Most of us equate retirement planning with saving money for the future and while that is certainly important, studies show that the happiest retirees have a few other things in common. Suzanne Himes, lead financial planner at Asset Planning Corporation, is here with us to discuss some of the non-financial aspects of retirement planning.
SUZANNE, IT SEEMS LIKE MOST RETIREMENT ADVICE IS FOCUSED ON FINANCES, BUT THERE REALLY IS MORE TO IT ISN’T THERE?
A more holistic mindset is really very important. For many, we are talking about decades in this season of life. So, a critical part of retirement planning is thinking about how time will be spent. Visualizing that typical day or week.
SO WHAT ARE SOME THINGS THAT RETIREES ARE DOING TO STAY HAPPIER?
Top things happy retirees have in common:
- Maintain social networks /interactions – loneliness may even result in a higher risk of dementia-related diseases
- Social clubs
- Faith groups
- Stay Busy
- 3-4 regular activities
- Things you enjoy
- Hobbies, volunteering, sports, travel, learning something new
- Active and Healthy lifestyle
- Eat well
- Don’t neglect health issues
- Choose to go back to work – voluntary decision
- Part-time, second career, start a business
- Social interactions, sense of purpose
- Continue to set personal goals
ARE EXPECTATIONS ALSO PART OF THE HAPPINESS EQUATION?
Absolutely… here’s a few examples of myths versus the reality for many retirees:
- No longer working
- Moving to a retirement community
- Expenses will be less
- 40% of workers over age 65 have previously retired
- 75% plan to stay put; age in place
- Retirement spending “smile”; Higher – Lower – Higher
Want to learn more about retirement planning? Do you have other general questions about financial planning or investing? Send your questions to our Knoxville Certified financial planners or directly to firstname.lastname@example.org!