Pressmaster/Shutterstock Do you know what it will take to retire successfully? If you said, “a whole lot of money,” you have only part of the picture. According to a Wells Fargo survey, those who have $250,000 or more in investable assets were confident in their retirement. However, non-financial factors are key to a happy retirement, too. Consider these three.
Don’t Retire From Something; Move Toward Something New
If you retire from something, a lack of purpose or direction may quickly leave you bored, anxious or even depressed. Make sure you retire to something that is fulfilling and gives you a reason to wake up excited every morning.
While it certainly is nice to have the option of just relaxing on the porch from time to time, most people want to continue being useful or helpful in some way. Consider retiring to part-time work as a freelancer or consultant on projects that interest you. This will keep you engaged and provide extra income that can supplement your nest egg.
Take Care of Your Physical and Mental Health
A happy retirement allows you to continue learning, growing and experiencing new things. By doing so, you’ll keep yourself healthy in a variety of ways. Continue to care for your physical health by going on daily walks, biking if you love to ride or taking a class at a local gym or studio.
You’ll maintain your happiness if keep moving, both physically and mentally. Pursue one of your passions, monetize one of your hobbies or find new adventures to take part in. Even if you’re not working for a paycheck anymore, you will benefit from the satisfaction that comes with achieving something you set out to get done.
Cultivate Relationships With Old Friends and New
While your career may have provided you with a built-in set of friends, retirement is an opportunity to meet people who are like-minded or share your interests. Join in community activities or clubs. Contact your loved ones often. Volunteer your time and energy with causes you care about and find ways to give back.
A happy retirement is much more than simply having lots of money saved.
Sophia Bera is a certified financial planner and the founder of Gen Y Planning. Follow her on Twitter @sophiabera.