Money Doctor The RULES FOR ENJOYABLE RETIREMENT

Retirement means something different for each person. We spend a lot of time helping people just like you plan for that phase of their lives. You work hard your entire life to get there. When you finally do, how do you make sure you can live happily and fulfilled? Here are some of the top tips we have picked up from those that have already transitioned into retirement. Spoiler alert: most don’t have anything to do with money!

• Stay Active – There is lots of research to back this up. Staying physically and mentally active is very important. It does not have to be rigorous; moderate exercise and mental stimulation goes a long way. Walking, reading, writing, volunteering, playing racquet sports, golf, and just being outdoors are great ways to stay active. Try to minimize screen time.

• Maintain Purpose and Enjoy Flexibility – The average person spends more than 70,000 hours devoted to their career. For many people, career is a huge part of their identity. Giving it up and doing something different with your time can be hard on the psyche. Find a reason to get up in the morning, but without the daily grind. It does not have to be the same thing during your entire retirement. Be flexible and creative with your purpose and time.

• Learn when to say “Yes” and “No” – Our common limited resource is time. We only get so much, and we want to make the most of it. In retirement, you are in a better position time-wise to lend a hand than while you were working. However, make sure your time commitments match what brings you fulfillment and joy.

• Value Experiences Over Possessions - Spend time with your family and friends. This may be a surprise to some, but your family and especially your children do not want your stuff! They want you.

• Declutter – Someone once told us that they decided to get rid of the things that didn’t bring them joy and had no useful purpose or sentimental value. Once they did that, their daily routine became more enjoyable. In addition to physical items, consider getting your financial affairs simplified by consolidating and simplifying accounts. Also, make sure you have an updated estate plan and communicate it with your family. A well-organized estate is one of the greatest gifts you can give your loved ones.

• Stop Running the Race – Once you have enough income and assets to sustain your desired standard of living, stop worrying about beating the stock market. Be an investor, not a speculator. Adopt an asset allocation that allows you to sleep well at night.

Enjoying retirement is about a lot more than the numbers in your financial plan. It is important to get the intangible things right too. The relationships you share with family and friends, the joy and happiness you get from activities you pursue, the satisfaction of a job well done. That is our favorite part of helping people in retirement: hearing about all the ways they are bringing joy to themselves, their families, and others!

by Clayton Quamme, CFP® a financial planner with AP Wealth Management, LLC (www.apwealth.com). AP Wealth is a financial planning and investment advisory firm with offices in Augusta, GA and Columbia, SC.