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Brighten Up Your Retirement Years

on 29 February, 2016

Brighten Up Your Retirement Years

After many years of working, everyone wants to enjoy their retirement. However, a meaningful retirement won’t come about just on its own. Taking certain steps before and during your retirement years will help.

Of course, many of these steps aren’t related to financial preparation. Determining causes you’re interested in volunteering for, having a robust social network, and being around family in your later years are a few other ways of enrichening your life. Read on for helpful points to make your retirement experience as rich and fulfilling as possible.

Ways to Enrichen Retirement Life

Cultivate strong friendships – Studies show human beings flourish via social interaction, not when they’re in isolation. In fact, being socially engaged can bring positives for physical and mental health. Despite these findings, data shows social engagement has decreased significantly among the baby boomer generation.

Develop and maintain strong friendships during your working years, and they will be fulfilling later on. If you’re already retired, actively seek out ways you can build a social network if you don’t have one already. Not only will your friendships be a source of enjoyment, but they can help you form a support network in times of duress or trouble.

Ensure adequate savings – One factor that can be emotionally draining is ongoing stress over whether you have enough retirement savings. Unfortunately, survey data shows many baby boomers are underprepared financially for their retirement years. This is the time you should be enjoying yourself – peace of mind is important.

It’s important to determine how much money you’ll need over your retirement years, and take steps to secure that goal. Consider capitalizing on the tax-deferred benefits of retirement accounts and stashing money away. Then as you get closer to your retirement date, investigate strategies to preserve your wealth and generate reliable lifelong income. If appropriate for you, annuities or other insurance strategies can offer you greater income certainty with their contractual guarantees. Getting rid of long-term debt holdings like a mortgage or car payments will also be beneficial. Furthermore, ensuring your financial portfolio contains a suitable balance of risk and return potential for your age and situation is essential.

Engage with family – Studies show baby boomers are the least likely to engage with family members who don’t live with them. On the whole, almost 75% of Americans report engagement with family members outside their household. It’s important to regularly engage in this sort of contact. Regular engagement with relatives not only helps healthy, long-term relationships. It also helps to strengthen ties in cases of emergencies or other unplanned situations.

Regular community involvement – Studies show people who are active in their communities – including religious activities – have longer lives and better health. On the whole, community engagement has fallen. But it still remains strong among people who are married, in a committed relationship, or have higher levels of education.

Communal engagement not only helps bring good to your area, it also provides socialization among people who can bring more enjoyment to your retirement. Consider volunteering or other forms of social interaction.

Consider volunteering or working longer – Many baby boomers are working once they’ve retired from full-time employment. Or others have signified their plans to do so. Aside from providing another source of income, longer-term employment can bring another point of social interaction.

Surveys show this is a point of interest for many baby boomers in retirement. Working longer can be another great way to strengthen your quality of life. It’s definitely worth consideration.

Need Assistance with Financial Preparation?

Being financially prepared will bring peace of mind, and it will free you up to enjoy your retirement more fully. If you're ready for personal guidance on getting your financial retirement house in order, SafeMoney.com can help you.

Use our Find a Licensed Advisor section to connect directly with an independent financial professional, and to request a personal strategy session to discuss your needs and goals. And should you have any questions or concerns, call 877.476.9723.

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