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3 Tips for a Happy Retirement

3 Tips for a Happy Retirement

November 23, 2018

Everyone's idea of a happy retirement is bound to look different. Some people prefer the beach while others prefer retiring in the active areas of a dense, urban region. Regardless of where you retire or the type of lifestyle you prefer to pursue, there are general keys to a happy retirement that apply to everyone. To enjoy a happier retirement, it's important to focus on income streams, a timeline for retirement, and the social networks that have kept you happy throughout your life. Follow these keys and you're much more likely to find retirement an enjoyable experience.


Develop a Retirement Income Plan

According to Kiplinger, it is important to develop a retirement income plan. This means working with a financial advisor to build up a nest egg that can provide you with a predictable paycheck during retirement, so you aren't worrying from month to month about how much money you'll have to pay for expenses. Part of this process involves looking at how much money you can withdraw from those accounts each year during retirement to maintain your lifestyle while not draining those accounts too quickly. Among the other considerations are pensions or lifetime income annuities that can contribute to your income during retirement.

On top of investments and other planning in advance, take time to consider part-time jobs that would provide extra spending cash while also providing an outlet for your interests and hobbies. The key to part-time work in retirement is doing it voluntarily. Those who feel forced to return to work because their income plan has failed them experience less happiness in retirement.


Decide When to Retire and Do It

Setting a financial goal is important for retirement, but so is setting a timeline for entering retirement. When you decide to retire is a multifaceted choice because you'll want to consider your age, Social Security benefits available at different retirement ages, and how much you've saved up. However, just as important is sticking to your decision. With your financial information in mind, pick a date and stick to that commitment to retire. Those who retire on their own timeline are often happier than those who work to a point where they are forced into retirement.


Maintain Friendships and Relationships

Finally, and perhaps most importantly for your emotional and physical health, is the opportunity to maintain relationships. Many retirees struggle early in retirement with the loss of the colleagues and daily acquaintances from their working days. The folks you ran into and socialized with every day while working are often not a part of your life because your daily schedule doesn't take you into their orbit. The Balance notes that you should focus on your romantic and platonic relationships during retirement. You and your spouse or partner should make time for each other and pursue hobbies that make both of you happy. Don't forget about the friends you've made over the years either. These social outlets not only boost your mental and emotional enjoyment, but the hobbies you pursue with them can help you remain physically fit as well.

Contact Manhattan Ridge Advisors today for more help with planning for your retirement.



The views expressed are not necessarily the opinion of Social Advisors, and should not be construed directly or indirectly, as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice.  Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed.