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Weekend Reading: For Happiness in Retirement, Forget About Your Kids and the Fancy Car, Advisors Say

This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
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Weekend Reading

What’s the secret recipe for a happy retirement? According to a recent Morningstar panel, it includes three things: Having enough money, having relationships with your peers and community, and having your health.

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What’s the secret recipe for a happy retirement? According to a recent Morningstar panel, it includes three things: Having enough money, having relationships with your peers and community, and having your health. These can be referred to as the “Three Pillars of Life Satisfaction in Retirement”, and should be seen by both you and your advisor as investments.

Mind the unhappy mixture: Although each of these components do not necessarily create happiness on their own, they can be threaded together to create a fulfilling life. At the same time, some factors brought to light that can lead to an unhappy retirement include: Financially dependent adult children, purchasing material items simply for the sake of buying them and social isolation.

Wealth Management professor at The American College, Michael Finke, even notes that, “Friendships and maintaining them outside of the workplace is every bit as important as socking another $500 into your 401(k).” This doesn’t mean the relationship with your children, but rather, the relationship with your spouse, or those around you that share your values.

Shift your outlook: While retirement might first seem like a never-ending vacation, it’s really a new lifestyle. I’ve seen many unhappy retirees either buy things they don’t need, or move closer to kids, only to find it didn’t move the happiness needle. Don’t let that be you.