There are so many sources of information that talk about the financial aspects of retirement. Of course, nothing could be more important than being financial secure when you retire. But what about psychic security? One of the most challenging pieces of the retirement puzzle is finding your true self, especially if you have spent decades working in a single profession. Making the transition from a career into a whole different way of life -- one that may not be centered around full-time work -- can be disruptive and even painful for the ill-prepared.
That's why I like the assessment provided by Michael Rubin in his article for The Balance, "4 Non-Financial Keys for a Happy Retirement." Rubin discusses these four elements in detail:
- Work - Rubin makes the point that work in retirement can be a gratifying experience if it is voluntary. He writes "studies have shown that people who voluntarily continue to work, even just part-time, past the age of 65 are happier than their full retired peers."
- Relationships - Moving on from work also means moving on from work-related relationships. Maintaining relationships in retirement is essential to avoid social isolation. Rubin indicates "recent studies have suggested that loneliness can result in higher risk of developing Alzheimer's and other dementia-related diseases."
- Keeping Busy - Filling time when there is no full-time job to go to can be daunting, but busy retirees are generally happier. "One study showed that the happiest retirees engage in three to four regular activities and the retirees with the busiest schedules tended to be the happiest," writes Rubin.
- Staying Active and Healthy - As Rubin notes, "in a recent study, having good health was outranked financial security as the most important ingredient for a happy retirement, but the two are more intertwined than you might think." One key point is that one's health in retirement directly relates to medical expenses, which can be significant for less healthy retirees.
Rubin's article puts retirement into perspective by emphasizing the non-financial aspects of a happy retirement. Food for thought.