett has shared with the world in the years he has been investing.
Known for his modest and frugal approach to life, retirees can learn a thing or two from the legendary “Oracle of Omaha.”
Related Content
-
4 Great Tools to DIY Your Own Financial PlanSmart Savings Several tools picked out by Kiplinger that DIYers can use to make their own financial plan.
-
The 7-Month Deadline That Sets Your Lifetime Medicare PremiumsUnderstanding Medicare enrollment is crucial, as missing deadlines can lead to permanent late enrollment penalties and gaps in coverage.
-
Retirees Living in Portugal: You Need a Post-NHR Tax StrategyWhen your 10-year Non-Habitual Resident tax break ends, you could see your tax rate soar. Take steps to plan for this change well before the NHR window closes.
-
4 Great Tools to DIY Your Own Financial Plan
Smart Savings Several tools picked out by Kiplinger that DIYers can use to make their own financial plan.
-
The 7-Month Deadline That Determines Your Lifetime Medicare Premiums
Understanding Medicare enrollment is crucial, as missing deadlines can lead to permanent late enrollment penalties and gaps in coverage.
-
If You're a U.S. Retiree Living in Portugal, Your Tax Plan Needs a Post-NHR Strategy ASAP
When your 10-year Non-Habitual Resident tax break ends, you could see your tax rate soar. Take steps to plan for this change well before the NHR window closes.
-
Could Target-Date Funds With Built-In Income Guarantees Be the Next Evolution in Retirement Planning?With target-date funds falling short on income certainty, retirement plans should integrate guaranteed income solutions. Here is what participants can do.
-
Stocks Chop as the Unemployment Rate Jumps: Stock Market TodayNovember job growth was stronger than expected, but sharp losses in October and a rising unemployment rate are worrying market participants.
-
Should You Renew Your CD?With rate cuts impacting earnings, we examine if now is a wise time to renew CDs.
-
7 Ways to Plan Now to Save on Medicare IRMAA Surcharges LaterUnderstand the critical two-year lookback period and why aggressive planning before you enroll in Medicare is the most effective way to minimize IRMAA.
-
The Delayed November Jobs Report Is Out. Here's What It Means for the Fed and Rate CutsThe November jobs report came in higher than expected, although it still shows plenty of signs of weakness in the labor market.
