MooneyOnMoney.com

Retirement Read Time: 3 min

Retirement Questions That Have Nothing to Do With Money

Preparing for retirement is not entirely financial.

Your degree of happiness in your "second act" may depend on some factors that don't come with an obvious price tag. Here are some non-monetary factors to consider as you prepare for your retirement.

What will you do with your time?

Too many people retire without any idea of what their retirement will look like. They leave work, and they cannot figure out what to do with themselves, so they grow restless. It's important to identify what you want your retirement to look like and what you see yourself doing. Maybe you love your career and can't imagine not working during your retirement. There's no hard and fast rule to your dream retirement, so it's important to be honest with yourself. A recent Employee Benefit Research Institute retirement confidence survey shows that 72% of workers expect to work for pay in retirement, whereas just 30% of retirees report that they've actually worked for pay.1

Having a clear vision for your retirement may help you align your financial goals. It's important to remember that your vision for retirement may change—like deciding you don't want to continue working after all.

Where will you live?

This is another factor in retirement happiness. If you can surround yourself with family members and friends whose company you enjoy, in a community where you can maintain old friendships and meet new people with similar interests or life experience, that may be a plus. If all this can occur in a walkable community with good mass transit and senior services, all the better.

How are you preparing to get around in your eighties and nineties?

The actuaries at Social Security project that the average life expectancy for men turning 65 is 84.1 years old, and the life expectancy for women turning 65 is 86.6 years. Some will live longer. Say you find yourself in that group. What kind of car would you want to drive at 85 or 90? At what age would you cease driving? Lastly, if you do stop driving, who would you count on to help you go where you want to go and get out in the world?2

How will you keep up your home?

At 45, you can tackle that bathroom remodel or backyard upgrade yourself. At 75, you will probably outsource projects of that sort, whether or not you stay in your current home. You may want to move out of a single-family home and into a townhome or condo for retirement. Regardless of the size of your retirement residence, you should expect to fund minor or major repairs, and you may need to find reliable and affordable sources for gardening or landscaping.

These are the non-financial retirement questions that no pre-retiree should dismiss. Think about them as you prepare and invest for the future.

1. Employee Benefit Research Institute, 2021
2. Social Security Administration, 2021

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Investing for Impact

Investing for Impact

Learn how to build a socially conscious investment portfolio and invest in your beliefs.

Leaving Your Lasting Legacy

Leaving Your Lasting Legacy

Want to do more with your wealth? You might want to consider creating a charitable foundation.

Recognizing the Challenges of Custodial Care

Recognizing the Challenges of Custodial Care

The goal for most, when planning for retirement, is to ensure financial independence and never run out of money.

 

Have A Question About This Topic?







Thank you! Oops!

The Pros and Cons of Banking Your Money

The Pros and Cons of Banking Your Money

3 Ways to Save Without Tax Deferral

Tax deferral versus tax-efficient vehicles like Roth 4019k)s, Roth IRAs and Life Insurance.

How to Jump-Start Your Financial Strategy for Retirement

Get on track to creating the retirement you want. Here are seven financial strategies to take now to help you.

View all articles

What Is My Risk Tolerance?

This questionnaire will help determine your tolerance for investment risk.

What Is My Current Net Worth?

Use this calculator to estimate your net worth by adding up your assets and subtracting your liabilities.

Comparing Investments

This calculator compares the net gain of a taxable investment versus a tax-favored one.

View all calculators

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

5 Smart Investing Principles

Principles that can help create a portfolio designed to pursue investment goals.

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

View all presentations

Dog Bites and Homeowners Insurance

Reviewing coverage options is just one thing responsible pet parents can do to help look out for their dogs.

The Why, What and How of Life Insurance

The Why, What and How of Life Insurance

When Markets React

When markets shift, experienced investors stick to their strategy.

View all videos