Three Pillars to Happiness In Retirement: Money, Friendships and Health
Money doesn't guarantee happiness.
But, it sure can make life better in retirement.
According to Michael Finke, Chief Academic Officer, of The American College of Financial Services, it is one of the key pillars to ensuring you find joy in your golden years.
Retirement and happiness was the subject of one of the many panel discussions at TheStreet's Retirement, Taxes & Income Strategies Symposium, held recently in New York City.
TheStreet's Robert Powell, editor of TheStreet's Retirement Daily spoke with Michael Finke, Chief Academic Officer, of The American College of Financial Services, who revealed three pillars to happiness in retirement.
Money and Retirement "The first pillar is money," Finke said.
" it's good news for those of us who are actually saving for retirement, but you are happier if you have more money." He also stressed on spending the money in right thing.
"Spending money on all sorts of other stuff that we think are going to make us happy in retirement doesn't really make us that happy." he said, "it is social spending that makes us happy." Friendships and Retirement "Friendships and the depth of friendships and the number of friendships that you have with other people, and even when we look at spending what we see is that social spending is what really makes people happy," said Finke.
Health and Retirement It may come as no surprise to you that the third pillar centers around your health.
In fact, Finke says you think think about your health like an investment.
"You can have all the money in the world, but if you're not healthy, you're not actually going to enjoy your retirement," "My theory was that the same thing that motivated people to save money for retirement is the thing that motivated them to engage in healthy behaviors like eating better or exercising, and so that's an investment in your future as wel," he said.
Learn more about TheStreet's Retirement, Taxes & Income Strategies Symposium here.
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