Aging Options

Keys to a Happy Retirement Go Far Beyond Financial Security

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“There’s more to a happy retirement than money.” Does that sound familiar? It should: Rajiv Nagaich has been reminding people of that critical fact for much of his career. While financial planning is essential, a happy retirement has to include much more than money in the bank.

This recent article from Kiplinger is just the latest proof that even the mainstream financial press agrees with the premise that the keys to a happy retirement go far beyond financial security alone. In this article, financial writer Jacob Schroeder lists several elements that he believes are central to a happy retirement. Take a look and see if you agree, or if there are attitudes and habits you might add to (or drop from) Schroeder’s list. If you’re retired, or about to be, this list should stimulate some careful self-analysis.

Happy Retirement Isn’t “All About Numbers”

Schroeder understands that when people think about planning for a happy retirement, they’re mostly thinking about the “numbers,” and one important question: “Do my financial assets — pension, 401(k)s/IRAs, Social Security, property, sale of a business, etc. — provide enough income to fund my desired retirement lifestyle?”

According to Schroeder, having enough money to get by is an important priority, but you don’t have to be “super wealthy” to be happy. “In fact,” he writes, “life satisfaction tops out at an annual salary of $75,000, on average, according to a 2022 study by the University of Pennsylvania’s Matthew Killingsworth.”

It’s all about having “enough,” he says: enough not to worry about going broke, and enough to pay for medical expenses. But how much of anything, not just money, is truly enough for a fulfilling retirement?

Schroeder gives us the following as some happy habits which studies show can improve life satisfaction in retirement. Let’s dive in.

Happy Retirees Focus on Maintaining Good Health

“What good is money if you can’t enjoy it?” Schroeder quips, adding that good health is one of the most important ingredients for a happy retirement. Exercise and a healthy diet can reduce the risk of so many different health conditions, but they can also increase energy levels, boost your immune system, and improve your mental health.

“It’s never too late to get moving and eat right,” Schroeder writes. “Research shows that when you become physically active and adopt a healthy diet late in life it can dramatically lower the risk of cardiovascular illnesses. The Centers for Disease Control and Prevention recommends about 150 to 300 minutes of moderate-intensity physical activity a week.” But just about any level of exercise is well worth it and can pay significant health dividends.

Starting Healthy Habits and Making Them Stick

Schroeder reminds us that starting a habit of good health doesn’t have to be complicated or scary, and there are lots of resources out there to help you get started. For example,  the National Institute on Aging has all sorts of great information on how to begin an exercise program and how to stick with it.

“Even a simple routine, such as walking 7,500 steps or more daily, can provide immense physical and mental health benefits,” Schroeder writes. “Regular walks are associated with lower blood pressure and reduced risk of dementia, as well as increased longevity and creativity.”

Diet is another key. “Healthful eating has been shown to increase life expectancy by six to seven years in middle-aged adults,” Schroeder writes, citing research around the long-lived elders of Blue Zones. “The common denominator for these super-healthy communities is that they eat a well-balanced diet with abundant nutrients from various foods,” he writes.

He also notes that it’s vital to continue staying up to date with standard physical exams along with hearing, vision, and dental health checks. All of these can contribute to dementia risk, if not properly managed.

Happy Retirees Foster Strong Social Connections

So much of life satisfaction for humans boils down to hobbies and social activities, and this is even more important after we leave the workforce. But retirement can be a difficult life-phase to make friends in. Schroeder writes, “More than one-third of older adults experience feelings of loneliness at least once a week, according to the University of Michigan’s National Poll on Healthy Aging.”

(As an example of articles on this topic, check out our recent Blog post concerning the unique problem of isolation in older men.)

The cost of loneliness in retirement isn’t just emotional, either. Schroeder reminds us that “social isolation has been linked to higher rates of heart disease and stroke, increased risk of dementia, and greater incidence of depression and anxiety.” Loneliness is even comparable to smoking, obesity, and substance abuse in terms of negative health effects!

Happy Retirees Develop a Clear Sense of Purpose

While there are plenty of stereotypes about retired life—golfing, beach-strolling, or rocking the day away on the porch—most are outdated, Schroeder says. What’s missing from that picture is a sense of purpose or meaning, an important element of retired life.

Work can be a place to find meaning in retirement. “People over the age of 75 are the fastest-growing age group in the workforce,” Schroeder writes, “and the numbers have quadrupled in size since 1964, according to the Pew Research Center. In fact, it is estimated that the number of older, working Americans will double over the next decade, in part due to a higher cost of living, but also because they want to work.”

Volunteering can be another great option to find meaning. It keeps the brain healthy and active, and fills that social gap by providing plenty of opportunities to meet new people. Schroeder quotes findings from SeniorLiving.org which show that “97 percent of retirees with a strong sense of purpose reported happiness, compared to 76 percent without.”

You can use sites like VolunteerMatch.org to find volunteer opportunities that are searchable by city and category, such as animals, arts and culture, health, literacy and seniors.

Happy Retirees Never Stop Learning

Ongoing education and learning new things is great brain exercise and can reduce the risk of dementia. “Challenging your brain with mental exercise is believed to activate processes that help maintain individual brain cells and stimulate communication among them,” according to Harvard Medical School’s Healthbeat newsletter.

Schroeder reminds us that exercising your brain and exercising your body aren’t all that dissimilar. Consistency is key. It could be doing the daily crossword (he notes: one study found that people with dementia who did crossword puzzles delayed the onset of accelerated memory decline by 2.54 years), or it could be any number of activities you like. Learn to play an instrument, visit the library regularly, or take classes from a senior center.

You could even enroll in your local community college, since many offer free or cheap classes for seniors and retirees. Not eager to leave the house for this? Free college courses are often available from top universities through online learning platforms like Coursera.

If reading is uncomfortable for your eyes, you could try audiobooks from an app called Libby. Schroeder writes, “This free service lets you borrow audiobooks (and e-books) from your local public library to enjoy on your phone or tablet — all you need is a library card, which you can apply for on the app.”

He adds that the National Institute on Aging also provides a list of activities that can help improve the health of older adults.

Happy Retirees Cultivate an Attitude of Optimism

An optimistic attitude doesn’t just make you feel good, but it can have positive physical effects, too. “In an article published in JAMA Network, researchers found that participants who were highly optimistic were much less likely to suffer from heart attacks or other cardiovascular events, and had a lower mortality rate than their pessimistic counterparts,” Schroeder writes.

He adds that another research article, published in the Proceedings of the National Academy of Sciences, indicates that people with higher levels of optimism live longer. Optimistic women had a 50 percent greater chance of surviving to age 85, and optimistic men had a 70 percent greater chance.  

It can be easy to think that optimism is just something you’re born with, but it can absolutely be developed. Schroeder writes, “Studies have shown people can adopt a more optimistic mindset with very simple, low-cost exercises, starting with consciously reframing every situation in a positive light. Over time, you’ll essentially rewire your brain to think positively.”

He adds that surrounding yourself with optimistic people—and taking a break from the news—can support this change. Dr. Nicholas Christakis of the Yale University Human Nature Lab explains, “Just as some diseases are contagious, we’ve found that many emotions can pulse through social networks.” All the more reason to avoid over-use of social media.

Happy Retirees Master a Spirit of Gratitude

Schroeder writes, “Studies by psychologists Robert Emmons and Michael McCullough show that people who counted their blessings had a more positive outlook on life, exercised more, reported fewer symptoms of illness and were more likely to help others.”

He adds that further research from psychologist Nathaniel Lambert “finds that stronger feelings of gratitude are associated with lower materialism.” In other words: gratitude enhances your satisfaction with your life, which can reflect in every layer of your health, including financial.

“One of the most effective ways to cultivate gratitude is by journaling,” Schroeder writes. “Take a few minutes each day to write down a few things that you are grateful for; they can be as big as a professional accomplishment or as small as your morning cup of coffee.”

If journaling is difficult for you, or you need a little help in getting started, Schroeder adds that tools like the 5-Minute Gratitude Journal by Sophia Godkin can be very useful.

Happy Retirees Share Their Lives with a Pet

Pets aren’t just cute and fluffy; they can also provide significant health benefits.

Schroeder writes, “Older dog owners who walked their dogs at least once a day got 20 percent more physical activity than people without dogs, and spent 30 fewer minutes a day being sedentary, on average, according to a study published in The Journal of Epidemiology and Community Health.”

Research also suggests that dogs can soothe those suffering from cognitive decline, and owning a dog can boost the longevity of the owner.

Not every person is able to own a dog, of course, but you can consider a cat or a bird, instead. Or you could even dog-sit for a friend, or pursue home visits from a therapy dog through programs like Therapy Dogs International.

Schroeder concludes that if the full-time responsibility of dog ownership is simply too much, you could consider becoming a foster parent for a shelter animal for a few days or weeks, and help that dog find a caring family. However, he adds wisely, “If you have balance issues or osteoporosis, adopt a dog that won’t pull you over when you walk them on a leash.” 

Rajiv Nagaich – Your Retirement Planning Coach and Guide

The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public. Retirement: Dream or Disaster joins Rajiv’s ground-breaking DVD series and workbook, Master Your Future, as a powerful planning tool in your retirement toolbox. As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read.

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more.

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important message. And remember, Age On, everyone!

(originally reported at www.kiplinger.com)

Need assistance planning for your successful retirement? Give us a call! 1.877.762.4464

Learn how 70% of retirement plans fail and what you can do to avoid this.

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