What a dream retirement plan looks like for 12 of the richest CEOs in America

Net worth: $3.4 billion

Forbes 400 ranking: #219

“I never had any personal desire to be a wealthy billionaire living lavishly. My estate plan has the money from my Epic shares going into a foundation,” writes Faulkner in her letter to the Giving Pledge.

“Many years ago I asked my young children what two things they needed from their parents. They said ‘food and money.’ I told them ‘roots and wings.’ My goal in pledging 99% of my assets to philanthropy is to help others with roots — food, warmth, shelter, health care, education — so they too can have wings,” she wrote.

The healthcare innovator is not the first billionaire to commit to the Giving Pledge, but she is among those donating the most money. Needless to say, her retirement will be one of giving and living simply.

While it’s important to save enough for retirement so you don’t go broke, your idea of retirement doesn’t have to equate to a bigger house or a luxurious lifestyle. Some retirees prefer a simpler lifestyle and opt to downsize.

Considering that a baby boomer retiring today at age 67 with $1 million in savings generates an average annual withdrawal of only $40,000, the simple life isn’t a bad idea.