Advertisement
Financial Planning

4 Keys to a Happy and Prosperous Retirement

The goal is a long and happy life you love! It takes more than just money, so do some self-searching well before you retire.

Everyone knows that preparing for retirement is front and center these days in America. An average of 10,000 people take the plunge into their golden years every day.

Commercials and print ads urge us to save more and get financially prepared for the big day. But are you prepared for those things that might be even more important than how much you accumulate toward retirement?

Advertisement - Article continues below

Here are a few tips on getting the most satisfaction out of your retirement years.

1. Visualize Your Ideal Retirement Lifestyle

In our practice, the part I love most is the light in a retiree’s eyes when they discover they have enough resources to accomplish a life-long dream they had given up on long ago. Most people have been working hard their whole careers, raising a family and dealing with life as it comes. They often fail to think about their futures in a meaningful way.

Ask yourself well in advance of retiring:

  • What one or two things bring me the most energy and joy in life?
  • If money weren’t an issue, what would I probably be doing with my time?
  • What dreams or aspirations did I have when I was younger that I would really like to reconnect with now?
  • What does my ideal future life look like? Visualize it, write down your thoughts, and convert them into a plan of action.
  • How do my spouse and loved ones fit into my plan?
Advertisement
Advertisement - Article continues below
Advertisement - Article continues below

These are powerful motivator questions for many people, and with some planning they can help transform your future into a life you love.

2. Stay Engaged and Have a Purpose

It is no secret that the happiest retirees stay busy with something meaningful in their lives. I have noticed that the happiest retirees are often busier in retirement than they were when they worked full time. Here are just a few choices:

  • Work toward a plan that can help replace your work friends with new people you meet in retirement, or reconnect with longtime friends.
  • Volunteer or get involved in your community.
  • Take a class, join a club or learn a new skill.
  • Pick up an old hobby from the past or try a new one.
  • Travel somewhere new or spend time in nature by camping, fishing or hiking.
  • Stay spiritually connected or close to a support group that can help when life gets difficult.

3. Take Care of Yourself!

According to several published surveys, the No. 1 concern of retirees is actually being healthy enough to enjoy their retirement years. After all, a large retirement nest egg means little if you don’t have the health to enjoy it.

Advertisement - Article continues below

Try to:

  • Commit to getting enough physical exercise by walking, gardening or playing with grandchildren, for example.
  • Exercise your brain by playing challenging games like bridge, chess and computer games.
  • Join a health club or other activity group to help you stay motivated and active in small amounts several times per week.

Combining these goals, along with a healthy diet, is often enough to do the trick.

4. Get Your Financial House in Order

Remember that while money is important, the most important thing is what the money can do for you.

Advertisement
Advertisement - Article continues below

You should consider:

  • Developing a retirement income plan with your adviser to give you a predictable paycheck that is not dependent on the direction of the markets. This creates much more peace and satisfaction than worrying about liquidating assets during a tough market.
  • Utilizing pensions, lifetime income annuities, rental income and part-time work to keep your income stable and worry-free. In fact, working part time doing something you truly enjoy has become very popular. It can be a fulfilling and financially savvy way to stay active, provide extra fun dollars or bridge an income gap if you have one.
  • Buying long-term care insurance or one of the new hybrid long-term-care products to protect your other assets and give you more choices and peace of mind should you need care for a chronic illness.

Conclusion: People want more than just security in their retirement years. They also want to be happy, engaged and fulfilled. You CAN have a life you love, if you clarify what you want, set realistic goals, take care of your health and focus your resources on achieving your vision!

Securities and Investment Advisory services provided by Geneos Wealth Management, Inc.Member FINRA/SIPC

About the Author

Wesley N. Price, CFP®

Personal Wealth Strategist, Prosperity Partners Wealth Management

Wesley N. Price, CFP® is a senior partner in Prosperity Partners Wealth Management and a CERTIFIED FINANCIAL PLANNER™ professional with over 23 years of financial planning and investment experience.

Advertisement

Most Popular

12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)
tax deadline

12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)

Between due dates for IRA or HSA contributions, paying estimated taxes and other deadlines, there's more to do by July 15 than just filing your federa…
July 10, 2020
65 Best Dividend Stocks You Can Count On
stocks

65 Best Dividend Stocks You Can Count On

These 65 Dividend Aristocrats are an elite group of dividend stocks that have reliably increased their annual payouts every year for at least a quarte…
July 8, 2020
Know Why Your Credit Score Changes: 9 Money Moves to Consider
credit & debt

Know Why Your Credit Score Changes: 9 Money Moves to Consider

Your credit score is a key indicator of your financial well-being and of the risk you pose to lenders. How good is yours?
July 10, 2020

Recommended

Saver's Credit: A Retirement Tax Break for the Middle Class
Tax Breaks

Saver's Credit: A Retirement Tax Break for the Middle Class

Your retirement contributions could be the key to a lower tax bill.
July 9, 2020
Avoid Blindly Following Random Benchmarks on the Road to Retirement
retirement planning

Avoid Blindly Following Random Benchmarks on the Road to Retirement

Unless the benchmark is relevant to your personal plan, it could steer you into taking a wrong turn.
July 8, 2020
Where Should You Retire?
retirement planning

Where Should You Retire?

This week, our Your Money's Worth podcast host Ryan Ermey interviews co-host Sandy Block about her recent story about the best retirement destinations…
July 7, 2020
Find a Great Place to Retire
happy retirement

Find a Great Place to Retire

Our cities provide plenty of space to spread out without skimping on health care or other amenities.
July 2, 2020