Retirement planning often revolves around establishing a secure income, but there’s a lot more to life than money, and we want you to truly enjoy your retirement years. So while a stable income certain helps with that, it’s always good to pause and reflect on other factors in your life that lead to satisfaction.
So what are those factors? Merrill Lynch actually conducted a study of 3,300 current retirees to find out. As it turns out, money is not the most important factor in determining happiness in retirement! An overwhelming majority (81 percent) of survey respondents said that their health influenced life satisfaction more than anything else. That makes sense, because it’s difficult to enjoy life when you’re uncomfortable or in pain.
After health, the factors determining happiness in retirement were:
- Financial stability
- Having loving family and friends
- A feeling of purpose
- Continually trying new things
Any time you feel concerned about your future financial stability, we are happy to discuss your plans and help you make necessary adjustments. As for the other factors that influence retirement satisfaction, start addressing those areas of your life now, as you transition into retirement. Take good care of yourself and see your doctor regularly, because your current choices will affect your health (and your medical bills) in the future.
As you approach your expected retirement date, remember to take the other factors into account. Set aside time for your family and friends, and choose some activities to pursue after your career ends. It might even be the time to pursue a lifelong dream, like writing a book or going back to college, to add meaning to your life.
When you do stop working, a full and happy life will already be waiting for you. But as always, we’re still here to help you with the financial end of things. As goals and priorities shift, your might need to make adjustments to your income plan. Come in and see us, and we’ll help you create the financial strategy to support your retirement dreams.
Portions of this article have been excerpted from “Study Reveals The #1 Key To A Happy Retirement” by Ken Dychtwald Ph.D, who not affiliated with LPL Financial.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.