What do you think of when you hear the word “happiness”? When it comes to a jubilant retirement, it takes more than just money.
‘hap·pi·ness
ˈhapēnəs/
noun
noun: happiness; plural noun: happinesses
1. the state of being happy.’
With over 10,000 Americans taking the plunge into retirement every day, preparing for your golden years is at the forefront for those approaching this monumental stage in life. With advertisements of long tropical beach walks and playing at 5 star golf resorts, we’re led to believe that money is key to enjoying retirement. But, with only 1 in 4 current retirees being “very” confident that they will have enough money to live comfortably throughout their retirement years – the outlook for a happy retirement may be cloudy for some.
It turns out that happiness and retirement can go together. Here are four steps you can take to gain the most satisfaction out of your retirement years…
1. Visualize your perfect retirement lifestyle
It’s time to look forward and figure out in advance what you want out of retirement. For example how you’ll spend your days, where you’ll spend them and what would make you fulfilled. Way before it comes time to hang up those work shoes, ask yourself the following:
- What in life brings me genuine joy?
- What did my younger self dream of that I can make reality now?
- If I didn’t think of the expense, how would I want to spend my retirement years?
- How does my significant other and family/friends fit into my dream life?
Visualize these questions, write down the answers and convert the writing into solid plans on how you can make this life a possibility.
2. Put your health at the forefront
Let’s face it, there’s no amount of money in the world that can make you happy when you’re too sick to enjoy it. Even non-material things, like spending time with family is ruined when you’re in poor health.
According to several published surveys, the No. 1 concern of retirees is actually being healthy enough to enjoy their retirement years. There are many ways to keep on top of your health as you grow older; Commit to getting enough physical exercise through gardening or taking a daily walk. Challenge your brain health with crosswords and chess games. Go a step further and join a health club or join a walking club to help you stay motivated.
The other vital aspect to your health is of course what you eat. Sticking to a lower fat diet with a rainbow of fruits and vegetables will help do the trick!
3. Come up with a retirement income plan
Few people who retire continue to have the same level of income as when working. When Ameriprise surveyed retirees, it found three types of expenses were higher than the retirees expected: health care, food and taxes. Nevertheless, there are options available to increase your income. Some of which include looking into:
- Social security benefits
- Company benefits through an employer’s defined benefit plan
- Personal savings via traditional/Roth IRAs
- Whole/long-term life insurance policies
- Reverse mortgages
- Partially renting out your spare rooms/home
- Working part-time
By developing a retirement income plan with CKS Summit Group, you can figure out how much your 401(k) and other accounts (like the above bullet points) will translate to in monthly income. You’ll ultimately gain a predictable paycheck that is not dependent on the direction of the markets creating much more peace and satisfaction than worrying about liquidating assets during a tough market. (Your retirement income advisor at CKS Summit Group will go more into plans which are specifically structured to limit downside stock market risk.)
4. Have fun
Yes you heard it – HAVE FUN! This is your time to enjoy life so learn to say “yes” to the things you dreamed of (taking that cruise, trying that culinary course, getting those golf lessons) and saying “no” to the things you don’t (babysitting your grand kids every weekend, chunking off that check to your kids again).
Make every day meaningful, Oxford University found people with a sense of purpose had a 15% lower risk of death to those who said they were more or less aimless. Learn a new skill, keep your family and friends close and enjoy the years you’ve worked SO hard towards.
Try not to stress about creating the perfect retirement income plan. A financial adviser can help you get the most out of your savings, but the savings might be less important than a healthy relationship and body. It doesn’t make any sense to invest more in money if we’re not also making investments that help us enjoy the money we have. So relax and…
Hire a Financial Advisor
You’ll need as much good advice after retirement as before. With a financial advisor, you’ll spend and save more wisely. Research found that that Boomers who are working with a financial advisor are twice as confident about having sufficient savings for retirement than their peers who are planning retirement on their own.
At CKS Summit Group, we design, build, and manage custom retirement portfolios that are fully capable of simultaneously generating stable growth, increasing income, and preservation of principal throughout a client’s lifetime, with only limited downside market risk.
Contact us today by calling 586-286-5820, or set up your complimentary strategy session with us today. We look forward to helping you achieve the happiest retirement possible.
