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7 Healthy Habits of a Successful Retiree

7 Healthy Habits of a Successful Retiree

 

What makes someone successful in retirement? Is it money and how much you have of it? No. Not solely, but it helps. The Employee Benefit Research Institutes recent survey does indicate that retiree confidence is higher in those who have a retirement plan and have retirement savings than those retirees that do not.

 

However, there are many other aspects to consider, in being a successful retiree, other than money. There are rich and poor retirees that do not live with personal satisfaction in retirement. When considering what healthy habits contribute to a successful retiree we need to consider the following aspects of life; ones’ physical, social/emotional, mental, spiritual, and financial. Here are 7 healthy habits to consider in being a successful retiree.

 

Retire based on your financial plan not your age. This is a process that a person or couple should start long before they retire. The earlier you plan and save, according to your goals, the better opportunity you have of reaching those goals before retirement.
In my experience, retirees that have consistent income paying their living expenses seem to be happier than those who have to rely on the performance of their portfolio. Since pensions are going away this is a pre-retirement planning opportunity.

Lastly, successful retirees are financially responsible and live within their plan.

 

Stay physically healthy. A retiree’s health status is strongly correlated with retirement satisfaction. It is important to eat well and to maintain an exercise program that includes strength, flexibility and cardiovascular training. Find the type of program that best suites you and keeps you interested or challenged. Also be sure to keep up with annual physicals and your preventative appointments.
 

Give of yourself. Be a blessing. This type of activity nurtures the soul. These activities include; volunteering your time for a non profit organization, sitting on a board of directors, being active in ones’ community and helping others who are less fortunate.
 

Be intentional. Create a vision of how you see yourself living in retirement and then live it. Pursue the travel, hobbies and interests that you envisioned for yourself and your spouse prior to retirement. I like to think of this as living by ones vision not by circumstance. If you live by circumstances that come up in life you will find yourself just reacting and not being proactive. Live with a sense of urgency and be intentional.
 

Stay connected to other people and nurture meaningful relationships. Isolation and loneliness are two factors that contribute to unhappiness in life. In truth, the quality of ones’ life can be measured by the quality of ones’ relationships. Spend time with your family, friends, and former colleagues. Create new relationships in retirement since loss of our relationships is inevitable later in life.

Keep learning: A habit of successful retirees is to read, write, teach and learn new things. This promotes growth and change in your life. It keeps you fresh and your mind sharp. You are never too old to be a student. Being a student keeps you feeling young at heart.
 

Maintain a spiritual life. This can mean many different things to different people. It could mean spending time in nature, meditation, music, art, prayer, self reflection or service. For example, I know a man that liked to draw but did not take it up until he retired. He took classes, practiced drawing, and then displayed his drawings. He took pride in his work and it connected him to a community of people he wouldn’t have known otherwise.
 

Lastly, learn how to forgive. Life is too short to harbor old feelings of hurt, anger and disappointment. Holding on will take up too much time and energy. Let it go.

 

When we think of retirement in the future we often think of money. How much should I save? How much do I need? How long will it last? Although this is important, it is not the only ingredient to success in retirement. As stated earlier, we also need to be intentional when it comes to our physical, emotional, social and mental needs. The sooner we can create this balance in our lives the more successful we will be as retirees.

 

 

This award was issued on 05/01/2023 by Five Star Professional (FSP) for the time period 09/05/2022 through 03/03/2023. Fee paid for use of marketing materials. Self-completed questionnaire was used for rating. This rating is not related to the quality of the investment advice and based solely on the disclosed criteria. 3,550 Detroit-area wealth managers were considered for the award; 312 (9% of candidates) were named 2023 Five Star Wealth Managers. The following prior year statistics use this format: YEAR: # Considered, # Winners, % of candidates, Issued Date, Research Period. 2022: 3273, 304, 9%, 5/1/22, 9/3/21 - 3/11/22; 2021: 3260, 274, 8%, 5/1/21, 8/10/20 - 3/19/21; 2020: 3105, 284, 9%, 5/1/20, 8/1/19 - 3/20/20; 2019: 2987, 347, 12%, 5/1/19, 8/21/18 - 3/19/19; 2018: 3069, 322, 10%, 5/1/18, 8/30/17 - 3/19/18; 2017: 1836, 356, 19%, 5/1/17, 8/24/16 - 2/24/17; 2016: 1961, 630, 32%, 4/1/16, 10/22/15 - 3/9/16; 2015: 2238, 627, 28%, 5/1/15, 10/22/14 - 3/9/15; 2014: 3448, 658, 19%, 5/1/14, 10/22/13 - 3/9/14; 2013: 2762, 749, 27%, 5/1/13, 10/22/12 - 3/9/13; 2012: 2658, 745, 28%, 5/1/12, 10/22/11 - 3/9/12.
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*Winners appearing on this page do not pay a fee to be considered or to win the Five Star Award. Professionals with a digital profile have paid a promotional fee.
Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. The award is based on 10 objective criteria. Eligibility criteria-required: 1. Credentialed as a registered investment adviser (RIA) or a registered investment adviser representative; 2. Actively licensed as a RIA or as a principal of a registered investment adviser firm for a minimum of 5 years; 3. Favorable regulatory and complaint history review (As defined by FSP, the wealth manager has not; A. Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine; B. Had more than a total of three settled or pending complaints filed against them and/or a total of five settled, pending, dismissed or denied complaints with any regulatory authority or FSP's consumer complaint process. Unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through FSP's consumer complaint process; feedback may not be representative of any one client's experience; C. Individually contributed to a financial settlement of a customer complaint; D. Filed for personal bankruptcy within the past 11 years; E. Been terminated from a financial services firm within the past 11 years; F. Been convicted of a felony); 4. Fulfilled their firm review based on internal standards; 5. Accepting new clients. Evaluation criteria-considered: 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations. FSP does not evaluate quality of services provided to clients. The award is not indicative of the wealth manager's future performance . Wealth Managers may or may not use discretion in their practice and therefore may not manage their clients' assets. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by FSP or this publication. Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by FSP in the future. Visit www.fivestarprofessional.com.