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Tips for a Happy Retirement

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Tuesday, September 15, 2020

If retirement is on your mind, then you might want to think about being happy. Retiring can have many effects, and relaxing isn’t the only thing you will be thinking about or have on your plate. Being happy is important. Without feeling happy or content, your life could be cut short or become a living nightmare. 

Research shows that complete retirement leads to several issues you may not have thought of. Between 5 and 16 percent of people who fully retired found an increase in difficulties associated with mobility and daily activities, and the same percentage found a rise in illness conditions. It isn’t just your physical health that is affected. A big issue at hand is mental health. 6-9 percent of permanently retired folks said they had a decline in their mental health once they had retired.  

So how do you stay happy once you hit retirement?

1. Eliminate debt

Not all debt is a bad thing. While this may be true, consumer debt for things like car loans, student loans, or credit cards isn’t a great plan, especially if you’re planning on retiring.

Spent money doesn’t magically reappear. Of course, the best way to free yourself of debt is to make sure to avoid it completely. Unfortunately, that’s not always an option. If you have debts and are on the road to retire, make a clear plan for getting out of debt, and stick to it. It will pay off later down the line.

2. Pay attention to your health

As mentioned, 5 -16 percent of folks who retire find they have mobility or health issues, so getting as healthy as early as possible is key. On top of the physical, you have mental health to concern you as well. [2] Studies show depression is the most prevalent mental health condition in the older population and a leading cause of disability. For many retired Americans it is beneficial to continue to engage in physical activity post-retirement. Keeping up social interactions or continuing to work part-time upon retirement has been shown to have very positive effects. The key is to keep busy, find things that you are passionate about or interest you. Given 2020 and the economic downturn, it’s important to note that some evidence suggests in the event of involuntary retirement, an even bigger impact is felt by the individual once they retire.

The good news is that just 19 percent of retirees believe that life is less enjoyable in retirement. In 2018, more than 80 percent of retirees said they had the same lifestyle as before, or better! 

No matter where or when you retire, make sure you are happy because without happiness you will have years ahead of not much fun, either mentally or physically.

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.

 

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 800-367-3000 Visit our website: www.davidlerner.com

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