This year marks the 50th anniversary of the iconic (and terrifying) Steven Spielberg movie “Jaws,” which made an entire generation of beachgoers look twice at the waves before diving in. If you were a kid when you first saw Jaws, you’re probably STILL a little bit scared of the water (but of course you’re not going to tell anyone that, because you’re part of fearless GenX). Now, the next “big one” that is looming on the horizon is retirement. There’s a lot to learn from Jaws about being ready before the moment bites (sorry, we had to). Here are some proactive steps so you don’t have to fear what’s below the surface and enjoy the waters ahead.
Jaws Lesson #1: Know What’s Lurking Beneath the Surface
Just like the residents of Amity Island had to reckon with an unseen threat beneath the waves, retirement planning means looking beyond the obvious. As a busy professional, it’s tempting to think you have time to figure everything out. But most financial issues, just like that sneaky, hungry shark, swim beneath the surface until it’s almost too late.
Just as Chief Brody iconically says “You’re gonna need a bigger boat,” GenX women approaching retirement are realizing they’re going to need a much larger nest egg than they may have previously thought.
Don’t let hidden dangers (think taxes on retirement income, healthcare costs, or outdated business succession plans) threaten your peace of mind. Now is the perfect time to work with a financial advisor to audit your retirement accounts, investment portfolios, and business interests. Does your plan account for inflation, rising healthcare expenses, or shifting market conditions? Preparation is not about panicking. It’s about avoiding surprises.
Jaws Lesson #2: Diversify Your Lifelines
Remember how the town’s leaders ignored the danger presented by the shark at first, prioritizing short-term interests like tourism revenue? The character of Mayor Vaughn refuses to close the beaches, despite expert advice. Then, the town celebrates prematurely after catching the wrong shark. This made the threat even more severe when it finally surfaced. Only when they brought in shark hunter Quint and marine biologist Matt Hooper did they begin to address the issue. Retirement readiness is similar, because a patchwork of savings and investments isn’t enough on its own.
Ask yourself: Are your business assets working as part of your overall financial plan, or are they swimming in a separate lane? Have you built multiple income streams for retirement, such as a 401(k), IRA, taxable brokerage, real estate, or even passive income from your business? The women most ready for the next big adventure have a wide safety net—and an expert guide. Make sure you have your financial crew” in place: CPA, attorney, business consultant, and a financial planner who gets your professional, and/or entrepreneurial life.
Jaws Lesson #3: Don’t Go Swimming Alone
In Jaws, it didn’t end well for the characters who swam solo. For GenX women, being self-reliant is a point of pride, but even the most capable executives and entrepreneurs benefit from a second opinion. This might mean reviewing your retirement withdrawal strategy, updating your estate plan, or creating a contingency plan should you need to step away from your business, temporarily or permanently.
Have a conversation with your spouse, partner, or business partners about your plans. Ensure key people know where the life vests are, important documents, business succession plans, or legal directives. Collaboration isn’t a weakness; it’s wise.
Chief Brody was a former New York City police officer who was afraid of the water. When the time came, he faced his fears and took action. So can you.
Jaws Lesson #4: Be Adaptable and Plan Ahead
The budget for Jaws tripled from $4 million to $12 million during the course of production, due to unforeseen challenges, largely presented by the director’s decision to film in the open ocean, instead of a tank on the studio lot. The weather was unpredictable, and the mechanical shark malfunctioned regularly, forcing the crew to adapt and improvise. (1) Unexpected setbacks can dramatically impact costs, whether you’re making a summer blockbuster or planning for your financial future. Prepare for the plot twists of life such as health expenses, career interruptions and market downturns.
Jaws Lesson #5: Plan for Fun, Not Just for Safety
Finally, never forget the bucket list part of retirement. Jaws may be about danger, but it’s also about the thrill of the ocean, and the power of nature. Your retirement years are about more than just avoiding risks. They should be the best years of your life, filled with exploration, relaxation, and a sense of accomplishment.
What’s on your personal Amity Island itinerary? Extended travel, launching a new venture, philanthropy, or simply more time with family and friends? Get clear on your top priorities, and then build the financial strategy that makes those dreams a reality. Start by listing your must-do adventures, estimating the required resources, and working backward to set targets for savings and investment.
Ready to Dive in?
The 50th anniversary of Jaws is a great time to check in on your own retirement plans. You don’t have to be afraid of what’s “out there”, not when you’re prepared, surrounded by experts, and clear about your own vision for the years ahead. This summer, poolside or on the waves, give yourself permission to dream big. Your next chapter deserves nothing less.
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