Keys to Retirement Happiness
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Joined: Jan 2001
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From: Mish-she-gan
Keys to Retirement Happiness
I misplaced a file on my computer and in searching for it came across an article I had saved. I saved it because I totally agree with it - heck, otherwise I would have tossed it. With all this Stay in Place stuff and the Economic uncertainty I thought it was worth sharing.
Keys to Retirement Happiness
The financial investment company Vanguard posted the advice of Michael Finke, a leading researcher in retirement planning. Michael’s study is unique because it focuses on retirement well-being from an emotional standpoint, not exclusively from a financial perspective. I don’t think many finance companies would emphasize that happiness is not measured by the size of your investment account.
His 3 keys to retirement happiness are:
Money is just a number
First, “money is just money.” During our working years, we make saving for retirement a priority. Many people focus on achieving a monetary goal, such as saving a specific dollar amount or accumulating a nest egg of a specific size. When we get there, it’s really not the money itself that makes us happy but rather how we spend the money. Essentially, money is an enabler to happiness.
If you use your money for the activities you enjoy or spend it with others, for example, you’ll be happier. Spending money on “things” isn’t necessarily an input to happiness.
Retire in good company
Second, “love the one you’re with.” Personal relationships are very important in retirement because you have more free time. During our working years, we spend many of our waking hours with co-workers, clients, customers, or patients, or on the road. A big part of our social network is tied to the workplace. When we retire, though, we have the freedom to choose with whom we spend our time.
Surprisingly, being close to friends accounts for greater happiness than living close to your kids. Couples who live within 10 miles of their children are significantly less happy. According to Michael’s findings, this is often because only 1 spouse drives the decision to move, or the couple has unrealistic expectations about living close to their grown kids.
Stay healthy to be happy
Third, “if you have your health, you have it all.” This is a factor we can’t completely control, but it can help us realize the importance of maintaining our health during our working years. Health is a key to happiness (and a blessing!) at any stage in life, but it becomes even more important in retirement.
Keys to Retirement Happiness
The financial investment company Vanguard posted the advice of Michael Finke, a leading researcher in retirement planning. Michael’s study is unique because it focuses on retirement well-being from an emotional standpoint, not exclusively from a financial perspective. I don’t think many finance companies would emphasize that happiness is not measured by the size of your investment account.
His 3 keys to retirement happiness are:
Money is just a number
First, “money is just money.” During our working years, we make saving for retirement a priority. Many people focus on achieving a monetary goal, such as saving a specific dollar amount or accumulating a nest egg of a specific size. When we get there, it’s really not the money itself that makes us happy but rather how we spend the money. Essentially, money is an enabler to happiness.
If you use your money for the activities you enjoy or spend it with others, for example, you’ll be happier. Spending money on “things” isn’t necessarily an input to happiness.
Retire in good company
Second, “love the one you’re with.” Personal relationships are very important in retirement because you have more free time. During our working years, we spend many of our waking hours with co-workers, clients, customers, or patients, or on the road. A big part of our social network is tied to the workplace. When we retire, though, we have the freedom to choose with whom we spend our time.
Surprisingly, being close to friends accounts for greater happiness than living close to your kids. Couples who live within 10 miles of their children are significantly less happy. According to Michael’s findings, this is often because only 1 spouse drives the decision to move, or the couple has unrealistic expectations about living close to their grown kids.
Stay healthy to be happy
Third, “if you have your health, you have it all.” This is a factor we can’t completely control, but it can help us realize the importance of maintaining our health during our working years. Health is a key to happiness (and a blessing!) at any stage in life, but it becomes even more important in retirement.
Joined: Mar 2009
Posts: 4,390
Likes: 1,365
From: Worthington, Ohio
Dave, this is very timely advice, since tomorrow is goblue's last day of work. (He has been working from home for the last month or so.)
I think that we are good to go on all 3 keys to retirement happiness.
(Well, at least I hope we are good to go on our health, but you never can tell, of course. We do try anyway.)
I think that we are good to go on all 3 keys to retirement happiness.
(Well, at least I hope we are good to go on our health, but you never can tell, of course. We do try anyway.)
Joined: Feb 2004
Posts: 65,504
Likes: 4,762
From: Smalltown
^
All true. My .02
Money
Money is just a number, but the number has to be enough to cover expenses and have fun, but it is hard to say how much that will be. You may get to the point where you just say "it's time."
Good company
We've got that covered. Thankfully, we enjoy each other's company as well as the company of others, together and on our own. Right now the company of others isn't happening, but we are still OK.....................for now.
Staying healthy
Working on it has been part of our lifestyle for a long time. Hoping we are fortunate enough to do so for a long time. That one is a real crap shoot.
All true. My .02
Money
Money is just a number, but the number has to be enough to cover expenses and have fun, but it is hard to say how much that will be. You may get to the point where you just say "it's time."
Good company
We've got that covered. Thankfully, we enjoy each other's company as well as the company of others, together and on our own. Right now the company of others isn't happening, but we are still OK.....................for now.
Staying healthy
Working on it has been part of our lifestyle for a long time. Hoping we are fortunate enough to do so for a long time. That one is a real crap shoot.
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Joined: Jan 2001
Posts: 46,001
Likes: 8,484
From: Mish-she-gan
The grass has turned green, the buds are popping, the birds are singing, and between showers the sun is shinning. As I've said before Sue, he picked the best time of year to retire. As long as you have a yard, some hobbies, some stuff you always wanted to do at home, it's all good. Unless he's one of those people who IMHO sadly just lived to work, he will move on and enjoy life. Congrats Dennis!
Joined: Mar 2009
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From: Worthington, Ohio
I have never regretted retiring either. This summer, I will have been retired 6 years already.
It is a little strange for Dennis, though, with the current times. Just working from home, and then just stop working from home.
No retirement party at work or anything. The company is hoping to have a celebration this summer for the people who retired during these strange times. The company has about 1500 employees, so there are probably a number who have retired during this time period.
We don't have any big plans right now...just mostly staying home...and being safe...
Joined: Mar 2009
Posts: 4,390
Likes: 1,365
From: Worthington, Ohio
The grass has turned green, the buds are popping, the birds are singing, and between showers the sun is shinning. As I've said before Sue, he picked the best time of year to retire. As long as you have a yard, some hobbies, some stuff you always wanted to do at home, it's all good. Unless he's one of those people who IMHO sadly just lived to work, he will move on and enjoy life. Congrats Dennis!
I'm sure that he will be taking lots more pictures!
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Joined: Feb 2004
Posts: 65,504
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From: Smalltown
Thank you, Lainey!
I have never regretted retiring either. This summer, I will have been retired 6 years already.
It is a little strange for Dennis, though, with the current times. Just working from home, and then just stop working from home.
No retirement party at work or anything. The company is hoping to have a celebration this summer for the people who retired during these strange times. The company has about 1500 employees, so there are probably a number who have retired during this time period.
We don't have any big plans right now...just mostly staying home...and being safe...
I have never regretted retiring either. This summer, I will have been retired 6 years already.
It is a little strange for Dennis, though, with the current times. Just working from home, and then just stop working from home.
No retirement party at work or anything. The company is hoping to have a celebration this summer for the people who retired during these strange times. The company has about 1500 employees, so there are probably a number who have retired during this time period.
We don't have any big plans right now...just mostly staying home...and being safe...
Let Dennis know we'd love for him to post more of his photos.