Retiring Soon? Read These Six Tips on Retirement From Happily Retired 80-Year-Olds

Many of our clients have retired recently, and many more plan to join them in the next couple of years. In fact, more than 11,000 Baby Boomers per day will transition to retirement in 2024, an all-time high. While most who are approaching retirement eagerly anticipate the next chapter of their lives, others approach this new phase with some trepidation and anxiety.

Regardless of which group you identify with, we can all appreciate the guidance from those who have already successfully navigated one of life’s biggest changes. So, we asked several octogenarians to share their keys to retirement success.

Here are a few of their pearls of wisdom:

• Embrace Change: Successful octogenarians unanimously emphasize the importance of embracing change. Retirement marks a significant shift, and instead of resisting it, welcome the opportunity to explore new passions, hobbies, and relationships, or rekindle old ones.

• Prioritize Health and Well-Being: The 80-year-old mentors stress the need to prioritize physical and mental well-being. With the additional time now available to you, be sure to engage in your favorite fitness routines and stay active. Mental and emotional well-being is just as essential as physical health. Maintaining strong social connections is also important, as many retirees may miss the relationships they enjoyed in the workplace.

• Maintain Financial Discipline:  The prudent financial approach that has served you well pre-retirement will be even more critical after you receive your last paycheck. Work with your investment advisor at American Trust Wealth to determine a safe spending plan given the assets and income sources available. Find a comfortable balance between checking off each item on your bucket list and ensuring that your assets last long enough to provide a worry-free retirement.

• Nurture Social Relationships: Several 80-year-olds repeatedly emphasized that true wealth lies in meaningful connections with family, friends, and the community. Renew bonds with family with whom you may have lost touch over the years. Reach out to old friends. Develop new friendships with neighbors or members of local social groups.

• Continue to Grow and Learn: Lifelong learning keeps the mind sharp. Stay curious.  Explore different cultures. Read the world’s great books.  it in on a college course. Develop new beneficial habits and continue to grow.

• Enjoy Every Day: Smile and laugh often. Enjoy your newfound freedom and make the best of your extra time. Appreciate the beauty and wonder that each day brings.

These 80-year-olds might be on to something, as their sage advice looks to be appropriate for all of us.

In addition to acknowledging their wisdom, we also invite you to speak with one of our Fiduciary Investment Advisors. They offer a personalized approach with a goal of helping you to feel as confident and comfortable as the octogenarians we interviewed for this piece.