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Retirement Strategy: Planning Your Retirement Lifestyle Thumbnail

Retirement Strategy: Planning Your Retirement Lifestyle

Some retirees succeed at realizing the life they want; others don't. 

Deciding when to retire may be one of the most important decisions an individual makes during his or her lifetime. Although the retirement decision occurs late in life, it can significantly affect an individual's well-being for many years. While retiring can be a reward for years of hard work, it can also trigger stress, anxiety, and depression. These tips can help you cope with the challenges, find a new purpose, and thrive in your retirement.

Retire financially literate. 

Today, many consumers have little understanding of finances. Some retirees don't know how much they don't know. They end their careers with inadequate financial knowledge yet feel they can prepare for retirement on their own. Trends in the United States show that financial literacy among individuals is declining, with only 34% of respondents correctly answering at least four out of five questions posed by FINRA on the topic. They mistake creating a retirement income strategy with the whole of preparing for retirement, and they gloss over longevity risk, risks to their estate, and potential health care expenses. The more you know, the more your retirement readiness improves. 

Retire with purpose. 

There's a difference between retiring and quitting. Some people can't wait to quit their job at 62 or 65. If only they could escape and just relax and do nothing for a few years – wouldn't that be a nice reward? Relaxation can lead to inertia, however – and inertia can lead to restlessness, even depression. You want to retire to a dream, not away from a problem.

The bottom line? Retirees who know what they want to do – and go out and do it – are positively contributing to their mental health and possibly their physical health as well. To make the most of your retirement years be sure to prioritize what "PUSHES" you to age well. 

  1. Having a sense of Purpose.
  2. Uses time to work help others and go to events.
  3. Socializes with friends & family.   
  4. Practices Healthy behaviors.
  5. Experience gratitude.
  6. Focus on Strengths and abilities.

Retire Healthy and where you feel at home. 

Smoking, drinking, overeating, and a lack of physical activity – all of these can take a toll on your capacity to live life fully and enjoy retirement. It is never too late to change habits that may lead to poor health.  Also take time to understand where you feel the most at home. It could be where you live now; it could be a nearby place where the scenery and people are uplifting. If you find yourself lonely in retirement, then look for ways to connect with people who share your experiences, interests, and passions, those who encourage you and welcome you. This social interaction is one of the great, intangible retirement benefits.2

An abrupt break from the workplace may be unsettling. 

As a hypothetical example, imagine a well-paid finance manager at an auto dealership whose personal identity is closely tied to his job. His best friends are all at the dealership. He retires, and suddenly his friends and sense of purpose are absent. He finds that he has no compelling reason to leave the house, nothing to look forward to when he gets up in the morning. Guess what? He hates being retired.

On the other hand, if he redefined his identity  a person can find new ways of defining yourself through non-work-related activities and relationships. Where you were once an accountant, for example, you’re now a mentor, volunteer, docent, grandparent, student, create a memoir, or become an artist. If he broadens the scope of his social life so that he can see friends and family regularly and interact with both older and younger people in different settings, his retirement may also become more enjoyable. The interests and needs of a retiree can change with age or as they disengage from the working world. Retired households may need to adjust their lifestyles in response to this evolution.

Give yourself flexibility to figure it out.

You might think that you want to spend your retirement painting, cooking, and reading, but then find out that all that time spent at home doesn’t fulfill the lifestyle you dreamed about. After 30 years in the workplace, you finally have time to experiment with what you really want.1

There are many different ways you can spend your time. And fortunately, there’s no need to figure it all out right away. It will likely take a fair amount of experimenting to help you find just the right balance of how you want to spend your time. You can always increase social activities later or develop new hobbies if you want to stay busier.

The joy of retirement is that you’ll have plenty of opportunities to experiment. It’s up to you to design the type of day—and kind of life—that you want to live.

Work with an financial advisor

Working with a professional to create a plan now can reduce your anxiety over the long term. As you near retirement, your advisor can help you create a plan designed to generate income from your savings, including deciding when you should start taking Social Security benefits. Having a plan in place can also help you ride out unexpected events — such as market volatility — and help you avoid making sudden moves with your money that may undermine your long-term retirement goals.

Seek out advice, and don’t wait too long to do it. Contact us today if your understand a


  1. 1. https://www.verywellmind.com/tips-for-adjusting-to-retirement-4173709
  2. https://www.helpguide.org/articles/aging-issues/adjusting-to-retirement.htm

This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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