As the nearly 76.4 million baby boomers in the American population near the age of retirement, the question that seems to be on everyone’s mind is “How will retirement affect me?” The answer: As long as a person keeps up their standard of living, retirement can have a positive impact on physical and emotional wellbeing.
Keeping up your standard of living means more than simply saving up to afford retirement. It means being able to continue the social and physical interaction you had prior to leaving the labor force. Having family and friends outside of work who you can foster relationships with will allow you to continue to have positive social interactions, despite no longer having coworkers who you see daily.
Many people report that keeping a schedule also helps ward off the depression that can occasionally accompany retirement. Simply having a goal for the day and staying motivated keeps you engaged which encourages a healthy retirement lifestyle.
Studies have shown that staying busy can actually increase your lifespan. Leaving the labor force allows people ample opportunity to take up hobbies or pursue new interests. If hobbies aren’t your thing, maybe getting a part-time job or volunteering will cure your retirement blues. Even if money is no problem, many people say that having a job gives them a purpose in life. All in all, what you do with your time doesn’t matter, what matters is keeping busy and getting out of the house.
Being forced into retirement due to some unforeseen circumstances, such as health issues can cause much more distress than simply choosing to retire. While it’s true that money doesn’t make you happy, it’s better to be able to afford the necessities and few luxuries that allow you to live comfortably. With rising inflation and the decrease of many affordable health care plans, retirement can seem to be a financial burden that many aging Americans aren’t equipped to deal with.
Life Settlements are an excellent option for retirees looking to further supplement their lifestyle. Life Insurance premiums are often one of the first expenses that are cut when retirement budgets are being planned and gone over. Rather than surrender your policy for little to no value, consider a Life Settlement and further supplement your retirement. You may even qualify to keep part of your Life Insurance without paying any further premiums!
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