Jan 27, 2023
Even if you love your career, you probably spend more time than you’d be willing to admit fantasizing about retirement.
And whether you’re diligent about your savings goals or feeling behind on them, preparing for retirement isn’t just a financial endeavor.
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Many retirees who’ve successfully made the transition to their post-working world share certain habits and strategies that help them live the good life today and plan for an equally great one tomorrow.
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These rituals and routines can lead to happiness in retirement. But more importantly, if you develop them early enough, you can elevate your quality of life at every stage of life.
Plan the work, work the plan
Happy retirees often spend much of their careers actively laying the financial groundwork for their retirements. Careful deliberation about investment strategies, diligent and regular savings and other planning helped position them for a relaxing and financially independent life.
It’s no surprise that many don’t just turn that switch off once they exit the workforce. That habit of planning and being prepared is forever useful, whether it’s remixing their portfolio and adjusting required minimum distributions or mapping the ideal European vacation.
This age-agnostic practice can also prove invaluable when health issues or other sudden changes arise that necessitate a backup plan.
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Check in on your money
Whether you’re 10 years from retirement or right on its doorstep, you might be tempted to put your assets on cruise control.
Many of today’s younger investors choose target-date mutual funds that act as a sort of autopilot portfolio, ramping down risk the closer they get to retirement. Similarly, many retirees choose strategies emphasizing conservative returns to protect their capital against market volatility.
Both moves have their merits, because they promote a meddle-free, risk-averse approach to savings.
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But young or old, it’s still prudent to keep a sharp eye on your investments and income flow, and to stay atop any government rule changes or other situations that could change how much you receive (along with any new taxes you may owe) in retirement.
A “set it and forget it” mindset may keep you in the market, but don’t completely check out.
Stay healthy and active
Hitting the gym regularly now? Great. Keep it up, because paying attention to your health now can pay off in retirement, quite literally.
While seniors can take advantage of fitness discounts, like the Silver Sneaker program and other breaks, staying fit can offer long-term security against increasingly steep medical and health expenses.
Emulating seniors and their active routines will help avoid some of the costly medical scenarios that contribute to the estimated $315,000 in medical expenses older Americans can expect to spend in retirement. Walking, strength training and regular mobility exercises are key to longevity, according to the Centers for Disease Control and Prevention.
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Learn new tricks
Picking up a hobby or learning a new skill is not only fun but keeps your mind sharp and actively engaged. The mental exercise and problem-solving required to learn guitar or take up painting is rewarding and can slow cognitive decline.
Consider doubling the benefit by combining exercise and continuous learning through things like tennis lessons or ballroom dancing.
Keep up your social network
Research shows retirees report higher levels of happiness when their social engagement increases, while similar studies found isolation has links to heart disease, stroke and dementia.
Loneliness can exacerbate inactivity and lead many older adults to pull back from the activities that made them vibrant in their earlier years, raising the risk for rapid health declines as we age.
Even before you retire, think about the ways you’ll find stimulation, purpose and community in your later years. You may want to join a club or get involved in volunteer work so that when your career ends, you already know what you’d like to fill your time.
And most importantly, maintain your connections with family and friends, which as the research shows, will keep you happy and reduce your stress. But you probably didn’t need Gallup to tell you that.
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Chris Clark is a Kansas City–based freelance journalist covering personal finance, housing and retirement. A former Associated Press editor and reporter, he writes plainspoken stories that help readers make smarter financial decisions.
