As some people look ahead to retirement, they think more money will equal happiness. But after some people retire, they realize there’re other things they should have done.
Top financial planners offer four key strategies for retirement happiness to put in place.
The first is to focus on paying down your mortgage now. Those able to completely pay it off within the first five years of retiring wind up happier.
Secondly, start saving. Determine the right amount you can reasonably set aside and stick with it. Creating a “savings habit” will make it a natural part of your day-to-day living.
A third critical strategy is to plan on having multiple income streams. You can’t rely on Social Security alone. Retirement accounts such as 401(k)s and IRAs are one way to go. Another is to consider investing in rental properties.
Finally, learn that what you spend your money on matters. Some people dream of buying an RV and touring the country or getting a beach house for retirement. Unfortunately, they may find themselves isolated and lonely. Focus less on durable goods and more on social activities that will build and keep relationships with your peers and family.
Council of Seniors Wants to Help You Build Your Benefits
Money isn’t everything, but a little extra never hurts. That’s why Council of Seniors is working hard to get Congress to pass The SAVE Benefits Act. We need them to make up for the Social Security cost of living adjustment (COLA) that hasn’t kept pace with inflation in recent years. Once passed, the $581 shortfall will be returned to seniors.
If you can sign our petition right now, it will show Washington politicians the growing support for this bill.