VIDEO: 6 Secrets to Prepare for a Happier Retirement

VIDEO: 6 Secrets to Prepare for a Happier Retirement

By Joe Dowdall, CFP®, RICP®, CRPC®, CCFC 

Most people have been dreaming about retirement their entire career. To be able to have more free time, travel the world, spend time with family, or pick up a new hobby is what your golden years are all about. But what does a satisfying retirement look like for you? Check out this quick video where I share 6 secrets to achieving a happier retirement.

Transcript

Introduction to Holistic Retirement Planning

Hi, my name is Joe Dowdall, and I am a financial planner at Worth Asset Management, where we create customized financial plans. I work specifically with people who are nearing, planning for, or in retirement. Today I wanted to talk about the six secrets, I’ll call them, of a happier retirement.

The Power of Purpose in Retirement

So these are the things that I’ve seen through my career, which fortunately, I’ve been able to help literally hundreds of people transition from not being retired into and through retirement. And today I’m recording from outside, I thought this would be a good place to record this video. Hopefully, it shows, you know, there are things more important than money. And of my six items, my six secrets to happier retirement, none of it has to do with money. The first secret is finding a purpose. Finding a purpose or having something to do every day has actually been shown to lead people to greater health, be happier, and believe it or not, you live a longer life if you feel like you have a purpose. So whether that purpose, for my clients in some cases, that’s charity, church, it might be spoiling grandkids, golfing, it could be any of those items. But those clients that feel like they have something to do and a purpose every day are much happier by far.

Gaining Perspective: Understanding What Matters Most

The second secret to a happier retirement is perspective or understanding what’s really important to you. And again, everyone’s retirement is a little bit different and these are different for my clients, but focusing on the things that you do have, not what you don’t have. So maybe your retirement lifestyle is not exactly what you thought it would be. You’re not cruising the Mediterranean in your, you know, 500-foot yacht, but if you focus on what you do have and whether that’s your health, your family, those relationships, those people tend to be happier, not only in retirement but in life in general.

Prioritizing Health for a Better Retirement

The third secret to a happier retirement is focusing on health. And I actually believe this starts well before you retire. But once you’re retired, focusing on keeping your strength, your balance, you know, being physically active as much as you can tends to lead people to be happier. Another item where health really comes into play is whether or not you will need long-term care. So considering long-term care as part of your retirement plan and how you will fund it if you need it. Some people choose to self-insure, pay for that cost out of pocket. Other people choose to buy the insurance. But focusing on your health, both cognitive health as well as physical health will lead to a happier retirement.

Embracing Phased Retirement

The fourth secret to a happier retirement is to consider a phased retirement. So again, in my practice, I’ve seen lots of people work through the phases of retirement and for sure it’s an easier approach or path if you can phase that retirement. So instead of working 40 hours a week for 40 years and then stopping completely, perhaps you have the opportunity to consult, work part-time, maybe take a passion-driven job, volunteer, do something to keep yourself busy. That’ll not only help you with that purpose, but it should also help you on the social side, which working provides a lot of social outlet interaction with other people, etc.

Maintaining and Forming New Social Connections

So secret number four is a phased retirement. Secret number five to a happier retirement is making new friends and keeping the old ones. In fact, a recent study by the University of Pennsylvania showed that those people between 70 and 95 who make new friends actually have better cognitive abilities later in life. So making new friends and keeping the old ones can help you with your mental functions as you get older. Easier said than done, of course, but picking up new hobbies, perhaps pickleball, perhaps scrapbooking, whatever it may be, doing those things, keeping yourself busy leads to greater opportunity for more social connection, which again is certainly a secret to a happier life and a happier retirement.

Strategic Financial Planning for Retirement

Secret number six to a happier retirement, don’t kill me, but have a plan. As a financial planner, former Boy Scout, to me, planning is of the utmost importance. Now, of course, you won’t know everything ahead of time. There are going to be monkey wrenches thrown into the path, but having a plan will give you a greater degree of confidence heading into retirement and it will allow you to adjust more evenly to any of those issues that may pop up. So have a plan. Now, that’s where I come in. So as a financial planner who works specifically with people who are nearing, planning for, or in retirement, I can help with that. But if not me, make your own. Find somebody out there who you trust, who you feel confident has your best interest in min,d and create a plan. As you approach retirement, you may be looking at your financial statements, your account balances in your 401k, etc. And those to me are just numbers on a paper. What they represent is years and years of sacrifice, you know, blood, sweat, and tears going without to put you in a position so that you can have the retirement that you want. Where again, I can help is to help you create that plan, identify where you’re at today, help you make good decisions along the way. If you’d like to visit, we can chat for 10 or 15 minutes. There’s no cost or obligation to you. Simply an opportunity to talk a little bit about what you’re looking to accomplish. If I can help you, great. I’ll tell you that. And if not, that’s OK. We shake hands. I’ll send you on your way. No hard feelings. If you’d like to reach out, you can contact me through email or my phone number below. Otherwise, I hope these six secrets of a happier retirement help you. And again, if you’d like to visit, just reach out. Thanks. Have a great day.

Bonus Secret: Enjoy the Companionship of Pets

Well, here is a bonus secret to a happier retirement, of course, share them with your best friends. So this this is Gypsy and Lucy. So they are, of course, I’m not retired, but they do help me every day. Have a happier day. So if you have pets, enjoy them.