It Takes More Than Savings To Be Happy in Retirement—Here’s What Else Really Matters

Planning to retire in the near future? While it’s important to make sure the numbers work, figuring out how you’ll spend your time in retirement can be key to your wellbeing and happiness.

“For the best chance at a joyful and satisfying retirement, it’s critical that you spend some time thinking about what the lifestyle and daily routine is so that you have something to retire to, instead of just from,” said Brett Koeppel, a certified financial planner (CFP) at Eudaimonia Wealth.

Research from the Center for Retirement Research at Boston College indicates that income and wealth can be poor predictors of satisfaction in retirement.

So what does make a difference? Here’s what you should focus on.

Avoid Debt and Prioritize Your Health

The economists found that not having debt (specifically non-mortgage debt) and being in good health have a positive impact on satisfaction.

When Bill Shafransky, a Senior Wealth Advisor at MONECO Advisors, works with clients, he recommends they prioritize taking care of their physical health.

“I actually strongly encourage my retiree clients to join a gym or fitness class, even if it means paying that extra cost each month,” Shafransky said. “The way I rationalize it, they are either going to pay for the fitness membership costs now, or for the healthcare costs later.”

Maintain Strong Relationships

Additionally, financial advisors recommend connecting with others and fostering your social relationships in retirement, as loneliness has been associated with having a negative impact on physical and mental health in older adults.

“Retirees should be intentional about maintaining and expanding their social circles,” said Tanner Merritt, a CFP at Life Planning Partners. “That might mean joining community groups, spending more time with family, or even relocating somewhere that better supports their lifestyle goals.”

Test Your Retirement Lifestyle

Patrick Huey, a CFP and owner of Victory Independent Planning, recommends that people “test drive” their future lifestyle in retirement, digging into the specifics of what they enjoy doing and what they want to do more of before they actually leave the workforce.

“If a client is still working, I suggest they ‘test’ their retirement lifestyle: try volunteering, join new groups, travel for a month, or take a sabbatical if possible,” Huey said. “It’s better to discover what needs adjusting before making the leap. The retirees who stay happiest are those with clear intentions, ongoing social connection, and a willingness to reinvent themselves as circumstances change.”