Steps to A Happy and Fulfilling Retirement
A happy retirement isn’t simply a state of mind. It takes work.
According to accounts from other seniors, advice from longtime financial planners, and studies on retirees’ emotional well-being, a happy retirement doesn’t happen overnight. And it doesn’t just depend on luck, though that certainly plays a role. Instead, happiness in the later years is typically achieved by:
- Financial Security. It may seem obvious, but having a sizable nest egg is vital to retirement happiness. Knowing that you have sufficient funds to cover housing, daily, and medical expenses for at least two decades provides tremendous peace of mind. Unless you’ve suddenly received a large inheritance, that financial freedom takes years of advance planning and an early commitment to saving.
- A Retirement Budget. Creating a retirement budget for the short and long term is an important step to a happy retirement. Knowing how much you can spend monthly without running out of money for the next twenty-five years alleviates financial stress—a serious impediment to happiness.
- An Emergency Fund. Homes need repairs. Accidents happen. And crises arise. Having funds in a separate account to offset these expenses means your financial security will not suddenly be derailed by an unpleasant experience. It means you will not suffer additional pain when difficulties arise. Such security is immeasurably reassuring, especially in the later years when going back to work is usually not an option.
- Staying Healthy. You may not be able to change your genes, but countless studies show the effects of eating well and exercise on longevity. Staying active, participating in social interactions and maintaining a healthy weight help delay or even prevent the onset of physically and emotionally taxing illnesses. They can also reduce the impact of chronic conditions.
- Fostering Meaningful Relationships. The value of close friends and positive relationships with family members cannot be understated. One of the hallmarks of depression among seniors is isolation. After years of working with others, retirees who remain socially engaged with friends, maintain positive relationships with family members, and develop new connections are the most content.
- Creating New Goals. Taking up a hobby, starting a side business, or volunteering. Whatever their passion, retirees who actively pursue new goals are typically more energized and motivated. Retirement gives newfound time to focus on a craft, to engage in art and music, or to become actively involved in one’s community. Volunteering is both often rewarding and has an added benefit of promoting social interactions.
Many retirees note that happiness does not come from having endless amounts of money. Beyond financial security, most find happiness in personal relationships and meaningful activities.
At Silverman Financial, we strive to prepare you for a financially secure retirement that enables you to pursue your passions and spend time with your loved ones. We provide complimentary initial consultations for new clients and meet regularly with ongoing clients to protect their investments and promote financial stability.
