5 Ronald Reagan Quotes Retirees Should Live By

Editor's note: This article is part of an ongoing series featuring the best retirement quotes and wisdom from top financial experts, leaders, and public figures. Other articles feature Warren Buffett, Michael Jordan, Mark Cuban, Jimmy Buffett, Dr. Seuss, Bruce Springsteen, Bob Dylan and Vince Lombardi.

Ronald Reagan was known as the "Great Communicator." Still, for the millions entering or already in retirement, he also personifies a powerful message: the spirit of independence and the drive to pursue new dreams have no expiration date.

The 40th president understood that a combination of hard work and disciplined financial common sense is the tenet of a happy life, both in the boardroom and on the back porch.

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Reagan's wisdom and wit serve as a perfect roadmap for retirees as they navigate this next chapter, reminding them that while their jobs may have changed, the capacity to grow, find joy and find inspiration never ends.

As we celebrate Presidents' Day, here is just a small sample of Reagan's words of wisdom that every retiree can carry through their golden years.

5 Ronald Reagan Quotes to Celebrate President's Day

1. "There are no constraints on the human mind, no walls around the human spirit, no barriers to our progress except those we ourselves erect."
Address Before a Joint Session of the Congress, Feb. 6, 1985

As we get older, especially as we enter the retirement phase of our lives, we tend to put an expiration date on what we can and can’t do. We tell ourselves, "I'm too old to learn a new skill" or "I don't have the energy to climb a mountain," but Reagan reminds us with this quote that age is just a number and nothing is holding us back — especially retirement.

Sure, you may have exited the workforce, but that doesn't mean your mind or body has stopped working. There are no barriers to what you can do other than yourself. That's why it's important to retire to something rather than retire from your job.

You need to find your purpose; without it, inaction and depression can quickly sink in. Remember, retirement isn't the end of the line; it's the next chapter in your life, and it should be viewed as something equally as exciting as getting your first job or saying "I do."

2. "We don't have a trillion-dollar debt because we don't tax enough; we have a trillion-dollar debt because government spends too much."
Remarks at a White House Reception for Members of the American Retail Federation, May 20, 1982

Reagan was referring to the federal budget, but that principle of fiscal discipline applies to everyday retirees, too. If we live beyond our means and spend with abandon — especially in the early days of retirement — it can lead to shortages later on.

It's a real risk. Retirement can easily last thirty years, which means your savings have to go the distance. It's understandable that during the go-go years, you’ll want to spend on vacations, hobbies and the pursuit of happiness, but you must have a plan for how you’ll withdraw those funds.

After all, we spend a lifetime amassing our retirement nest egg; equal attention should be given to how we’ll spend it.

3. "The best social program is a job."
Address to the National Urban League on August 5, 1980

During our working years, we dream of the freedom retirement brings. We can kick back and do what we want when we want, without having to answer to anyone. But many of us find that our worth, social lives, and sense of well-being are intricately tied to our careers; when we exit the workforce, much of that social support goes with it.

That's what Reagan meant with this quote and why it's important to view retirement as the start of something new, not the end of the line. While you may not need the money, finding a part-time job, volunteering, consulting, or even starting a new career can provide fulfillment, social interaction, and help combat loneliness.

Retirement doesn't have to be a hard stop, either. Many people are now embracing a "phased retirement," reducing their hours and slowly moving into the next phase of their lives.

4. "Life is one grand, sweet song, so start the music."
Reagan's Letter Announcing his Alzheimer's Diagnosis, Nov. 5, 1994

For many retirees, one of the hardest things to do is spend the money they've spent decades saving.

The fear of outliving their retirement nest egg can be paralyzing, leading to a life filled with unnecessary frugality. Before they know it, by the time they are finally ready to spend, it's too late; their health has suffered, or they no longer have the energy, leaving their bucket-list dreams unfulfilled.

While it's easy to get caught up in the logistics of retirement — healthcare costs, required minimum distributions (RMDs), and taxes — Reagan’s words remind us not to forget that the goal of all that planning was the freedom to enjoy life. You had a plan, you saved, and now it's time to put that money to work exactly as it was intended.

5. "It’s true hard work never killed anybody, but I figure, why take the chance?"
Remarks at the Annual Gridiron Club Dinner, March 28, 1987

Working hard is necessary to climb the corporate ladder and get ahead, and while it's true it "never killed anybody," when you retire, you earn the right to kick back and relax.

You don't have to feel guilty about lazy walks on the beach, afternoon tee times or playdates with the grandkids. It's hard to break the habit of being productive, but retirement is your permission slip to take it easy and reap the rewards of what you've worked so hard to achieve.

The Next Great Chapter

Whether you are embarking on your retirement journey or knee-deep in it, by maintaining your fiscal discipline, staying engaged with your community and permitting yourself to enjoy the ride, you can ensure your golden years are exactly what Reagan always envisioned for the country: "a shining city upon a hill."

Donna Fuscaldo is the retirement writer at Kiplinger.com. A writer and editor focused on retirement savings, planning, travel and lifestyle, Donna brings over two decades of experience working with publications including AARP, The Wall Street Journal, Forbes, Investopedia and HerMoney.