Many people worry about being poor in retirement, but, statistically, you’re far more likely to be lonely. And, arguably, that’s even worse. Loneliness doesn’t just make us unhappy. A new study links it to major diseases like cancer and dementia and to lower life expectancy as well as well. Crucially, the research highlights the importance to our health in retirement of having strong social connections in our 40s and 50s. But, as I explain in my latest article for rockwealth, many of us — and men in particular — don’t give as much priority to our social lives as we should. So what can you do now to find new friends and to deepen the friendships you already have?
A common mistake that people make when planning for retirement is that they focus too much on a single aspect of it, namely the financial aspect.
Of course, it is hugely important to ensure you have enough money to maintain your desired lifestyle, and, crucially, that you won’t run out of money before you die. But having sufficient funds is just one condition that has to be met to enjoy a fulfilling retirement.
It’s also very important, in the run-up to retirement, to look after your physical and mental health. There is no point in building a large retirement pot if you only live for a few more years after finishing work, or if you aren’t fit enough to enjoy the freedom that comes with no longer having to earn a living.
But another vital component of a successful retirement that is often overlooked is human connection. One of the benefits of being in work is that it provides us with companionship and a sense of belonging. If you don’t have relationships outside of work, you can soon feel lonely once those connections have gone. This is especially true for those who move to a different part of the country when their working lives end.
PREVIOUSLY ON TEBI
A BOOK TO GET YOU ON TRACK FOR RETIREMENT
These are challenging times for everyone, and many people are struggling to manage financially from one month to the next.
But it’s hugely important — perhaps especially so now — to think about providing for your retirement.
How to Fund the Life you Want by Robin Powell and Jonathan Hollow is a new book that tells you the long-term truths about investing, based on hard evidence.
It’s a highly practical and refreshingly honest book, written by two independent experts who have seen how the UK investment industry works from the inside, and how it profits from complexity, ignorance and fear. They show, in practical language, how savers and investors can see through the sales patter and, crucially, make more money for themselves than they do for financial services firms.
The book is published by Bloomsbury and is primarily written for a UK audience.
© The Evidence-Based Investor MMXXIII