Retirement Isn’t All About Money

Long-time readers of Retirement Watch know this. It’s always helpful to be reminded that finances should be only a small part of your retirement planning. You have to find ways to fill all the time you used to spend working. The money part is to enable you to spend time in ways that you’ll enjoy and find fulfilling. You need meaning and purpose in retirement, or you won’t find it very enjoyable at all.

Here’s an essay listing five nonfinancial things about retirement that people aren’t likely to learn from financial advisors but that they should be well aware of and include in their retirement plans.

The number of retires with alcohol and other drug problems is expected to more than double by 2020, nearly 2 million Americans age 65 or older now suffer from full-blown depression, and suicide rates are highest among the age group 65+. These unsettling realities can be triggered by a number of normal life events associated with retirement, including loss of a spouse, an unexpected medical diagnosis, isolation from family and friends, and the natural aging and dysfunction of the body.

Retirement is a phase of life that many people look forward to, but without a plan to replace their work identity, stay socially connected, as well as mentally and physically sharp, a client’s golden years can quickly lose their luster and become consumed by the dark side of retirement.