Subscribe now & never miss a blog or podcast
Successful retirement doesn't just happen. Getting the most out of your golden years takes lots of hard work, years of careful planning, and preparation for the emotional, physical, and financial changes you're going to go through once you stop working.
According to a recent study by the Employee Benefit Research Institute’s Retirement Security Research Center, affluent retirees are, on average, more satisfied than retirees with modest assets and folks who are just managing to get by. Now that probably doesn't sound like a very eye-opening conclusion. But what the EBRI found was that it wasn't really money that made affluent retirees feel better about retirement. It was three factors that I believe should be a cornerstone of any retirement plan, no matter how big your nest egg is.
The pandemic given us all a new perspective on our lives and our work. I think that’s a big reason why we’ve had a number of our clients at Keen Wealth ask us about early retirement scenarios this year. After a year of locking down, missing friends and family, working from home, and in far too many cases, losing loved ones, folks want more than just financial security. They want to use their assets to live their best lives for as long as they can.
In my nearly thirty years of helping folks manage the retirement transition, I've seen how prudent financial planning and attentive self-care can make your golden years one of the most fulfilling chapters of your life.
Working in some capacity is becoming a regular part of retirement for more and more seniors. But when you're no longer relying on a job to pay your bills or support your family, the meaning of work can take on an entirely different dimension. Transitioning to an encore career can let you make your values and your personal goals a cornerstone of your retirement life. And even if you are comfortable with the size of your nest egg, a little extra padding never hurts!
When we set our monthly budgets or make a long-term plan for retirement, it's common to separate line items into three categories: needs, wants, and wishes. Then, we do the sensible thing and prioritize our needs. Once the mortgage, car payments, utilities, and grocery bills are covered, we move on to deciding if we can schedule a date night at that new restaurant. Maybe a weekend getaway will have to wait until next month.