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How to Live Your Best Life in Retirement
May 18, 2021
We all know people who have already retired, and happily report that they’re having the best time of their lives. But we also know people who retired, seemed happy for a short period of time, and then quickly became dissatisfied. Some of these retirees went back to work, while others adjusted their plans, while a few simply remain unhappy with their situations. So, what happened? And how can you help to ensure that you feel satisfied with your retirement?
That’s the subject of a book, called “You Can Retire Sooner Than You Think”, written by investment advisor Wes Moss. Moss cautions his readers that, while accumulating adequate retirement funds is important, you must also know what you want to do with that money after you retire.
Moss encourages his readers to identify that which they are passionate about, whether artistic endeavors, community activities, or sports like tennis or golf. He calls these “core pursuits” and says that “these pursuits aren’t simple pastimes; they are passions to which the retirees devote a great deal of time, energy, and sometimes money. The happiest retirees give priority to their core pursuits and derive great satisfaction from those endeavors.”
As for specifics, Moss claims his research shows that the happiest retirees enjoy an average of 3.6 core pursuits. Those who report lower satisfaction levels average just 1.9 core pursuits. As for vacations? Those appear to matter quite a bit, too. The happier retirees take 2.4 vacations per year, while the unhappy ones only enjoy 1.5 trips. It’s important to note that those vacations don’t necessarily amount to spending weeks in Europe; a weekend at the beach counts, too.
But of course, you do need money in order to enjoy those pursuits. You probably won’t be surprised to hear that Moss can put a price tag on that, too. Retirees with a median net worth of $100,000 tend to be unhappy, while those with a median net worth of $500,000 report much higher levels of satisfaction with their retirements.
That’s hardly shocking information, as most of us tend to agree that financial stability tends to increase enjoyment of our lives. But the good news is that you don’t have to be a multi-millionaire to feel extremely satisfied with your retirement!
If you’re feeling concerned about your upcoming retirement, and want to give yourself the best odds for success, call us to schedule a consultation. We can help you assess your current financial capabilities and make adjustments to support your desired lifestyle in retirement.
Life insurance isn't one-size-fits-all. Just as your life evolves over time, so too should your insurance coverage. Whether you're starting your career, raising a family, or enjoying retirement, understanding how to tailor your life insurance policy to your current life stage is essential for ensuring adequate protection for you and your loved ones. Starting Out: Young Professionals As a young professional just starting out in your career, life insurance might not be at the top of your priority list. However, this is the ideal time to secure coverage, as premiums are typically lower when you're young and healthy. A term life insurance policy can provide affordable protection for your loved ones in the event of your untimely passing while also allowing flexibility to upgrade to permanent coverage later on. Growing Family: Parents and Homeowners For parents and homeowners, life insurance becomes even more crucial. You want to ensure your family is financially secure and able to maintain their standard of living if something were to happen to you. Consider a combination of term and permanent life insurance to cover immediate expenses, such as mortgage payments and childcare costs, as well as long-term financial needs like college tuition and inheritance planning. Midlife Milestones: Empty Nesters and Career Climbers As your children grow up and become financially independent, your insurance needs may shift. You might choose to adjust your coverage to reflect your changing financial obligations and goals. This could mean reducing coverage amounts or transitioning to a policy with cash value accumulation features, such as whole life insurance, to supplement retirement savings and leave a legacy for your heirs. Retirement: Golden Years and Legacy Planning In retirement, life insurance can still play a valuable role in your financial plan. While your need for income replacement may decrease, you may still want coverage to cover final expenses, estate taxes, or leave a financial legacy for your loved ones. An insurance policy with guaranteed death benefits, such as universal life insurance, can provide peace of mind and help protect your assets for future generations. Review and Adjust Regularly Regardless of your life stage, it's essential to review your life insurance coverage regularly to ensure it continues to meet your needs. Major life events, such as marriage, divorce, birth of a child, or career changes, may warrant updates to your policy. Working with a trusted life insurance broker can help you incorporate these changes into your long-term plans and make informed decisions about your coverage. Life insurance is a vital component of your financial plan at every stage of life. Meet with us now and regularly in the future so that we can help you evaluate and adjust your life insurance policy to ensure that it truly meets your needs.
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