Thriving in Your Golden Years: 3 Essential Strategies
By Jeremy Reif, CRPS®, Financial Advisor and Owner of Point Wealth Management
We work so hard to get to that incredible retirement milestone we have dreamed about for years. But once we get there, then what? There’s no doubt it’s important to plan for the financial aspect of retirement, but we can’t stop there. If you want your retirement to live up to your dreams, you need to plan for what happens when you actually cross the retirement finish line. Here are some ways to help you live well in retirement, whatever that looks like for you.
Keep Working
Okay, this may seem like an odd idea in an article about retirement, but many of us love our jobs and would like to keep working in some capacity. Or, if you’ve already retired and find that you miss the regular paycheck or the challenge and sense of purpose your job brought, going back to work might be enticing. In fact, 30% of retirees admitted they would gladly re-enter the workforce if a job became available.[1]
And with our current economic environment, the odds of finding work in retirement are in your favor. With record low unemployment numbers and more Americans leaving the workforce than entering it, job vacancies currently outnumber job applicants.[2] Plus, the skill and experience you bring to the table is a definite asset. Minimum wages are climbing and businesses may rather pay someone who has plenty to bring to the table than train up a young person from scratch.[3]
As you draw closer to the end of your official working years, put some thought into a second career. Is there a hobby that you can turn into a business? How about a job that you’ve always wanted to try your hand at? Talk to your employer about part-time or contract work or network with others in your industry to see what opportunities may be available.
Develop Healthy Habits
No one wants to get to retirement and not be able to enjoy these years because of negative lifestyle habits that affect their health. Circulation, a journal of the American Health Association, recently reported that about 60% of early deaths can be associated with detrimental habits,[4] such as smoking, not exercising, an unhealthy diet, or too much alcohol consumption.
There may not be a way to prevent illnesses and old age from catching up with us, but you can be proactive and start taking care of your health earlier in life. Make sure you’re eating a nutrient-dense diet, building physical activity into your daily routine, managing stress, and getting enough sleep every night. Don’t forget to get regular health checkups and physicals to help you detect problems early and improve your chances of living a healthier life.
Give Back
Have you ever wanted to give your time to certain activities or organizations but couldn’t find the room in your schedule to make it happen? Retirement is the ideal time to reevaluate those desires and make a plan to follow through. When your working years suddenly end and you are left wondering what your purpose is, committing yourself to volunteer work gives your days meaning.
A BMO study on retirement planning reveals that retirees who stayed busy and active, pursued independence, and volunteered their time were satisfied with their life.[5] One study of retirees even found that those who volunteered 200 hours a year were less likely to develop high blood pressure.[6] The takeaway here is to be intentional about your time in retirement. Make a list of things you want to do, places you want to go, and people you want to spend time with, then strategically map out the details so your goals become a reality.
Pursue Your Ideal Retirement
Whatever you want your retirement to look like, you need someone to help you get there. Our goal at Point Wealth Management is to help you live well now and when you retire. If you need help taking steps to plan for a thriving retirement, we can point you in the right direction. Schedule a call and meet me virtually to get started today!
[1] https://www.cnbc.com/2014/08/21/retirees-go-back-to-work.html
[2] https://hbr.org/2019/09/the-case-for-hiring-older-workers
[3]https://www.investors.com/etfs-and-funds/personal-finance/retirement-concerns-why-you-should-never-retire/
[4] https://www.ahajournals.org/doi/full/10.1161/CIRCULATIONAHA.117.032047
[5]https://commercial.bmoharris.com/resource/wealth-management/whats-your-retirement-game-plan/
[6] http://psycnet.apa.org/journals/pag/28/2/578/?_ga=1.177767717.1281536077.1488342343