This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
Habits for happiness: As mentioned in a previousWeekend Reading article, there is actual data that lends to being the Happiest Retiree on the block (HROB), and this piece takes that a step further with a focus specifically on family members. How do they impact your retirement, and where is the sweet spot? The main takeaways include:
📌Keep your kids off the payroll, or at least keep it at a low spending level – Financially supporting your adult children means walking a fine line. It’s important to set boundaries and guidelines.
📌Get your kids married and get them out of the house – Here’s some interesting data for you: Retirees are two times more likely to be unhappy if their adult children are not married – Or, if their adult children still live at home. Independence breeds freedom, and you guessed it, happiness.
📌Living near 50 percent or more of your children leads to increased happiness levels – You want your children to create their own life in their own home, but maybe not too far away. By living near at least 50 percent of them, you are five times more likely to be happy.
📌Overeducated kids are underrated – In general, happiness levels do rise with increased education for kids because it creates options, however, pursuing continued education should also have an end-goal with a financial upside.
The gift of guidance: Giving everything to your children will not lead to happiness for anyone in the long-term. Challenge them and focus on giving them your guidance, rather than your money.