Stay engaged and healthy (if you can).
He also says they “eat well, sleep soundly, play often, exercise at least three times a week and maintain strong social connections.” In fact, a survey by Age Wave and Merrill Lynch of 3,300 pre-retirees and retirees said “good health” as the No. 1 key to happiness in retirement.
What you should aim for when you get up in the morning in retirement is to start your day in a refreshing way. The easiest method for that matter is to go for a light morning stroll. While doing so, you can also work out a bit along the way, just to keep your body in good shape.
41-45 years old is the optimum retirement age range because you've put in your dues and still have enough energy to do something new.
Perhaps you have recently retired, and suffered loss of social contacts. Or a partner may have ended your relationship, leaving you feeling stranded, alone and bored. You may find yourself oscillating between lethargy and anxiety. Your mind may go round and round in a negative cycle.
A four-phase model for retirement consists of pre-retirement (age 50 to 62 or so), the early period of retirement (age 62 to 70), middle retirement (age 70 to 80), and late retirement (80 and up).
Financial planners and other advisors sometimes divide retirement into three basic phases: an early, active phase when retirees may travel widely or embark on other adventures they had to put off during their career years, a more settled and somewhat less active phase, and a third phase in which the effects of aging ...
Once you retire, you will not have your regular source of income. You need to plan beforehand on how to take care of your expenses post-retirement. Decide on investments that will give you regular returns. Your wealth and returns should be such that they take care of living expenses taking inflation into account.
When they looked at the sample of 2,956 people who had begun participating in the study in 1992 and retired by 2010, the researchers found that the majority had retired around age 65. But a statistical analysis showed that when people retired at age 66 instead, their mortality rates dropped by 11%.
Retirees enjoy over seven hours of leisure time per day, according to 2019 data from the American Time Use Survey. They use their newfound free time in a variety of ways, including taking up new hobbies, relaxing at home, watching TV and lingering over daily activities. Many retirees also continue to work or volunteer.
A 2015 study of 83,000 older adults over 15 years, published in the CDC journal Preventing Chronic Disease, suggested that, compared with people who retired, people who worked past age 65 were about three times more likely to report being in good health and about half as likely to have serious health problems, such as ...
“Continuing to work for as long as possible will absolutely give you more choices and financial freedom in retirement,” Duran explains. “Working for a longer period of time not only gives you more savings and builds your safety net, but it also provides health benefits which you don't have to pay for personally.”
Adapt and Evolve
The first three to six months of retirement may be an exciting period in which retirees check off all the activities they have longed to pursue for years, Black says.
Honeymoon: Once you retire, a honeymoon phase is normal. You suddenly have much more free time, you may take a trip or two to places you've always wanted to go, and you may even relocate. But it's a good idea to think beyond the honeymoon phase and determine what your daily retirement life will look like.
Housing is likely to be your biggest cost in retirement, but there are a variety of ways to significantly reduce your monthly housing bills. Paying off your mortgage can eliminate a major monthly expense, leaving only the cost of taxes, insurance and maintenance.
Average Retirement Income in 2021. According to U.S. Census Bureau data, the median average retirement income for retirees 65 and older is $47,357. The average mean retirement income is $73,228.