A high quality of life in retirement is not just about your finances, it requires planning for the other parts of your life beyond money as well. The MIT AgeLab, an organization dedicated to improving the quality of life of older people and those who care for them, identified three simple questions to help assess how prepared you are to live well in retirement. The below questions can be used as a starting point for planning a rewarding retirement.
Who will change my light bulbs?
How will I get an ice cream cone?
Who will I have lunch with?
At first glance, the questions seem to have little to do with retirement planning. However, the questions actually uncover important factors that will determine the future quality of life, and get to the heart of some of the greatest risks we all face in retirement, such as:
- Losing our independence due to ailing health: Simple tasks become harder with advanced age. Identifying the costs and finding trusted service providers to help maintain our homes can be critical to aging independently.
- Being unable to access the big and small things that make us happy: Joy can come from the smallest things. Finding alternative ways to do what makes us happy or even new activities can lead to a happier retirement. Living in a community with access to engaging activities can increase your quality of life in retirement, especially when transportation becomes an issue.
- Coping with a decline in the number of friends in our social network: Remaining connected during retirement can reinforce a healthy lifestyle, rather than being isolated. Baby boomers are more likely to live alone, have fewer children, and live in areas without immediate access to communities. Deciding where and with whom to retire may be as important as how much it will cost.
When it comes to retirement planning, most of us focus on accumulating assets and how to spend them wisely. However, to have a high quality of life in retirement we need to think of the above questions as well. Remember that retirement is more than having adequate finances, it’s also about having a purpose, fun, and a high quality of life. You only get one chance at retirement, let’s make sure you do it right!
Please give us a call if you would like help preparing a retirement plan that can help you live your best life in retirement.
To get more information about the MIT AgeLab, visit www.agelab.mit.edu
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