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3 Keys to Retiring HappySubmitted by Paul B. Miller, CFP on November 15th, 2018
Happiness in retirement is up to the individual. While you might be happy with a retirement spent in a sleepy beach town where the daily routine includes going to the beach to tan and having happy hour at the local beach bar, that might not cut it for the next person. However, there social and environmental considerations such as these, and then there are overarching factors that everyone should consider when it comes to creating a happy retirement. The following keys could help you find a happy retirement in the future.
Plan Ahead for Retirement
Retirement isn't something that should happen on a whim. While everyone wants to be able to retire, those who enjoy the most satisfying retirement are the ones who planned ahead of time. This includes the financial planning that you'll complete to set aside enough money to live a comfortable life, but it also requires looking into the future to determine what makes you happy. Figuring out the factors that contribute to a fulfilling life in advance of retirement can help you enjoy a happier retirement when the day comes.
This planning will involve a lot of soul-searching and tough questions. You'll want to take the time to think about what it is that makes you happy. What, and who, bring joy to your life? Are there any activities that give you a particular sense of fulfillment? With the answers to these questions in hand, you can both plan for your financial future in retirement and your social future as well. Forbes points out that if you have a spouse to retire with, be sure you discuss what makes them happy and try to find things that make you both happy at the same time.
Have an Income Plan
Although you won't want to focus all your time on money, monetary considerations are still an important part of a happy retirement. Creating an income plan will help you better visualize your future in retirement, and in turn allow you to pay less attention to money as you have a better grasp of your regular sources of income. Take the time to sit down and figure out how much money you have in 401(k) plans, private investments, pensions, and other sources such as Social Security. Determine how much you can pull from these combined sources in a year without diminishing your investments/savings too quickly.
Beyond that, investigate finding other sources of income to supplement your income plan during retirement. TIME Money cites a study that found retirees who rely only on investments in retirement have a higher financial anxiety than those who have a diverse income stream.
Pick Up a Hobby
Finally, try to avoid allowing your life to fall into a routine. Don't settle for a life of reading the paper, going to the beach, having dinner, and repeating the next day. Consider taking up hobbies that promote change in your routines. Remaining involved with hobbies busies both the mind and the body, promoting greater health emotionally and physically.
Start preparing for retirement today with Indian River Financial Group.