Written by Alex Seleznev, MBA, CFP®, CFA | Aug 14, 2024
When you think about retirement, you likely focus on the new activities you'll finally have time for.
Spending more time traveling or enjoying hobbies is great, but there are also habits you may want to break to fully enjoy life.
Below are the nine ideas we gathered from our client meetings and publications that focus on studying the habits of successful retirees. We hope you find this helpful!
1.) STOP taking time for granted
If you have a solid plan, your wealth should grow over time.
But if you wait too long to enjoy your retirement, your health might not allow you to make the most of it.
While we plan for clients to enjoy retirement until age 95, the most active “go-go” years are usually your first 10 to 15. Make the most of this limited time!
2.) STOP saving unnecessarily
While saving is important, there comes a point when an extra $10,000 or even $100,000 won’t make a significant difference in your lifestyle.
If you’re comfortable with your lifestyle and have a buffer for emergencies, consider cutting back on work.
The realization that you no longer need to save can significantly reduce stress and allow you to work less if you choose to do so.
3.) STOP compromising your health.
Long hours, poor sleep, and neglecting self-care will eventually catch up with you.
Unfortunately, there are examples of people who work well into their 70s or even 80s and end up dying at the workplace. They could never stop…
This is an extreme example, but it highlights the need to invest in yourself, not just your career and portfolio.
4.) STOP worrying too much
There are countless things you could potentially worry about.
As Mark Twain famously said: “I’ve had a lot of worries in my life, most of which never happened.”
To reduce anxiety, accept that many things are beyond your control. Focus only on what you can manage. Easier said than done…
5.) STOP spending time with people who don’t uplift you
Do you feel drained after spending time with certain people?
Sometimes, these negative individuals can be family members, making it hard to distance yourself.
At the very least, have an open conversation with them. Being honest about how you feel when you interact with them might be your best option.
6.) STOP spending money on things that aren’t aligned with your values
One helpful exercise is to reflect on your spending over the past few months.
Are you investing in experiences and relationships that bring you lasting happiness, or are you buying material things that don’t?
Align your spending with your values for a more fulfilling life.
7.) STOP over-supporting adult children
This is a sensitive subject, including for many of our clients. We plan to cover this important topic separately in a different newsletter.
Besides making your adult children overly dependent on you, this may also increase your stress and cause you to spend less on things you truly enjoy.
You’ve got less time than your children, and it’s important for you to enjoy your retirement years.
8.) STOP pretending to be someone you’re not
Be authentic. Be your true self. You no longer need to conform to those around you.
Understandably, this is something that is challenging for people who are building their careers and have to please or at least be accepted by those around them.
As we frequently hear from many of our clients who are already in retirement, caring less about what other people think about them has made them much happier.
9.) STOP living with regret
Forgive yourself for past mistakes and really focus on the future ahead of you.
Start living in the present and think about how you are going to enjoy your golden years.
Your future is bigger and better than your past!