Episode 7 - Success in Retirement ... How do we measure that?

I think we all want a successful retirement, but how do you quantify that?  That's a loaded question because success is measured differently for each of us.  In this short episode, I'll cover a few items that might help ensure that your retirement is just that... successful.  

Transcript

Episode 7 - Retirement success … How do we measure that? 

Hello folks and thanks for stopping by today. I hope your new year is off to a great start and I really appreciate all of you coming back to listen each week and helping me grow this hobby.  I’ll keep practicing and trying to provide you with some information that helps in some small way, so keep coming back because we’re just getting started.

Today, I want to talk a little about some things that might make your retirement a successful one.  I guess there is such a thing, but I think it’s hard to nail down what that really means.  Retirement success is going to be different for each of us and how we use this time that we’ve worked so hard for, will determine if our retirement is successful or not.  While retirement success is quantified in different ways.  It is a deeply personal thing, this idea of success, but let’s explore some common measures of a successful retirement.  

When you do a google search on the question of what makes a successful retirement, you’ll get a long list of articles and most of them are geared toward financial topics.  I agree that without some financial stability, you’re not going to be very happy or successful during your retirement.  We’re all going to need to have savings and investments to help us along most of us will be collecting social security, so those things combined need to be part of our financial stability.

But … There is so much more that goes into your retirement, we have to put a little work into it to realize a benefit.  I know you’ve all heard the saying; I don’t know who to attribute it to, but it goes along the lines of “success only comes through hard work”.  Now I’m not talking about employment type work… hell, we’re retired, we need to work at enjoying our life, staying healthy and continuing activities that bring us joy and happiness. I believe these are the things that determine whether our retirement is successful or not. 

Health and wellbeing:  That’s a big one.  Enjoying good physical and mental health along with access to adequate healthcare will go a long way in ensuring that we have some longevity in our retirement.  In my opinion, longevity is a measure of success in retirement for me. I hope I’m retired for a very long time. 

Our quality of life depends on good health, which in turn ensures our ability to engage in activities that we love.  It enables us to travel, pursue our hobbies, spend active and quality time with our family and without good health, we tend to withdraw from our social connections that are extremely important for us to maintain.

Our health and wellbeing are also closely tied to our financial success in retirement.  Poor health can lead to increased medical expenses or the need for long-term health care, which can put a strain on retirement savings. So, our health must be a priority, we need to work at it, but if we do, retirement success might not be guaranteed, but we will have a good start on it. 

Independence and Freedom:  That’s very important to me.  Living life on our own terms plays an important role on a successful retirement.  We have control of our schedules or activities and overall lifestyle, and we have unlimited choices of how we spend each day. 

I mentioned in a previous episode, that freedom is one of the things that I most cherish in retirement.  I have freedom to do what I want to when I want to.  That flexibility enhances my overall wellbeing and I have no stress because of a rigid schedule or expectations that others place on you when you are still in the working world.  Freedom gives you the flexibility to learn a new skill and pursue your own personal growth.  Freedom affords us the time to work on being successful during retirement.  Independence empowers us to be what we want to be or gives us the ability to do absolutely nothing at all if you so choose.   There’s a guy who recently retired and has a YouTube channel that I check out from time to time, called the 401k Dexters. One thing he said in an episode recently that really resonated with me was this: “Time is your most precious commodity during retirement”. It is and we should all use it to work at having fun, being free and enjoying this phase of our life. 

Bucket list items:  Having a list of things you want to accomplish, places you want to visit, having goals and things you look forward to all contribute to your retirement success.  Having a bucket list gives you and sense of purpose and a sense of fulfillment.  Items on the list can keep you active which will contribute to your health and wellbeing, such as hiking areas you’ve never visited or can keep you mentally sharp by forcing you to learn new skills to accomplish the item.  Bucket list items can lead to memorable experiences or lead to formations of lasting friendships.  I tried to find some study or paper that associated bucket list items with successful retirement but did not find any.  There is some expert opinion and anecdotal evidence supporting the benefits of having a bucket list because of the benefits of goalsetting and staying active.  Retirement is a time to live life to the fullest and make the most of this chapter, so put together that list and start crossing them off.   

Hobbies: I think hobbies can significantly contribute to a successful retirement in several ways.  Again, and I can’t say it enough.  Being engaged and keeping your mind active will contribute to your longevity in retirement.  For me, golf is one thing I want to work at, I’ve started to learn a musical instrument and I started this podcast as a way of keeping my mind active.  Trying to be creative and come up with topics to discuss with you, doing some research to make sure my opinions are valid all take some mental exercises as do so many hobbies.   

Reading is great and thanks to my late father, I’ve always been a reader.  Many times, when I open a new book and begin to read, I’ll think back to days when he and I would sit and read together and then discuss what we had just finished.  I guess we had our own little book club and didn’t realize it then.  Writing can be a therapeutic hobby and allows for expression.  Journaling is one way to utilize writing as a hobby, blogging or sitting down to outline and script these podcasts all involve writing that’s stimulating.  Crafting or painting and drawing are great ways to express emotions.  Not only do these stimulate creativity and self-fulfillment, but they also increase focus and mental acuity. 

Other hobbies for me, such as fly fishing, keep me outdoors and can be strenuous enough to provide some good exercise and help with my physical fitness.  For others, hunting or hiking and backpacking are going to challenge you both physically and mentally.  Others might choose woodworking, or gardening, etc.  Look it really doesn’t matter what the hobby is, find one that makes you happy and something that you’ll enjoy doing.  You have time, freedom, and independence to pursue whatever you want.  If you get bored with one hobby, you can always change it up and look for a new one.  It’s your choice.

So, how do you measure retirement success …. You Don’t, there is no yardstick, there is no goal line and there is no score.  Just get up every morning and live.  Live your best life in retirement, do whatever you want and friend; that’s all the success you’ll ever need. 

Thank you so much for hanging out with me to the end of this episode.  I hope you got something out of it, and I hope you’ll stop by often to see what’s going on here At the Five Forks.  If you are enjoying these ramblings of mine, you can always show your support for this little hobby and buy me a coffee.  That link is buymeacoffe.com/atthefive. 

And remember, when faced with a fork in the road …. Take It!