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What’s the secret recipe for a happy retirement? According to a recent Morningstar panel, it includes three things: Having enough money, having relationships with your peers and community, and having your health.READ THE ARTICLE
What’s the secret recipe for a happy retirement? According to a recent Morningstar panel, it includes three things: Having enough money, having relationships with your peers and community, and having your health. These can be referred to as the “Three Pillars of Life Satisfaction in Retirement”, and should be seen by both you and your advisor as investments.
Mind the unhappy mixture: Although each of these components do not necessarily create happiness on their own, they can be threaded together to create a fulfilling life. At the same time, some factors brought to light that can lead to an unhappy retirement include: Financially dependent adult children, purchasing material items simply for the sake of buying them and social isolation.
Wealth Management professor at The American College, Michael Finke, even notes that, “Friendships and maintaining them outside of the workplace is every bit as important as socking another $500 into your 401(k).” This doesn’t mean the relationship with your children, but rather, the relationship with your spouse, or those around you that share your values.
Shift your outlook: While retirement might first seem like a never-ending vacation, it’s really a new lifestyle. I’ve seen many unhappy retirees either buy things they don’t need, or move closer to kids, only to find it didn’t move the happiness needle. Don’t let that be you.