Jul 9th, 2012 | By | Category: Senior Moments Blog

What is Retirement Success?

Definitions of successful retirement abound.  There are as many formulae for successful retirement as there are retirees.  Finding yours, however, may require intense and deliberate determination.  One does not fall into a happy or successful or fulfilling retirement just because one has reached that magic age for retiring.

For those who are identified as seniors, that age varies.  For some, it can be as early as 55.  Why, I have even known some who have maneuvered their retirement in their 40’s.  That leaves a lot of time for imaginatively and creatively identifying ways to invest time and interests.  For many, retirement is tied to the age of 65/66, when Social Security and Medicare benefits are scheduled to kick in.  Some slip it in earlier, say around 62, but must adjust their income expectations accordingly.

Achieving successful retirement is not just a timing related issue.  There are a variety of considerations that come into play.

Considerations for Success in Retirement

Having recognized that retirement looms out there, preparations need to be set in place for that eventuality:

  • Saving and setting aside resources is a critically important decision.  It is not likely that income dependent only on social security and little else will get you over the hump of the expenses of retiring and no longer being employed with a pay check.
  • Choosing where you will live, whether you will continue to have a mortgage or decide to forgo that for a smaller accommodation e.g. an apartment or condo.  Reducing your expenses may be something you will want to consider.
  • If you presently own and drive two cars, ridding yourself of that overhead may be a consideration.  If the demands on your relationship are such that having two cars is important, then you will need to agree to all that that implies.
  • Deciding what your major interests are, and meeting them, requires careful evaluation of your mutual interests, meeting the expenses involved and addressing health issues.  If travel is part of your plan, you will need to identify what is required on your part (finances,health,destinations,etc) so you know if your desires are realistic or not.
  • Having adequate insurance to meet medical costs as you grow older will also be an important priority.
  • Protecting your nest egg so that surprises and unexpected expenses can be met when and if necessary.
  • Establishing an annual budget which will enable your life style to be similar to that you have enjoyed previously will be another factor in successful retirement.
  • Choosing activities which reduce the prospect of boredom and allows for an interesting use of your time.
  • Continuing physical, recreational, intellectual involvement will be a must for seniors in order to stay at the ready to enjoy the days ahead.

Your own list of time and interest investment will come up with additional considerations for your having and enjoying a successful retirement.  One more thing:  Keep affection and consideration for others in your life.  That will nurture and insure your having a beautiful retirement.

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