What to do to achieve happy and successful retirement?
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- Опубліковано 28 чер 2024
- How to achieve happy and successful retirement?
If you google this term, you will get lots of pages with tremendous amount of advice, but if you read several different articles the main points are very similar, and usually in this order:
Be financially ready and well prepared for your retirement - most articles state this as number 1, meaning most likely one of the most important tasks for you.
And the best time to start your financial preparation is before you retire, however if you had no time to do that, there is no better time like the present.
Make the change to retirement slowly - for a lot of people the change from full-time employment to no work and full-time retirement could be too much of the shock to the system.
It often equals with the feeling of the loss of identity, loss of purpose or loss of having any impact or meaning in life.
A slow change might be a very good solution for many, either easing from full-time to part-time work or alternatively taking a long service leave to find out if you are really ready to retire, to find new interests, hobbies, activities or social connections.
Look after your health - including your annual medical checks.
Eat well and regularly.
Stay physically active.
Exercise your mind - challenge yourself mentally, learn to play a new instrument, study a new language, do the regular puzzles, get new qualifications.
From what I can observe though, sadly those obvious tasks are often the ones that don’t get done on regular basis, although they are essential ingredients of happy, healthy and long-lasting retirement.
Develop a routine - this is exactly what can help you with previous steps that should be non-negotiable.
Introducing a routine into your life, automatically introduces a structure of your days, which in turn can also give you a sense of accomplishment.
It can also improve your finances, as all your future major financial expenditure has been pre-planned with full understanding of cost and affordability.
Stay socially involved - join a club that shares your interests, it could be a walking club for example. Many of you know that I love hiking and I will often disappear into the mountains on my own, but I am also a member of a walking club.
and I can see firsthand what participation in such a club means for the members. I know lots of ladies well over the age of 80, who are still actively walking on a weekly basis with other members.
And what I found is that they not only stay physically but also mentally healthy, often with an incredible sense of humour, almost cheeky, funny, mentally and emotionally young and very interesting people.
So believe me, I will stick with my walking club for many years, if for no other reason to egoistically stay young as long as I possibly can.
But as much as I would like to keep this video on a happy note, unfortunately our “retirement preparedness is at “10-year low” says Investment Trends research.
This surprised me a little, as every day I speak with many people who are either just before the big change, or just stepped into this retirement and now are desperately trying to find the best way to financially be ready for this big lifestyle change.
The research found that almost half of retirees are reluctant to use superannuation savings as pension products, worrying that they will run out of money in their lifetime.
Only 37% of retirees feel prepared for retirement, while the rest 63% are unprepared. This is a 10-year low.
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What is your "secret sauce" to a happy, successful and long-lasting retirement?
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My Husband and I both spent same number of years in the civil service, he invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Thank you for your short videos. It's a great service your providing. Very professional too.
Thank you Anthony, really appreciate it 😀
I think it is important to volunteer and give-back into the community. I know too many people who have retired and then passed away within 2-3 years almost seemingly due to the lack of will to keep going. A friend retired and she went into a volunteer role which ironically turned into a new part time job - it cleanses the soul, and stokes the bank account.
100% agree with you Roger, and we constantly need new volunteers. Like you said - good for your soul, good for keeping finances intact, but also great for social life and creating friendships.
I am 68 and my husband is 67 so we are already retired. I think planning early, having a financial planning & accounting team who we trust and having our mortgage paid off before retirement are the key ingredients to our successful retirement. Also, knowing the difference between wants and needs helps make the adjustment to a smaller income much easier.
wow, exactly my thinking, thank you 😀
You need to get a financial planner or expert on investments to aid diversify your portfolio to commodities index funds, digital assets etc, to provide illumination and guidance in the financial markets.
indeed, most people downplay the roles of financial planners until burnt by there mistakes. Productivity is optimized and keeping up to date strategies and analysis makes it more lucrative. I've been able to navigate the volatilities and scaled up 880k from 220k with professional guidance.
Honestly this cannot be overemphasized, helping people mitigate unforseen circumstances and mistakes, who do you work with?
CHRIS RYAN STEWART
Chris Ryan Stewart is the CFP responsible for my portfolio success, the man has a private client base you can confirm him yourself on the internet, regulation an all.
impressive, I'll definitely check it out, I buy the idea of employing the services of a financial advisor because finding that balance between saving and living requires counsel. How can one reach out?
Great discussion.
Make sure you and your partner are planning the same type of retirement.
Some of our friends have split because one person saw retirement as looking after grandchildren and the other person saw retirement as traveling Australia in the caravan.
But mostly for ladies, I’d say always plan for your own financial independence during your working life and retirement.
A man is not a financial plan!
Very smart words of advice, thank you so very much Joanne 🙂
Thanks for the videos.
We "retired" at about 60 and are living off savings until pension age.
I'm 63 and just starting to look at it all now in preparation for when we get to 67.
Not something I really want to have to do as getting up each day and not having to think about work/finances, or much of anything else, is delightful but I guess it needs to be done.
Cheers.
Yes, it does sound delightful 😀
Hi Katherine, I have only just retired but I will answer your question anyway. I expect that I will be happy in my retirement because I have started retirement by thinking about why I wanted to leave the workforce. I was employed as a correctional officer in a Queensland government jail. I did not like ordering prisoners to do as the system required. I did not like working in an environment of violence and drugs and manipulation. What I did like was being involved in helping people. So in retirement I want to help people, I want to help provide solutions that do not involve violence or drugs and are constructive and positive influences. I want to spend my time in positive environments where I contribute to the happiness of others, and in doing so I think that I will find happiness for myself as well. My job helped me to know what I liked and didn't like about the world so I already had a focus on what to do with myself that would move me toward a different version of the world that I would be happier living in.
That is just beautiful, what a great plan and I do wish you all the best in your exceptional plans for👏 retirement
Love this video. Thank you so much.
I am 66 and have not worked for some years. I am very much enjoying my time with my grandchildren (22, 4 & 6 months) especially since my husband was kind enough to leave me 2 years ago. I just wish he would agree to settle our finances so I can get my retirement funded for the future. 🙂
Sorry to hear about your marriage, but I am hoping a special time with your grandchildren gives lots of joy 🙂
I have my retirement planned. At least for 2 years I will continue to work 2 days per week and be a stand in for staff who are away. Then my next plan is to bike ride and share/option trade. I have many more things on my plate as well so I will not be bored. 43 thumbs up.
Hi, with every comment that you are leaving on my channel, I am slowly getting to know you, and from what I can gather, I am certain that you will have lots of acitivites and interest in retirement, which will make it exciting and hopefully very successful. All the best 🙂
Thank you for the video. I have not yet retired but have gone PT in a different industry to have a new experience. Over the next year or two My wife and I plan to volunteer pt and this can replace our "paid" jobs.
Hi rob, that sounds like a great plan to me. 👏
My work collegue received some advice that I'd love your opinion on. She and her husband are 64, own their home and plan to retire at the end of the year with about $750K in super and cash. The advice she got was that they should keep money enough for living expenses from now until pension age, and spend the rest holidaying around the world, making sure to leave only $451K in super by 67. The logic was that the return on the remaining $451K, plus full government aged pension (which she thinks they'll qualify for) is then maximised and their income would be around $70K p.a. which is enough for them. Can that possibly be correct? Sounds scary to me.
This is an excellent case of how different decisions will end as a successful retirement or no. Rather then give you a short answer, I thought I would prepare a full video as a great case study. Not only more people can benefit, but I think it will be a comprehensive answer. Just watch my next week video. 🙂
That would be great. Thanks so much. I think you're right and a lot of people may benefit.@@AboutRetirementTV
Hi Katherine and thank you so much. I just watched your new video and sent a link to my work colleague. I'm sure she and her husband will find it extremely helpful. @@AboutRetirementTV
@sentfromgeemail302 I certainly hope so 😉