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What makes a successful retirement? More than money!
Dr. Michael Finke is a researcher who speaks around the country about financial planning. His research shows there are three pillars to happiness in retirement:
- Money
- Health
- Relationships
Dr. Finke’s unique perspective argues that we ought to invest in each of them.
Money
Retirement is more than a money problem, but money helps. If you are saving for retirement, you are providing for your financial well-being. Setting aside money for the future is a sacrifice that pays later.
With the help of a financial planner, you can determine how much money you may need for medical expenses. You can forecast your income from Social Security, and from your investments. You can plan to reduce taxes with Roth conversions, or other plans as well.
All of these actions give you confidence and control, and these lead to better health.
Health
Dr. Finke makes the case that just as we are investing in our retirement portfolios, we ought to invest in our health as well. As many of us know, health can sometimes feel out of our control. Diseases, injuries, (a pandemic!) and more can quickly change things for the worse.
The good news is that we are in control of many of the factors that lead to good health. By eating well and exercising, we can increase our happiness. Plus, this can lead to saving money on medical bills. And, quite possibly the best yet, we can spend time with our friends, see hereafter. This can create a virtuous circle of well-being, financially, physically and relationally speaking.
Relationships
For many of us, one key to our long-term health is our relationship with our spouse. A healthy relationship can lead to a long and happy life! This makes common sense, and is something we have discussed for years at A&I Wealth Management.
Additionally, our relationships with other people in our community are important. Our friends become increasingly important to us as we age. We have noticed how it can be difficult to age at home, if we are aging alone, because we need socialization. Sometimes a person’s health deteriorates. In fact, sometimes health increases when an elderly person moves out of the home and into a senior living community!
Conclusion
As we age, we need three pillars for happiness: money, health and relationships. Our money can help determine our health, and the quality of socialization. Unfortunately, the opposite is not true. Just because we have good friends and family does not lead to greater financial outcomes: if only it were so easy!
As you think about your financial situation, talk with your wealth manager.
