Ask people “what does it mean to be ready for retirement?” and most will respond with an answer primarily related to money. While adequate wealth is an important factor for a successful retirement, there are two other key areas as well: health and happiness.
We all understand the importance of health and aspiring to a healthy lifestyle—a good diet, exercise, plenty of sleep, etc. And health status is certainly tied to retirement savings, as health-related expenses typically increase as we age. In fact, healthcare expenses may become the largest part of an older retiree’s spending plan.
But related to health and wealth is a third key factor: happiness. In retirement, happiness defines how we spend our time as retirees. For many people, there is a mental/emotional shift from achieving success (think back to your early working years) to significance. You may hear this expressed along the lines of “I want to do something that makes a difference in my community,” or “I want to leave a legacy for my family.”
At Integrity Financial Planning, our mission is to help people age 50 and up to maximize their retirement readiness along the lines of health, wealth and happiness.