How to Succeed in Retirement


A successful retirement is so much more than just having enough money to live on.  As financial planners, we often focus on the financial aspect of retirement. The social, emotional, and physical health side of retirement are just as important as having proper funds. In fact, you won’t really know how much money you need in retirement until you know how much you want to do. I will discuss several common retirement goals and how to prepare for success.

It’s important to establish relationships outside of work, regardless if you’re still working or already retired. Your church or local community often has opportunities to connect and build relationships through meaningful activities. When you do retire your children will likely be off on their own with their own children too. Re-integrating with them on a regular basis, like watching grandchildren, is a great way to fulfill your social and emotional needs.

Pursuing further education is also a great way to add gratification to your retirement. You may never earn a dollar from that degree, but if you plan properly, you won’t need to either. Knowledge is a never-ending pursuit and can be valuable solely to expand your understanding and hone your talents. You can establish a 529 plan and make contributions for yourself and may even qualify for a state tax deduction. When you finish your education, you can switch the beneficiary to a grandchild or family member with no adverse consequences. The lifetime learning credit may also be available to you to help ease the costs through federal tax credits.

Another way to achieve success in retirement is to start thinking about distributing your estate through donations. Charitable giving is one the best tools for  sustaining  happiness. Depending on your age, your charitable strategies can range from Donor-advised funds, Qualified Charitable Distributions or even charitable trusts. You can donate to charities, gift appreciated assets to your family members, or even just spend time volunteering and adding goodwill to the world. 

For some, retirement doesn’t have to mean not working. If there is work you enjoy and you can earn an income while doing it, then why not pursue your own business or consider consulting? If you find fulfillment in doing work, then that’s what you should be doing. Here is a quick piece on the considerations of consulting in retirement as well as the available retirement plans if you want to know more.

Once you retire, the possibilities are endless. For every option you have in retirement, there may be a step you can take today to better prepare for that goal.  This can be both daunting and exciting. For more advice tailored to your personal retirement goals, contact your relationship manager or connect with us via LinkedIn.


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendation for any individual.  All data and information is gathered from accurate sources but is not warranted to be correct, complete or accurate.          


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