Many people worry about whether they will have enough money to live in retirement. It can be difficult to determine exactly how much you need to save to live the retirement you desire. But money is not the only thing you need to retire well. Here are four things more essential to retirement than having lots of money.
[See: 10 Retirement Lifestyles Worth Trying.]
Your health. You can have all the money in the world, but you won’t be able to enjoy it if you don’t have your health. Health is often more important than money when it comes to a successful retirement. Your health determines whether you are able to live independently in retirement.
As you plan for your retirement, try to think of ways to create better health as you have more time. Exercise and eating healthy will obviously help, but also think of ways to improve your mental health. Keeping your mind sharp also contributes to a better lifestyle, so keep doing those Sudoku and crossword puzzles.
Plans for your free time. As you plan for your retirement, keep in mind that you will have more time on your hands. While that may sound appealing, remember that more time and freedom is only good if you know how to use it wisely. Too much free time could lead to boredom and depression. It’s important to think about how you will keep busy and what you are going to do with your time. Keeping busy does not have to be expensive. If you take on a part-time job in retirement, you might even get paid to stay busy and be around other people. Some retirees end up busier than they were before they stopped working. Retirement is not necessarily about slowing down.
[Read: 5 Tips for People Who Will Retire in 2017.]
A social network. Next to being bored, another great retirement risk is loneliness. Part of having a successful retirement is to make sure you have people to share it with. Your working years created a social network for you. When you retire, you have to create your own social network.
Before you retire, start to think about who you might spend your time with. Perhaps you will live close to your family and spend more time with your kids or grandchildren. You could also move to a community of seniors or other retirees with similar interests. Maybe you plan to travel or maintain a second home in a vacation destination. Where you live and spend time can have a significant impact on your social network.
Your lifestyle. There’s no question that having money is important to a successful retirement. The more money you have, the more choices you have. But as important as money is, many retirees live happy and successful lives without millions of dollars.
[See: 10 Financial Perks of Getting Older.]
The key to a successful retirement is making sure your money matches your lifestyle. If you want to travel 365 days a year, stay in fancy hotels and eat in expensive restaurants, you might need millions of dollars to retire. But you can lead a busy and active retirement and maintain a great social network without a lot of money. Instead of eating out, consider potluck dinners with friends. You might walk to the local McDonald’s to meet your coffee buddies to laugh and tell stories for a few hours, proud of the fact that you only spent $1.65 on coffee because there are free refills for seniors. If you maintain your health and keep busy with things you enjoy and people to share them with, you won’t need as much money to retire well.
Jim Yih is the founder of Retire Happy .
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4 Necessities of a Happy Retirement originally appeared on usnews.com
