Erin Bendig
Most people think that planning for a happy retirement is all about numbers.
It centers around one question: Do my financial assets — pension, 401(k)s/IRAs, Social Security, property, sale of a business, etc. — provide enough income to fund my desired retirement lifestyle?
Ask any retiree, and they'll likely tell you that's only half the story.
A paper published by the Proceedings of the National Academy of Sciences showed that, for most people, a larger income is associated with greater happiness. It also revealed a crucial caveat: For some, more money didn’t make a difference. If you were unhappy before, a bigger paycheck wouldn’t change that.
You’ll need enough money to get by, but you don’t have to be super wealthy to be happy.
Life satisfaction tops out at an annual salary of $75,000, on average, according to a 2022 study by the University of Pennsylvania’s Matthew Killingsworth.
Having enough money to never worry about going broke or paying for medical expenses is important, but money isn't the only — or even the most important — part of a fulfilling retirement.
While you're reviewing your retirement checklist, it's also essential to focus on all those things money can't buy, like these eight happy habits that studies show can improve life satisfaction in retirement.
1. Happy retirees work (or play!) at staying healthy
What good is money if you can't enjoy it? Good health is one of the most important ingredients for a happy retirement.
The MassMutual Retirement Happiness Study (PDF) found that nearly half of the happiest retirees reported prioritizing their health when planning for retirement.
Studies show that exercise and a healthy diet can reduce the risk of developing certain health conditions, increase energy levels, boost your immune system and improve your mental health.
Tips to take away: It’s never too late to get moving and eat right. Research shows that when you become physically active and adopt a healthy diet late in life it can dramatically lower the risk of cardiovascular illnesses.
The Centers for Disease Control and Prevention recommends about 150 to 300 minutes of moderate-intensity physical activity a week. Swimming, playing golf and tennis are only a few ways to get your weekly dose of exercise.
The National Institute on Aging provides a wealth of valuable information on how to get started with an exercise program and how to stick with it.
Even a simple routine, such as walking 7,500 steps or more per day, can provide immense physical and mental health benefits. Regular walks are associated with lower blood pressure, a reduced risk of dementia, increased longevity and enhanced creativity.
No wonder walking has been a favorite pastime for many influential thinkers throughout history, including Albert Einstein, who walked at least three miles every day.
Don't forget your diet. Healthful eating has been shown to increase life expectancy by six to seven years in middle-aged adults.
Finally, in addition to a standard physical, get your hearing, vision and dental health checked. If not properly managed, any of these might contribute to dementia risk.
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2. They foster strong social connections
Hobbies and activities with people we like can boost life satisfaction, especially when our social networks shrink after leaving the workforce.
The Harvard Longevity Study, the longest-running study of adult life, concluded that good relationships are the strongest predictors of health and happiness, more so than career achievement, exercise or diet.
It can be tough to forge new friendships in retirement. More than one-third of older adults experience feelings of loneliness at least once a week, according to the University of Michigan’s National Poll on Healthy Aging.
Accounting for the cost of loneliness in retirement is critical, as social isolation has been linked to higher rates of heart disease and stroke, increased risk of dementia, and greater incidence of depression and anxiety.
A low level of social interaction is just as unhealthy as smoking, obesity, alcohol abuse or physical inactivity. So get out there!
Tips to take away: You can find many ways to stay connected by arranging or participating in social events.
For example, game nights, weekly outings to a movie or museum and book clubs are all great options to expand your social circle.
Technology can also play a key role in helping retirees stay socially active and connected with friends and family. Video chat platforms such as FaceTime and Zoom make it easy to catch up face-to-face, no matter the distance.
For those who enjoy shared experiences, services such as Teleparty allow you to watch TV and movies with others in real time.
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3. Happy retirees find a clear sense of purpose
The notion of retirement as time spent golfing, strolling the beach or reading classic novels while sitting in a rocking chair is outdated.
While fun, the stereotypical leisure activities associated with retirement don’t provide a sense of purpose or meaning, which is what many retirees (PDF) say is important. A 2021 study found that a higher sense of meaning in life was linked to stronger relationships and less loneliness.
One place retirees find a sense of purpose is through work.
People age of 75 and older are the fastest-growing age group in the workforce, and the numbers have quadrupled in size since 1964, according to the Pew Research Center.
It's estimated that the number of older, working Americans will double in the next decade, in part due to a higher cost of living, but also because they want to work.
Retirees also gain meaningfulness and other benefits from volunteering.
Volunteering keeps the brain healthy and active, it helps prevent loneliness and isolation and offers the opportunity to meet new people and make new friends.
Additionally, findings from the Nationwide Retirement Institute survey, as reported by SeniorLiving.org show that “97% of retirees with a strong sense of purpose reported happiness, compared to 76% without.”
Tips to take away: How do you start volunteering? There is likely a wide array of charities and non-profit groups right in your community that can be found with a simple search online.
For example, VolunteerMatch.org lists volunteer opportunities that are searchable by city and category, such as animals, arts and culture, health, literacy and seniors. The service also lets you create a profile detailing your background and skills so non-profits can match you to their specific needs.
Check out our article on how to retire for leisure and purpose for more information, as well as our article on things to do when retired and bored.
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4. They never stop learning
Experts believe that ongoing education and learning new things can help keep you mentally sharp. Exercising your brain might help prevent cognitive decline and reduce the risk of dementia.
“Challenging your brain with mental exercise is believed to activate processes that help maintain individual brain cells and stimulate communication among them,” according to Harvard Medical School’s Healthbeat newsletter.
Tips to take away: Exercising your brain isn’t all that different from exercising your body. It requires consistent stimulation. That doesn’t mean working on crossword puzzles every day (although one study found that people with dementia who did crossword puzzles delayed the onset of accelerated memory decline by 2.54 years).
Choose something new that you enjoy — learn how to play an instrument, regularly visit the library (yes, libraries are still amazing) to pick up new books or take classes from a senior center or community college.
Many colleges offer free (or cheap) college for seniors and retirees, or you could take free college courses from many top universities, such as Yale and Stanford, through online learning platforms such as Coursera.
If reading is hard on your eyes, try audiobooks from an app called Libby. This free service lets you borrow audiobooks (and e-books) from your local public library to enjoy on your phone or tablet — all you need is a library card, which you can apply for on the app. You’ll have access to many books, but you might have to wait a few weeks to check out a popular title.
The National Institute on Aging also provides a list of activities that can help improve the health of older adults, ranging from visiting local museums to joining a book or film club.
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5. They train their brains to be optimistic
A glass-half-full attitude might pay huge dividends — a lower risk of developing cardiovascular disease and other chronic ailments — including a longer life.
In an article published in JAMA Network, researchers found that participants who were highly optimistic were much less likely to suffer from heart attacks or other cardiovascular events, and had a lower mortality rate than their pessimistic counterparts.
Another research article, published in the Proceedings of the National Academy of Sciences (PNAS), indicates that people with higher levels of optimism lived longer. Optimistic women had a 50% greater chance of surviving to age 85, and optimistic men had a 70% greater chance. Even the Dalai Lama said, “Choose to be optimistic. It feels better.”
Tips to take away: Optimism is a trait that anyone can develop. Studies have shown people can adopt a more optimistic mindset with very simple, low-cost exercises, starting with consciously reframing every situation in a positive light. Over time, you'll essentially rewire your brain to think positively.
Since negativity is contagious, it's also important to surround yourself with optimistic people and consider a break from the news.
Nicholas Christakis of the Yale University Human Nature Lab explains, “Just as some diseases are contagious, we’ve found that many emotions can pulse through social networks.”
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6. Happy retirees practice mindful gratitude
Studies by psychologists Robert Emmons and Michael McCullough (PDF) show that people who counted their blessings had a more positive outlook on life, exercised more, reported fewer symptoms of illness and were more likely to help others.
This is further supported by work from psychologist Nathaniel Lambert which finds that stronger feelings of gratitude are associated with lower materialism. Gratitude enhances people’s satisfaction with life while reducing their desire to buy stuff — which can save you money.
Tips to take away: As with optimism, gratitude can be mastered with practice.
One of the most effective ways to cultivate gratitude is by journaling. Take a few minutes each day to write down a few things that you are grateful for; they can be as big as a professional accomplishment or as small as your morning cup of coffee.
If you have a hard time thinking about what to write, consider buying a gratitude journal, such as the 5-Minute Gratitude Journal, a daily journal created by health psychologist and coach Sophia Godkin, which invites you to acknowledge the good people and events that came into your life each day.
Psychological research also suggests that putting feelings of gratitude to paper can provide both mental and physical benefits, such as greater self-esteem, better sleep and improved heart health.
Don't like to write, or you can't due to arthritis? No worries. Speaking out loud can force you to slow down your thoughts and process them differently by engaging the language centers of our brain. Use an audio note on your phone or computer, or talk to yourself while taking a walk.
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7. They have a furry or feathered friend
Fido can provide more benefits to you than grabbing the newspaper. Older dog owners who walked their dogs at least once a day got 20% more physical activity than people without dogs, and spent 30 fewer minutes a day being sedentary, on average, according to a study published in The Journal of Epidemiology and Community Health.
Research has also indicated that owning cats or dogs can help prevent cognitive decline, and the physical and mental health benefits of owning a dog can boost the longevity of the owner.
If owning a dog is out of the question, cats and birds are lower-maintenance possibilities. Alternatively, you could dog-sit for a friend or consider pursuing home visits from a therapy dog. Therapy Dogs International has a home visit program with volunteer dog/handler teams registered in all 50 states.
Tips to take away: The companionship of a furry friend can be as beneficial as that of another human being. Finding your next best friend is as easy as visiting your local animal shelter.
If you don’t want to take on the responsibility of owning a dog full-time (or are unable to), becoming a foster parent is also a good option. You can usually foster a dog from an animal rescue center for a few days to a month or more, and help a dog in need find a caring family.
If you have balance issues or osteoporosis, adopt a dog that won't pull you over when you walk it on a leash.
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8. One thing to avoid
While it might seem intuitive to chase happiness directly, research suggests this approach can backfire. The more people prioritize happiness, the more likely they are to feel disappointed.
Psychologist June Gruber has found that an intense focus on achieving happiness can lead to inflated expectations — making it harder to feel satisfied when reality falls short.
As the habits and studies mentioned above illustrate, happiness often emerges as a byproduct of engaging in meaningful activities. Rather than fixating on happiness itself, focus on actions that naturally cultivate well-being, which then results in living a happy retirement.
Peace of mind is within your grasp
Retirement is a major transition made up of many financial and life decisions. To make sure you're healthy, both physically and mentally, and have that worry-free peace of mind in retirement you've always dreamed about, follow the advice above.
You might also want to consider regularly updating your retirement plans and seeking the professional guidance of a financial adviser. That way, you can spend more time focusing on everything else that matters.
This article was originally written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.
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