For as much as we envision an ideal retirement, there can be downsides to life after a career. Some research indicates there can be negative consequences from retirement such as an increase in health problems. There also are clear benefits and rewards from having the time to relax and explore opportunities previously unavailable with a full-time job. Elderly participants in a Boston study on aging issues identified four defining factors when asked what made their retirement enjoyable and rewarding:
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The ability to form new social networks beyond family and work;
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Having time and opportunity for activities they enjoy, such as sports or hobbies;
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Tapping their creativity with activities such as painting or gardening;
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Continuing to learn, like creativity, keeps the mind active. Examples include learning a new language or taking a course in an area of interest.
If you want to learn more about your path to a rewarding, meaningful retirement, there are resources and tools available for you. Some resources include Coming of Age, an organization founded in Philadelphia that helps those age 50 and older connect and contribute to their communities; Encore.org, whose motto is “second acts for the greater good” and which helps people use their skills and ability to benefit society; and Life Planning Network, which helps individuals evaluate their lives, clarify goals and challenges and identify ways to move forward.
Understanding what will make you happy in retirement takes planning. Once you’ve identified your path, you can better define the financial plan you will need to complement the retirement lifestyle you desire. We recommend working with an advisor to help ensure you’re saving enough to achieve the financial and life goals you desire.
Whatever your choices are, your path to a happy, meaningful retirement will benefit from financial plans built to support the dreams on your personal bucket list.
Robert Warner is executive vice president and managing director for Cleary Gull.