5 Secrets To A Fulfilling Retirement

Many older folks preparing for retirement are only worried about money.

The reality is yes, having money for your retirement can help you have an enjoyable retirement, but most retirees need many other things to have true joy in retirement. Most importantly, money does not buy good health or meaningful relationships.

Consider these 5 secrets to have the fulfilling retirement you have always dreamed of:

1. Money Is Not The End All Be All.

Many people believe when they are transitioning into retirement, they need a substantial amount of money to have a safe retirement. You do not need large sums of money to have a satisfying retirement. You just need enough. In fact, with the proper use of the Retire Safety First Approach you may have enough with less. Making sure you have enough to pay your monthly bills in retirement is more important than your overall net worth.

Most retirees think they need the same income they had when they were working their day job, but this may not be true. You will no longer be commuting to work, saving for retirement, your taxes could end up being lower, and your house may be nearly paid off.

The most common fear for those preparing for retirement is running out of money. While a family crisis or medical bill can harm your retirement, you should focus on the simple principal of don’t spend what you don’t have. If you want to maintain your lifestyle in retirement, make sure your budget matches your lifestyle.

Never forget that a happy retirement does not just mean lavish vacations. While lavish vacations are nice, it is important to cherish the small things. Be it enjoying your coffee without having anywhere to be, having dinner with your loved ones, walking your dog, or spending time with your kids and grandkids: these are the moments that lead to a joyful retirement.

2. Stay Social.

People who live in isolation typically do not live as long or as happily as those who prioritize staying social. According to the Mayo Clinic, the benefits of being with other people are incredible. Adults with strong social support from family and friends have a reduced risk of many significant health problems, including depression and high blood pressure. Retirees with an abundant social life tend to live longer than those who are more isolated.

If you decide to move to a new area when you retire, you should visit a handful of times so you have an idea of what the area is truly like, meet people to see if you can develop any friendships and then make your decision on where you will spend your golden years.

3. Prioritize Your Health.

Health is a huge part of maintaining your retirement. It will affect your quality of life and how long you will be able to remain active. You cannot control your genetics, but you can work to make sure your health remains a top priority.

Finding an active hobby that you like is a great tool to maintain your health. Golfing, biking, playing tennis, or walking will not only keep you active, but also bring you enjoyment. Overall, any exercise is better than none.

If you plan on moving to a new area when you retire, check out your local hospitals and other nearby health facilities so you can remain confident in your care. If you have a preexisting condition, make sure you do your research so you can remain confident in the local specialists you would be visiting on a regular basis.

With your health and wellness in mind, try not to put off doing things that you have always wanted to do. If you are healthy and can afford it, then you should prioritize it. Now is the time to do more of what you love with the people you love.

One of the most important decisions you will make while transitioning into retirement is making sure you have proper health coverage. At age 65 you will be eligible for Medicare. Having the right Medicare plan can make all the difference and can help you save thousands of dollars.

4. Create And Maintain Goals.

You have been making and accomplishing your goals for your whole life, like getting an education, a promotion, or starting a family. Retirement should be no different. By setting goals, you create direction in your retirement. You will challenge and push yourself out of your comfort zone, which can lead to great satisfaction in retirement. Learning to set new goals throughout your retirement can help you remain happy and active.

If you are married, setting goals as a couple can bring a new form of bonding. Many couples who work their whole lives keep their goals separate but now you can set and accomplish goals together. The sense of pride and accomplishment will bring the two of you closer together and lead to a more enjoyable retirement.

5. Find Your Purpose.

In addition to creating and maintaining goals in retirement, if you want to have a fulfilling retirement you may need to find your purpose. In the first year of your new life, most retirees are satisfied doing all the things they did not have time to do. However, after this first-year, retirees often find themselves bored and question why they even retired.

In the past, elders matured into different roles for their families and society. Elders typically became leaders or mentors to those around them. Unfortunately, that is no longer the case in modern society, instead you must find your purpose. This will look different for everyone and could include you going back to work in part time or in a consulting role, running for your local town council, volunteering your time for those in need or helping raise grandchildren.

At Retire Safety First, we understand the fears and uncertainties you have when you are preparing for retirement. If you apply these 5 secrets with The Retire Safety First Approach, you are on the right path to having the fulfilling retirement you always imagined.

To learn about The Retire Safety First Approach please contact us.

Or call us today at 860-757-3644 for your complimentary consultation!

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide peace of mind for retirement.

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Consumer Prices Remain High In October

By Bret Laporte • November 11, 2022

The consumer price index increased 0.4% for the month and is up 7.7 percent from a year ago according to the Bureau of Labor Statistics. While price increases are still rapid and painful for many households, they are finally beginning to show signs of progress. The inflation index picked up by 7.7 percent in the year through October*, less than the 7.9 percent that some analysts had expected. Even with this positive news, inflation remains well above the Fed’s 2% target and several areas of the report show that the cost of living remains high. Shelter costs, which make up about one-third of the CPI, rose 0.8% for the month, the largest monthly increase since 1990, and up 6.9% from a year ago, their highest annual level since 1982*. Also, fuel oil prices jumped 19.8% higher for the month and are up 68.5% over the past 12 months*. “One month of data does not a victory make, and I think it’s really important to be thoughtful that this is just one piece of positive information, but we’re looking at a whole set of information,” San Francisco Fed President Mary Daly said in response to the CPI data. _ Depending on how you prepare, retirement can be the most rewarding or stressful time of your life. To answer some of your questions about inflation and retire on your terms, Contact us or Call 860-757-3644 for a complimentary consultation. At Retire Safety First we believe you have a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide peace of mind for retirement. *All Statistics provided by the Bureau of Labor Statistics

Consumer Prices Rise In September

October 14, 2022

New inflation data released on Thursday showed that consumer prices climbed far more quickly than expected with a rise of .4% in September (according to the Bureau of Labor Statistics) as inflation pressures continue to weigh on retirees and the economy at large. The food index alone rose 0.8% for the month and is up 11.2% from a year ago. That increase helped offset a 2.1% decline in energy prices that included a 4.9% drop in gasoline. Energy prices have moved higher in October, with the price of regular gasoline at the pump nearly 20 cents higher than a month ago, according to AAA.

The Social Security cost-of-living adjustment will be 8.7% in 2023

October 14, 2022

The Social Security Administration announced that cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years. The average Social Security retiree benefit will increase $146 per month from $1,681 in to $1,827 in 2023. However, with inflation continuing to rise at dangerous levels, it is important to be aware of the possibility that these cost-of-living adjustments may not be enough to maintain your lifestyle throughout retirement.

2023 Medicare Premium Changes

By Bret Laporte • October 5, 2022

The Centers for Medicare & Medicaid Services announced that 2023 monthly Part B premiums will decrease to $164.90 from $170.10. This change represents the second time in the past two decades that Part B premiums will decrease from the prior year. Pair that decrease with the expected 8.7% increase in Social Security’s annual cost-of-living adjustment (COLA), many retirees could see a substantial increase in their monthly Social Security checks in 2023.

The Incredible Benefits Of Spending Time With Your Grandchildren

January 13, 2022

Now that you are transitioning into retirement, you are free to do more of what you love with the people you love. Creating memories with your grandchildren will be something each of you cherish and hold on to. Did you know two out of three grandparents think being a grandparent is the most important and satisfying thing in their lives? Here are some of the incredible benefits of spending time with your grandchildren: 1. Increase Happiness For Everyone A close relationship between grandparents and grandchildren has shown to decrease symptoms of depression for both generations. Grandparents in the study were found to be less depressed when they received or gave tangible help to their grandchildren. Anything from rides to school, advice on life, or helping financially were contributors to lessened depressive symptoms found in older adults. Children with a high level of positive grandparental involvement have shown fewer emotional and behavioral problems and are seen to be more secure and significantly happier. 2. Sharing Family History Grandparents have incredible insight to family history. Teaching your grandchildren about where they come from, and the struggles and successes of the family helps grandchildren better understand their unique history. Grandparents may have family heirlooms to pass down, like photo albums and family recipes that grandchildren would greatly value. Grandparents who share their fondest stories can keep their memories alive. Every family is unique in its makeup and journey. Grandparents can unlock their history and make it a part of the present for younger generations. 3. Keeps You Socially And Physically Active Playing with grandchildren can be a fun and rewarding way to remain physically active. Whether you’re playing a game of catch, walking around the shopping mall, or taking a relaxing walk around the park, the exercise and memories created are great for each of you. Taking your grandchild out could provide opportunities for meeting other adults, and grandparents. This social interaction can help you find and grow your social circle throughout retirement. 4. Becoming A Role Model As retiree’s age, they can struggle to find purpose. Becoming a role model to your grandchildren is one of the most fulfilling and loving things you can do. You’ll be able to share all your life experiences to help teach a new generation. Afterall, now is the time to do more of what you love with the people you love.