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While money can’t buy happiness, knowing what to expect can go a long way toward a satisfying retirement, whether you’ve saved a little or a lot.
According to a recent Consumer Reports study, retirees with less than $250,000 in savings who had a plan were more content than those with $1 million or more and no plan. The planners indicated that their expenses were as expected and under control, while the millionaires were struggling with the uncertainty of underestimating.
It’s not all about money.
Sure, retirees with more savings were generally more satisfied than those with less, according to the study. However, financial security isn’t the whole story. Retirees who reported having friends and hobbies, regardless of the size of their nest egg, were more satisfied.
Experts suggest that you build your network of friends by rekindling old interests or reaching out to contacts you may have lost touch with. Starting that process before you retire may ease the transition.
Saving and planning are the keys to a successful and enjoyable retirement. Whether you’re retiring in style or preparing for more modest golden years, developing a strategy will give you the peace of mind you deserve.