Fall 2023

Retirement is a big deal. Whether you are working towards your retirement or already in retirement, it is probably one of the biggest decisions and changes in your life that you will experience. Think about it, we go to school to learn and prepare to work, which we do for the majority of our lives, to only stop doing it and live off of all the money we saved during our lifetimes. In addition, now that we have stopped working, how are we going to fill our lives?

Not only is retirement a big deal, but it is a big decision. How do you know when you are ready to retire? Our most recent copy of Raymond James’ WorthWhile magazine (which you can find on our website HERE) talks about those decisions. What I want to discuss is what happens after you make that decision. In other words, what does your retirement look like? Some people have it all planned out. They are going to volunteer here, and travel over there and spend time with grandkids and buy a new boat. Some people haven’t got a clue.

While I am not the one to tell you what to do in retirement, I want you to think about how you want it to look. Our team helps you plan for your financial future. We run scenarios and look at options so that your retirement savings provide for your financial needs, and our goal is that there is plenty of money to last you throughout this time. The one thing we can’t plan for you, but we can encourage you to think about is what each day can look like. When our jobs change, our social circles can change too. The people we spent most days with at work are now in a past life and it could feel like our lives are left with a social hole. In fact, studies have shown that social isolation and loneliness can result in higher mortality rates, increased risk of depression, cognitive decline, and other illnesses. *

Conversely, people with strong social networks have improved health and are more likely to live healthier happier lives. I’m really writing this for myself because making friends as an adult isn’t easy. When you are young, you make friends at school or in your neighborhood. When your kids are young, you make friends with their friends’ parents. When you work, you make friends with your co-workers, but then what?

So, let’s think about what you enjoy doing. Are you a book reader and can you join a book club? Locally, the Kalamazoo Public Library hosts many different book and reading clubs. Do you like to exercise? Join a local gym and meet people who are also making time out for their physical health. Maybe you are one of the unique one’s who likes to work out before the crack of dawn – I’ll see you then! Perhaps getting involved in your church or volunteering for a local charity is more your style. My point is, think about what excites you, get involved and you will meet like minded people and maybe even make a friend or two. Studies show that when retirement is not filed with meaningful things, watching TV and sleeping increases.+ I can’t be sure, unless you’ve told me, but my guess is that you didn’t work all of those years and diligently plan and save just to take a nap in front of the TV. Naps are great, but don’t let them be your only source of enjoyment.

While friendships take a little more effort and time as we get older, the benefits are worth it. Just like you have been diligent about investing your money, invest in your social portfolio too. Take inventory of the friends you have. Are you lacking in some way? Whether you rekindle an old friendship or make a new one, the investment you make will be incredibly valuable over time.

* Source: Loneliness and the Workplace, Cigna, 2020 + Source: 2019 American Time Use Survey, Bureau of Labor Statistics, Data retrieved 2021