Financial matters are only one part of the retirement readiness equation. Have you considered the non-financial challenges you may face at retirement?
All too often, couples who are financially set end up unhappy post-retirement. They may be ready for retirement money-wise, but many are unprepared in other areas, such as:
- General attitude toward retirement and aging
- Finding satisfying work or activities to replace their former career
- Interpersonal relationships, especially with their spouse
- Overall health and wellness
These non-financial issues will only become more significant as retirements grow longer. In the past, people might plan for 10 years of retirement. Today, we may be retired for as long as we’re employed.
One predictor of a happy retirement is success in multiple aspects of life before retirement—not just the financial aspect. Think about it:
- If an individual has never exercised or taken care of his health, will he suddenly develop healthy habits in retirement?
- If a marriage has been troubled for decades, is it likely to improve in retirement? “Gray divorces” (those among people over 50) have doubled in the last 20 years. You see the thinking: Maybe I was willing to stick with you for 10 years, but 30 or 40 years? No thanks.
As such, be aware of these non-financial challenges and address them well before your retirement.
Source: The Rest of Retirement Readiness, FPA Blog