Many seniors focus on building their nest egg through work and investments, without thinking much about what will truly make them happy during their retirement.
Build Friendships Along with Your Retirement Savings
A recent article on CNNMoney.com by Walter Updegrave discusses the results of a recent Pew Research Center report that found retirees who are very satisfied with their number of friends were nearly three times more likely to be happy than those who feel they don't have strong relationships. Interestingly, retirees who felt comfortable with their finances were also three times as likely to be happy as those who were worried about money.
Love and Money
This equality in the importance of both money and relationships may seem surprising, yet the article quotes several sources which demonstrate that friends become even more essential to people as they age. For one thing, many people find social satisfaction at work. When individuals retire, they may not keep in touch with work friends as frequently, or at all, since the day-to-day office connection disappears.
Spending some time thinking about your friendships and expanding them as you age could be just as vital to your retirement happiness as planning for your financial future. One reason many seniors choose to volunteer, in addition to learning new skills or using current skills, is to make new friends with shared interests. The Pew study found that seniors who attend religious services experience more happiness than those who do not, which may be just as much about socializing as it is about spirituality.
Reverse Mortgage Can Improve Your Financial Confidence
Feeling more comfortable about your finances can make socializing more pleasurable, particularly if you have friends who like to travel or spend money on group activities. A reverse mortgage is one way to make your money go farther. Homeowners over age 62 can compare quotes from reverse mortgage lenders to evaluate what works best for their financial needs--a monthly source of income, a lump sum to pay off bills, or a line of credit. A little peace of mind about money can go a long way toward increasing your happiness.
Michele Lerner is a freelance writer with twenty years of experience writing articles and web content for newspapers and magazines on topics related to real estate, personal finance and business. Her clients include The Washington Times, Urban Land Magazine, NAREIT's Real Estate Portfolio, and numerous Realtor association publications. Michele's first book, "HOMEBUYING: Tough Times, First Time, Any Time" is available now at Amazon.com or from www.MicheleLerner.com.