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.
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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.”