A happy retirement means different things to different people. No matter what it means to you—having more free time, traveling the world, spending time with family, or picking up a new hobby—you should be able to enjoy your golden years after working so hard to finally get there.
But some retirees end up feeling a little lost once they lose that daily routine they had while working. So how do you make sure to find your happiness in retirement?
1. Define 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. 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. Maintain a Healthy Lifestyle
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. Ease Into 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. Keep Socializing
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. Make a Plan
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.
Get Started Today
You’ve been working and planning the majority of your life—a happy and healthy retirement should be your reward. At Favor Wealth, we provide values-based financial planning. This means we care about your passions and dreams, not just your wealth. To learn more, contact us at 626-529-0445 or email Ricky directly at info@favorwealth.com.
About Ricky
Ricky Biel is founder, wealth manager and Chartered Retirement Planning Counselor℠ professional at Favor Wealth, an independent financial advisory firm serving individuals and families near Pasadena, California. Ricky Biel founded Favor Wealth with a desire to provide unbiased, client-centered, community-based financial advice. Ricky and his team of caring, smart professionals want their clients to feel like they’ve done them a favor, making it easier than ever to accomplish their financial goals by blending proven investment methodologies with creative financial technologies. He is on a mission to help his family of clients feel both a sense of relief and excitement about their future. Favor Wealth takes care of their clients’ needs first and foremost and goes the extra mile to make their clients’ finances grow. To meet and see how the Favor Wealth team may be able to help, contact them today at 626-529-0445 or email Ricky directly at info@favorwealth.com.
The commentary on this blog/website reflects the personal opinions, viewpoints and analyses of the Favor Wealth Advisors’ employees providing such comments, and should not be regarded as a description of advisory services provided by Favor Wealth Advisors or performance returns of any Favor Wealth Advisors’ Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Favor Wealth Advisors manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.