 After retiring from competitive skiing, Paumgarten became a banker in New York City, but then returned to skiing as an instructor at the first alpine skiing school in the United States, Peckett's in Sugar Hill, New Hampshire.Paumgarten married Elise Biddle Robinson, a descendant of banker Nicholas Biddle, in 1936; they had five children, including daughters Greta and Meta and a son, Nicholas.Paumgarten died in an avalanche in the skiing resort of St. Anton in 1952.