By Matthew Gaude & Shawn McGuire
Throughout your career, retirement has likely been a long-awaited dream. It’s the time when you can enjoy more freedom, explore the world, cherish moments with loved ones, or delve into exciting hobbies.
But what does a happy retirement mean to you? In this article, we present our top tips on how to experience a fulfilling and joyful retirement. Remember, each retirement journey is unique, so it’s important to create a retirement plan that matches your preferences and aspirations. Let’s explore six secrets to crafting a retirement that brings you true happiness.
1. Find Your Purpose
The first secret to finding happiness in retirement doesn’t just apply to retirement. Studies show individuals who live a purpose-driven life are happier and healthier, on average, than those who don’t. Not only that, but they also live longer! A purposeful life is commonly associated with fulfillment and motivation and can be found in many ways. Volunteering for a local nonprofit or your church, spending time with your grandchildren, or pursuing a newfound hobby are great ways to find purpose in your day-to-day life.
2. Enjoy What Really Matters
It’s no secret that money can buy comfort and less stress, but it is less likely to buy happiness. Your retirement lifestyle may not always mirror your pre-retirement lifestyle when your income level was at its peak.
Heavy expectations of what your life should look like—resulting from comparing yourself with others or the preconceptions of retirement imposed by the media—can be a huge mental drain and often result in feelings of failure and sadness over time. Instead, focus on what you do have (and what you have control over), and live in the moment as much as possible.
Also, reflect on the activities that bring you the most joy and orient your time during retirement to be surrounded by people that also enjoy the same things, since you will likely need to replace the social interaction that previously came from work.
Savoring the meaningful people and experiences in our life reminds us that many of our real needs can be fulfilled in ways that don’t involve spending money, despite what our consumer-driven society might lead us to believe.
Some of these needs include a connection with nature and with other beings (both human and non-human), the need for play and creative expression, and the need to know others and to be known ourselves. This mindset can nurture a fundamental orientation toward gratitude for the ways in which the earth and the people around us can meet our needs in non-monetary ways.
3. Take Care of Your Health
Declining health and how to pay for the associated medical bills is the biggest concern for many retirees. In fact, about 70% of Americans cite healthcare costs as the most pressing issue when planning for retirement. Incorporating long-term care planning into your overall financial plan can help ease this concern as you enter retirement.
Once in retirement, you can alleviate your chances of becoming seriously ill by prioritizing your mental and physical health. Remember that your brain is also a muscle and needs to be regularly stimulated to avoid atrophy. Previously your work helped to keep your mind regularly engaged and active, but if you don’t provide challenges (such as a new hobby, learning a new skill, playing games, or other mental activities), you may begin to see some signs of cognitive decline.
4. Consider a Phased Retirement
Another way to increase your happiness is to work part-time or use a phased approach to retirement. Adjusting to retirement is a huge transition! Going from working 40-plus hours a week for 30-plus years to suddenly having all the time in the world is a shock to the system, to say the least. It takes time to adjust, so don’t feel pressured to rush into retirement all at once. Case in point: it’s becoming increasingly popular for people to approach retirement in phases by slowly adjusting to reduced hours, part-time work, then eventually full retirement.
5. Make New Friends (and Keep the Old)
A Penn State study found that adults between ages 70-90 who reported more frequent and pleasant social interactions also displayed better cognitive performance on that day and the two subsequent days.
Prioritize connecting with your friends, family, and loved ones throughout retirement. Knowing that you have a strong support system can make a significant difference in your overall health and happiness, especially if you experience the loss of a spouse, fall on hard times, or suffer from declining health.
6. Plan Ahead
One of the best ways to improve your happiness in retirement is to have a plan for what you want it to look like. Articulating your vision for the future is a great way to motivate yourself to make it happen and enjoy a sense of fulfillment once your plan comes to fruition.
To bring some much-needed comfort during your golden years, it’s wise to prepare for potential retirement pitfalls like unexpected health issues or running out of money. These concerns can and should be incorporated into a retirement plan and thoroughly assessed by a qualified financial advisor.
We Are Here to Help You Plan
After dedicating the majority of your life to hard work and planning, a happy and fulfilling retirement should be your well-deserved reward. At Live Oak Wealth Management, we specialize in assisting both working and retired individuals, helping you understand the complexities of retirement planning. Call our office at 770-552-5968 or email [email protected]. Or, if you prefer, you can simply click here to schedule an appointment online. Let’s have a conversation about your retirement goals and pave the way for a joyful and prosperous future!
About Matthew
Matthew Gaude is an *investment advisor representative and the co-founder of Live Oak Wealth Management, a financial services firm in Roswell, Georgia. He serves the planning and investment needs of corporate employees, those approaching or in retirement, and 401(k) plan sponsors. Working first as a commodity broker and then as a Business Development Manager for a national broker-dealer in previous jobs, he has the insight and experience to help clients understand the complexities of the market and implement strategies to minimize risk. To learn more about Matthew, connect with him on LinkedIn or visit www.liveoakwm.com.
About Shawn
Shawn McGuire is a financial advisor and the co-founder of Live Oak Wealth Management, a financial services firm in Roswell, Georgia. He serves the planning and investment needs of corporate employees, those approaching or in retirement, and 401(k) plan sponsors. He has worked in financial services since 2002 in positions ranging from financial advisor to stock broker and portfolio manager. As a CERTIFIED FINANCIAL PLANNER™ professional, he is trained to help clients with virtually all their financial needs. To learn more about Shawn, connect with him on LinkedIn or visit www.liveoakwm.com.
Securities offered through American Portfolios Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through *American Portfolio Advisors, Inc., a SEC Registered Investment Advisor. Live Oak Wealth Management, LLC is independently owned and not affiliated with APFS or APA.
Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc. (APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk, and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. Seek tax advice from a tax professional. Neither APFS nor its Representatives provide tax, legal or accounting advice.