What Rob Gronkowski Can Teach Us about Saving for Retirement
Big spenders live for now. Their future-oriented counterparts, like Gronk, would rather skip flashy spending in favor of a simple life and an early retirement.


NFL player Rob Gronkowski became famous in January 2019 for more than his football prowess. He was retiring after nine seasons … without ever having touched his NFL salary. He had “frugaled” his way through his career, living on his endorsement money. This helped him save over $50 million.
Understandably, few of us will have the ability to save that same amount, however, let's explore what we can learn from him about the often-taboo subject of money and savings.
Live Within Your Means and Save for Retirement
According to Yahoo Finance, Americans are delaying retirement, and 64% of them will retire broke. It’s predicted that another 19% will retire with less than $10,000. This paints a grim picture for retirement if you’re not careful. Saving for your golden years is about ensuring you don't retire without the gold. To do that, you have to live within your means.

Sign up for Kiplinger’s Free E-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.
For Gronkowski, his means were equivalent to the income generated from endorsement deals, and not his unguaranteed NFL contract. Gronkowski realized that living within your means is not about the digits on your paycheck. Instead, it is more important to pay more attention to your net income.
The lesson for us all here is that you should prioritize saving before spending so that saving money becomes a habitual part of how you manage your finances.
Gronkowski's Advice to Young People
Financially, Gronkowski lives by a core principle to “keep it simple,” meaning he buys only what he needs to be comfortable, and nothing more. But being “simple” is not appealing to most people. Simplicity directly goes against the flashy, high-fashion, materialistic influencers that many people aspire to be like. However, life is about more than status symbols and materialism, and keeping it simple pays off when it comes to saving money.
For Gronkowski, being fashionable means wearing the same pair of shoes or clothing items until they are worn out. Sometimes he'd wear the same pair of jeans for a whole week, washing them around the third day and re-wearing.
The lesson here is not to turn against buying necessities, but to change your definition of what a necessity is. A necessity is something you can't live without. Scrolling through online shopping websites, filling up wish lists, and adding endless items to your cart are all “wants” that often get confused with necessity. This is a slippery slope that encourages the accumulation of credit card debt.
Gronkowski's “keep it simple” principle is about spending money wisely. Avoiding unnecessary purchases leaves you with money to put into long-term financial goals. You can retire sooner rather than later if you adopt a savings culture that supports your retirement goals.
Why You Should Apply Gronkowski's Advice to Your Finances
Although Gronkowski's contract was worth $54 million, he knew it was not guaranteed. This changed his values and shifted his focus to what was important: his future financial prosperity. Although we don't like to admit it, income is not predictable. COVID-19 made that abundantly clear.
Your value system helps you separate what's important from expensive frills. Start by recording where your money goes. It will keep you from retiring broke. A record of your spending reveals the loopholes in your value system, like spending $1,000 on shoes you'll wear just once or $10,000 on a birthday party with zero returns.
To calculate how much you should be saving for your retirement, you should first calculate your expenses and project them into retirement (with inflation). By using a reasonable distribution rate to live off of in retirement — say something between 4% and 6% of your nest egg withdrawn on an annual basis — you can figure out how much you need saved up to support that amount. Then, you discount that back using a reasonable rate of return, from 5% to 7%. By using this simple method, you have a better idea of how much you will need in the future and how much you need to save now to make it happen.
Wondering which habits drain your finances? Keep a daily, weekly and yearly budget to find out. You'll also get a rough idea of the amount of money you'd have saved up by now. You'll be able to create a budget of what's comfortable, not flashy, and stick with it.
Preparing for Retirement: Saving More Than You Spend
Some people are frugal by nature, or they grew up on hand-me-downs like Gronkowski and learned the simple way to live. Others are not so good at it. If you're a spender, shift your mindset from spending today, to saving for tomorrow. Material possessions and products wear out over time, but investments are available for a lifetime.
Through making simple swaps in your daily life for more financially savvy choices, you can save money over time, without sacrificing the things that are most important to you. There is no reason why you can’t enjoy your “wants” while still staying within your means. A good rule of thumb is to avoid putting money on a credit card unless you can pay it off without borrowing.
Shifting your mindset to prioritize savings over excessive spending starts and stops with you.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Josh Sailar is an investment adviser and partner at Blue Zone Wealth Advisors, an independent registered investment adviser in Los Angeles. He specializes in constructing and managing customized advanced plans for business owners, executives and high net worth individuals. He holds the designations of Certified Financial Planner (CFP®) and Certified Plan Fiduciary Advisor (CPFA), the FINRA Series 7, 63, 65 licenses, as well as tax preparer license.
-
Baby Boomers vs Gen X: Who Spends More?
Baby Boomers and Gen X are guilty of spending a lot of money. Here's a look at where their money goes.
-
Retire in Finland and Live the Nordic Dream
Here's how to retire in Finland as a US retiree. It's ideal for those who value natural beauty, low crime and good healthcare.
-
You're Close to Retirement and Cashed Out: How Do You Get Back In?
If you've been scared into an all-cash position, it's wise to consider reinvesting your money in the markets. Here's how a financial planner recommends you can get back in the saddle.
-
After the Disaster: An Expert's Guide to Deciding Whether to Rebuild or Relocate
Homeowners hit by disaster must weigh the emotional desire to rebuild against the financial realities of insurance coverage, unexpected costs and future risk.
-
A Financial Expert's Tips for Lending Money to Family and Friends
What starts as a lifeline can turn into a minefield if the borrower ghosts the lender. Following these three steps can help you avoid family feuds over funds.
-
What the HECM? Combine It With a QLAC and See What Happens
Combining a reverse mortgage known as a HECM with a QLAC (qualifying longevity annuity contract) can provide longevity protection, tax savings and liquidity for unplanned expenses.
-
721 UPREIT DSTs: Real Estate Investing Expert Explores the Hidden Risks
Potential investors need to understand the crucial distinction between a REIT's option to buy a Delaware statutory trust's property and its obligation.
-
I'm an Insurance Expert: Yes, You Need Life Insurance Even if the Kids Are Grown and the House Is Paid Off
Life insurance isn't about you. It's about providing for loved ones and covering expenses after you're gone. Here are five key reasons to have it.
-
My Professional Advice: When It Comes to Money, You Do You
This is how embracing the 'letting others be' and 'learning to surrender' mindsets can improve your relationship with money.
-
Direct Indexing Expert Explains How It Can Be a Smarter Way to Invest
Direct indexing provides a more efficient approach to investing that can boost after-tax returns, but is it right for you?