Category: Retirement

There’s a new way to save for retirement. For years, many experts have suggested saving for retirement utilizing life insurance policies. The challenge is, most of these strategies are tailored for those with incomes in the millions. The average American is left searching for an alternative retirement savings vehicle. The good news is, there’s a new way to save money for retirement while utilizing life insurance. Selecting a term-life policy with the cheapest rate can help save for retirement, and unlock additional funds for investment. Here’s how the process works.

Shop Around for Term Life Insurance

Those with dependents ought to explore life insurance as a means to preserve income should a tragedy occur. This holds true for single-income homes as well as multi. Mortgage obligations, college planning, retirement and more can be secured with the right life insurance policy. Surviving family members deserve the security they’ve come to rely on.

Life insurance comes in many forms with options available to suit nearly any lifestyle. Rate vary yet term policies consistently have the lowest. Term life insurance is often purchased by those too young to retire, as a measure to secure income in case of early death. Rates and policies for term life will vary based on age, health, and other influences. In some cases, the annual rate for whole life insurance can be almost ten times than term life. a 30-year-old male may spend approximately $750 annually for a 1,000,000 term life policy, while whole life coverage can range over $9000. That’s over $8000 in annual savings which can be otherwise invested.

With numbers like that, term life may be the right decision for those trying to save more for retirement. Term length and coverage amounts will depend on personal needs, wants, and desires. Age, health, and lifestyle will also affect term length, payout, and rates. Those over 65 may encounter challenges obtaining term life insurance. Review any employer-offered life insurance to reveal coverage limitations and determine if additional coverage may be appropriate. To help preserve a term life policy and its rate, opt for guaranteed-renewable term life with a non-cancellation clause. This can help manage rates and coverage, freeing up attention for other investments.

Adding Layers of Financial Security

With annual savings in the thousands, it may be tempting to go on a shopping spree. While that may satisfy a short-term desire, investing savings into intelligent savings vehicles can achieve more.

• Emergency Savings Funds

Creating an emergency savings fund is one of the smartest ways to immediately invest savings. Most recommendations suggest a savings account of 3 to 6 month’s income; personal requirements will dictate. An emergency fund is a barrier between the unexpected and debt. Debt can lead to late charges, interest accumulation, and adverse credit ratings.

Any number of life changes can affect income. Rest assured with the security an emergency savings account can offer. While creating an account may place a short delay on saving for retirement, the added layer of security will more than make up the difference.

• Long-Term Disability Insurance

Long-term disability insurance can help toward securing retirement. Persons below the age of 65 are more likely to become disabled than perish, leaving many people each year unable to earn an income. Relying on government assistance will likely result in high debt, and that’s for the percentage able to claim those benefits at all. There are nuances to disability insurance. Speak with a financial advisor to find out more about preserving income with long-term disability insurance. For those living alone, disability insurance can still be a necessary protection to help cover individual expenses, should a disability occur.

Disability insurance may be carried as part of an employer insurance package and is available for individual purchase. For those with disability insurance through an employer, be sure to review policy limits to ensure adequate protection. Oftentimes, employer-offered disability insurance lacks sufficient levels of protection. Loss of income can derail any retirement savings plan. Preserve income stability with long-term disability insurance and stay on track.

Start Investing

With term life in place to protect loved ones, the cushion of an emergency savings fund, and the assurance of long-term disability insurance it’s time to invest the remaining savings into retirement savings vehicles.

With annual savings reaching into the thousands a number of investment strategies become available. Speak to a financial advisor on ways to save for retirement utilizing annual life insurance savings. Taking more control over life insurance decisions and investing savings can have a significant impact on achieving retirement savings goals.

For more on saving for retirement, additional information on term-life insurance, or questions call today. Check back often for more on this, and other ways to improve health and wealth.

More people are working during retirement. For an increasing number of retirees, working a part-time job post-retirement is becoming the norm. A Merrill-Lynch survey found over 70% of those planning to retire were planning to find a job afterward. For those already retired, almost half reported holding a part-time job while retired. For many, it’s simply a matter of keeping busy. Others may go back to work for social interaction, or to regain a sense of purpose. For almost a third of those surveyed, part-time work after retirement offers additional income. For most retirees, the best part-time jobs draw from their previous careers. Regardless of the motivation, today there are a number of part-time jobs available for retirees.

Accountant/Bookkeeper

Those with a financial background can earn working from home as an accountant or bookkeeper. Many small business owners utilize bookkeeping services. Become a tax preparation agent and offer more services. Bookkeepers and accountants can typically create their own schedules and often, their own wages.

A working knowledge of financial software and Microsoft Excel is helpful for those interested in this position. An interest in numbers and a keen eye for detail are beneficial traits. In some cases, formal education in finance may be required.

Customer Service

Companies are always looking for great customer service help. Depending on the position, customer service positions can be on-site or remote, working from home. Retirees telecommuting from home can typically expect to answer phone calls and emails, while retirees working on-premise may speak to customers directly.

Patience is a plus for those interested in customer service. Telecommuters may benefit from previous computer experience.

Driving

Today a number of options are available for driving part-time. Ride-sharing services are appearing in more cities, enabling seniors to control their schedules while supplementing retirement income. In many cities, school districts and community organizations are hiring part-time drivers for buses and deliveries. Many of these positions offer flexibility perfect for retirees.

Depending on the (pardon the pun) route you take to become a driver, a commercial drivers license (CDL) may be required.

Tutor

For those looking to share their lifetime of experience, becoming a tutor can be a great part-time job for retirees. Tutoring comes in many forms. In this position, retirees can help both kids and adults overcome academic challenges, and aid with test preparation. There may be other positions available in education. Contact the local school district and ask about part-time positions for former educators.

Experience and formal education is a plus for this position, yet depending on the employer the requisites will vary. Tutors can work for families, as part of a larger organization, and anywhere between.

Tour Guide

For those interested in an active position interacting with the public, becoming a tour guide can be incredibly rewarding. More than just museums (amazing places to work) tour guides are found in park, wineries and breweries, local walking tours and more. Earn income, experience history, and stay active as a tour guide.

Tour guides are found across a number of industries performing a diverse variety of functions. Starting locally is perhaps the best way to find the right tour guide position for you.

Many opportunities for part-time employment are available for retirees. For many, there may the option of returning to a previous position as a part-time employee. Retirement is the beginning of an exciting part of life. Get the most from yours.

A growing number of retirees are struggling to make ends meet. An estimate by the National Institute for Retirement Security places the average retirement savings at just over $30,000. With even the best investment strategies, it will still be challenging making that last years or decades. The numbers support this. According to the National Senior Citizens Law Center, over six million retirees live below the poverty line; that number continues to grow.

It’s still possible to save for retirement. At any stage in life, creating a financial plan to prepare for the future can help create savings and security for the future. The right savings strategy will vary depending on goals and ability, yet there are some tips that apply to nearly all. Start saving with a goal in mind. Here are 5 tips for saving enough to retire.

1. Determine Annual Expenses

Each year of retirement has set expenses. These will vary for the individual yet for most people these include healthcare, housing, meals and other daily necessities. Be sure to include ongoing utility payments, HOA memberships, and all regular debits regardless of obscurity. Sufficient retirement savings will cover these obligations plus any increases over time due to inflation. Speak to a financial planner for help determining the monthly cost of retirement and creating a budget to meet it.

2. Plan for Entertainment

Creating financial plans, many people often forget to include budgeting entertainment expenses. This can lead to a dull retirement or to spending money outside the prescribed budget. Either way, planning for entertainment expenses helps balance a financial plan for retirement. Regardless of how you want to spend your time, experts recommend adding 10% to the estimated cost. This creates a buffer, allowing you to get out and enjoy retirement.

3. Distribute Savings

The right savings vehicles for retirement depend on goals, ability, and much more. Planning for a successful retirement requires more than a savings account. Speak to a financial advisor about opportunities to boost retirement savings with stocks, bonds, and other investment options. With distributed savings and assets, personal income reserves are better protected from shifts in the market.

4. Postpone Social Security

Social Security payments increase at age 70. For those able to sustain on alternate sources of income before then, they stand to gain. Full Social Security benefits begin at age 66 yet a mere four years can add 32% more to the payout. A financial plan can help make this happen. Research shows 97% of Americans draw benefits before age 70. This means the overwhelming majority of people are missing out on retirement benefits. Start planning today to take advantage of increased Social Security payments each month.

5. Think About Taxes

Each year, the amount of income drawn from retirement savings is subject to taxation. Depending on the amount of income accessed the applicable tax bracket may shift. This can lead to higher tax payments than originally planned for. Speak to a financial professional about the smartest ways to draw retirement income while managing taxes.

Call today more on how to prepare for successful retirement. Regardless of age, it’s still possible to start planning for an enjoyable retirement. Take the first step, contact a financial planner today.

Retirement is supposed to be a life of leisure, or at least so the commercials say. While retirement signals the transition from the workforce there are still challenges to overcome each day. Despite years of planning and research, there are some things about retirement that may surprise you. Straight from the source, here are 5 surprises about retirement:

1. You can have too much spare time.

It’s safe to assume most people prefer time off. While some may be able to golf each day, most will find too much downtime to be redundant. After years in the workforce, retirement can feel lacking in structure and routine. Before long, they may experience a longing for simple water-cooler conversation again. For those with too much time on their hands, part-time employment or a volunteer position may be the answer. Retirement is simply the transition into a new phase of life; find ways to stay active and engaged.

2. You can spend too much time together.

After retirement, there is a lot of extra time for spending with your spouse. Too much of anything can be grating, including the people we love. If spending too much time together is leading to tension be proactive and ask for some space. Previously, personal meditative time may have been the morning commute or lunch break. Being home all the time is a big change. Find ways to decompress. This can be a walk or hobby, or as with the first surprise a job or volunteer position.

3. You may need to move.

Retirement is a big lifestyle change. This means the home that made sense for the hustle and bustle of before may become too much. For some, this could be keeping a large lawn. For others, the home may feel too large. Moving to a smaller home, apartment, or retirement community can ease the burden of home and lawn care, and replace lost social interactions.

4. You may face financial challenges.

With all their careful planning it’s surprising many retirees grapple with financial challenges. Retirement may last years, and that’s a good thing! Saving enough to last can be challenging and many find themselves pinching pennies, afraid to run out. A budget, alternative savings vehicles, and active frugality can help stretch dollars. Keep medical and life insurance current for a layer of protection.

5. You may pay increased rates for healthcare.

Planning for retirement should take into account rising healthcare costs, inflation, and more. Many retirees find as time goes on they pay in increased percentage of savings on healthcare expenses. According to a survey of retired couples by RetiredBrains.com, retirees need to think bigger. Half those surveyed anticipated only 10% of actual health care costs. Healthcare through retirement can range into the hundreds of thousands; plan for adequate protection.

A large number of people between 30-50 are ready to think about retirement. For many, retirement is a goal market yet rather than completion, retirement marks the beginning of a new adventure. Planning is an important part of successful retirement yet questions abound. Help is here. The financial folks at MoneyTips.com completed a survey of 500 American retirees to find the secrets to a successful retirement. The survey found while the definition of retirement varies across the board, successful retirees shared several traits in common.

An increasing number rely on a set income.

Of the 500 retirees surveyed, almost half have under $500,000 in total assets. 67% of the respondents have a set annual income under $100,000; 27% under $50,000. Of all the retirees polled a whopping 85% rely on social security for some or all of their retirement income.

Many worry about the future.

Almost half the retirees surveyed reported having similar financial concerns about the future. The most-commonly reported financial concerns were:

• Depleting savings accounts (25%)
• Incurring serious medical debt (24%)
• Maintaining a comfortable lifestyle (23%)

Other responses included paying for grandchildren’s education (7%) and planning an estate (5%).

They’ve found ways to pinch pennies.

Finding ways to save each day helps extend savings. Successful retirees shared these tips on saving money during retirement

• Create a spending budget
• Reduce monthly expenses
• Limit luxury purchases

Successful retirees also create financial plans including investment and insurance options.

They planned ahead.

Successful retirees are there by design. Among those surveyed, the majority responded as having planned for retirement early. For those reading this that have yet to begin, there is still time. Of all the successful retirees surveyed, over half waited until after 40 to start saving. The amount people can save for retirement will vary. Consider setting a percentage of income as a savings amount. Of those surveyed the majority saved between 6-10% of their income per year. Those in the highest category, saving 21% or more each year, only formed 8% of survey respondents.

For answers on what to do with those savings, 62% reported utilizing the help of a financial professional at some point. That included those with little financial experience to those merely seeking a second opinion for a decision. 44% of successful retirees report retaining primary control of their investment portfolio. 67% opted for traditional IRA accounts and 27% chose Roth IRAs. a 401(k) plan formed a portion of income for 53%. A number of other investment vehicles formed the remainder.

Many families struggle understanding the complex requirements to qualify for Medicaid nursing home care. The language can be confusing, nursing home regulations are complex, and requirements vary by state. Specific requirements will vary by individual but that being said, here are the basic qualifications for Medicaid nursing home care:

Eligibility Requirements

The Medicaid program is a joint federal and state effort representing the largest source of retirement home revenue in the United States. This program offers care options for those in need due to health or financial position. Medicaid eligibility begins with a valuation of income, savings, and assets. The valuation process will vary by state, and several calculations are considered when determining eligibility.

• Complicated math. The math to qualify can become tricky. In some states, qualification begins once personal worth dips below $2000.00. Housing factors separately, with calculations changing based on home value. Some personal property and household goods are counted separately, and life insurance policies may be independently factored. Bear in mind that while home values may be viewed separately, applicants deemed unable to return home may have potential home sales values taken into effect. There are exceptions, of course, speak to a health insurance carrier for more detailed information.
• Medicaid is a supplement. Once all sources of income (including investments, retirement pensions, social security and others) are tallied, prepare to still spend 80-90% of personal income on nursing home care. Medicaid is used in conjunction with personal income. An allowance of 10-20% of personal income is typical for those residing in nursing homes.
• Financial records. The net-worth requirements are investigated dating back five years. For those planning to quickly give away possessions to qualify, think again. Medicaid officials are thorough, exploring bank records for the past five years. Suspicious activity, including a rash of gift-giving, may raise red flags suspending care upon investigation. Using determined formulas, officials can help identify those trying to expedite Medicaid eligibility. For example, gifts totaling $50,000 in a state where typical monthly nursing home costs are $5,000 would disqualify eligibility for ten months ($5,000 x 10).

Spousal Security

Medicaid has specific guidelines for couples. When one person goes into a nursing home and the other continues to live at home, the healthy spouse can keep 50% of the couple’s possessions. There is a cap on this amount which will vary by state. Assets included in this calculation include the house, furnishings and household goods, as well as one car. The person living at home can also receive a portion of the other’s income, usually between $2,030-$3022. Income beyond the allowable amount will go towards paying nursing home costs.

Medicare is Different

Medicare is the government medical insurance program for adults aged 65 and older. The program also serves some younger individuals with serious health problems. Medicare is structured for medically-necessary, short-term rehabilitative care. Nursing home care is unavailable through the Medicare program.

Finding More Information

For more information on Medicaid contact the state Medicaid office. Contact information can be found at www.Medicaid.gov. The State Health Insurance Assistance Program (Shiptacenter.org) can help with any Medicare or Medicaid questions.

We’re always hunting for insurance-related topics to share. Reach out with any questions; we’d be happy to hear from you!

For adults on the job hunt, age presents a challenge. Switching careers and re-entering the workforce are challenges enough to overcome. Older Americans are further challenged by discriminatory practices due to age. A lifetime of accomplishments and knowledge are still worth something. Before sending off a resume, update it in language for today’s interviewers. Prepare for interviews beforehand to warm up.

Age discrimination is a real issue for older Americans in the workforce. Complicating matters, recent actions by the United States Supreme Court render it practically impossible to know whether age bias played a role during an interview. Thanks to the Court, the Age Discrimination Employment Act (originally designed to protect older adults from age bias) has limits on protection. This ruling complicates the job search for older adults that want to continue working. Almost two-thirds of employees from ages 55-64 responded age is preventing employment, according to a 2017 AARP survey.

Workplace culture placing emphasis on older employees could introduce openings or promotions rewarding those with years of experience. AARP Senior Attorney Laurie McCann encourages this type of forward-thinking. Tulane University professor Patrick Switch is an age bias researcher. Switch says people today enjoy working beyond retirement age. Employers should view age and experience as a bonus.

Age as an Advantage

For those already employed, addressing age bias can be easier than for those applying for a position. Keeping track of potential age discrimination in the workplace can help address and correct age bias. Often, employers may be unaware of their actions. Age bias happens in more places than the interview. Employees passed over for management and training opportunities due to age are victims of age bias as well.

For job seekers, a resume is the first line of defense against age bias. Tailor a resume for the industry and audience it will reach. Include the most-recent experience. Demonstrate a willingness to learn, and be part of a team. During an interview, combat stereotypes. Dress for the environment. If the office has a casual environment, leave the three-piece suit at home. Show a willingness to work with a younger team. Rather than age, draw attention to experience.

Oftentimes, smaller and younger corporations are eager for older talent. The experience comes as a boon to smaller operations where team members wear many hats. Additionally, age-friendly employers can be found through the AARP and by using sources such as seniorjobbank.org. Persistence is your best ally; sending resumes will eventually result in an interview.

Visit back often for more great information about insurance topics affecting all aspects of life. Call anytime with any insurance-related questions.

American senior citizens have become the target of vicious scammers who pretend to be their grandchildren. One such victim is an elderly man named Sam (not his real name), who was called by a fraudster through his workplace landline. The scammer started politely by greeting the elderly gentleman, referring to him as grandfather’. Sam was unable to recognize the voice and asked the caller to identify himself. The scammer said that he was the gentleman’s grandson Rick, who resided in San Antonio with Sam’s granddaughter Sally. The fraudster offered to inform Sam of a secret that Sam was not to share with anyone. Of course, this was meant to captivate Sam the more.

 

What Sam had not realized so far was that he was a victim of a well-choreographed financial scam that targeted many grandparents across the country. According to the FTC, nearly 11,000 elderly citizens were targeted in 2015 alone. The authority noted that sadly, the actual amount in dollars lost to the scammers may not be fully appreciated as most of the victims do not report their ordeal to the relevant state or federal authorities.

 

Keen to listen to the purported grandson’, Sam lent his ears to the caller. The narrative that followed was one that many grandparents have unfortunately known only too well. The scammer informed Sam that the previous night, as he and Sally were driving to a hotel from a trip; they had been stopped by the police. In the ensuing encounter, the fraudster continued, the police officer had discovered a stash of cannabis in the trunk of their taxi. They were therefore arrested and detained at the local precinct. The fraudster informed Sam that he had recruited the services of an attorney to sort out the matter. Of course, the fraudster knew that mentioning an authority figure like an attorney would lend credence to his narrative.

 

By this time, Sam was not only stunned by the narrative, but he had also been fully absorbed. However, the elderly gentleman realized was that if Sally owned a home, then what was his grandson’ and his sister doing going to a hotel? He became suspicious.

 

Totally confounded, Sam asked the youngster whether they actually had the drugs in the car. He was informed that the drugs belonged to the taxi driver, and that he (the conman) had been asked by the authorities to remain in San Antonio for the following four to six weeks; awaiting the completion of the taxi driver’s trial. He continued to say that the police had agreed to release them on a bond of $2,000 – as surety that they would present themselves for the duration of the trial.

 

Sam knew very well that both Sally and Ken were college students, who were due to resume their academic courses in two days’ time. The fraudster used this to create urgency in his plea.

 

The fake grandson asked Sam to talk to his lawyer, who he said was right beside him. Of course, the ploy was designed in way that the fraudster had a standby henchman to help him in his scheme. Fortunately, caution got the better of Sam, and he was quick to note that the background noise was very much uncharacteristic of a typical police station.

 

Being doubtful of the caller’s identity, Sam asked the scammer to contact their relatives in San Antonio, as Sam himself was too far away. To press his point home, Sam asked the caller to state his exact address. Feeling cornered, the fraudster disconnected the call.

 

Sam was unable to identify the scammer as his phone did not have a caller ID. It is conceivable that the call could have been from anywhere. According to FTC, such calls could originate from anywhere – even overseas.

 

The scariest part of this ordeal is the fact that the fraudster will refer to you by your own name, the names of your children and grandchildren, and other such personal details. Sam was scared by the fact that the fraudster actually knew where his granddaughter was living. FTC claims that the fraudsters buy or steal such information. We also inadvertently give away the information when we include intimate details about our life on commonly accessible social media platforms. Fraudsters will often frequent Twitter, Facebook and other platforms in hunt for personal data on their victims.

 

When the conman hung up, Sam sent out a group email to all his family members to alert them about the scammer. Surprisingly, he discovered that two other elderly gentlemen in his family had been victims of similar scams. In fact, one of them in Kentucky had been quick enough to discredit the fraudster, and when he threated to call the police, the scammer promptly hung up.

 

The other one was a resident of California. He received a call from a purported grandson, who claimed that he had been imprisoned for having been involved in a drunken brawl; and that he required $1,500 to post as bail. The fraudster said that his voice had changed as he had broken his nose in the fight. The scammer was able to convince the elderly man to send the money via Western Union, a branch of which was located near his home.

 

According to government sources, the fraudsters aim at making you so distressed that you forget to reason logically. After sending the money and getting back to the house, the grandpa received another call from the fraudster. He claimed that the first amount was not enough. That is when the elderly man realized that he was a victim of a scam, and hung up the phone. He called his wife and alerted her of what had happened. They also notified the police.

 

It has been noted that fraudsters will often call numbers randomly until they get that of a senior citizen, whom they consider as soft targets. They often paint a picture of a grandchild in trouble who needs financial help.

The lesson of the above narrative is clear. If you ever get a call from anyone saying that they are your grandchild and in need of urgent cash, do not be quick to act on that request. Tell them that you need to consult with other family members, ask for their phone number and address, and then hang up the phone. Then, go ahead to confirm if the situation is as depicted by the caller. That action could very easily save your money, and prevent you from becoming a victim yourself.

 

Have other questions about how to protect your finances and to take care of your loved ones in meaningful ways? Be sure to reach out to us for ideas on how we can help you.

Your house is your castle and it is the number one target for fraudsters. Your house is one of the most important asset you own since it is your biggest investment. So it is an attractive target for a con artists. Why? Because these fraudsters know that when it comes to your house, you are willing to take additional care and invest more money to maintain and protect its worth.

If you are a retired person, fraudsters will consider you as a very easy target since you are more likely to respond to “pitches” in person, via the phone, or mail.

There are various schemes. Below, you’ll find examples of some more notorious house scams that have been turning up nationwide. We’ll also discuss how can you protect yourself from being a victim of these scams.

Power Plays

* Did you ever come across any person demanding money for unpaid bill? They try to scare you by saying that if you do not clear your unpaid bills, your utilities will be turned off. Always remember that these kinds of notifications, if true, usually comes through mail. And be mindful that NO authority sends their representatives to collect money in-person without giving any notice about it through mail or phone call.

* There are many instances where fake specialists go inside a home unannounced, saying there is an emergency and that your house needs to be checked. These are generally burglars with fake identity cards and leased uniforms.

* The most recent rip-off: Fake representatives from cable firms promising to give discounts if you pay a few months of your bill in advance with pre-paid debit cards.

Burglar Blockage

A home security and safety system is effective in combating some crime. However, home security systems can attract other fraudsters too.

* Some fraudsters pose as certified technicians from the security and safety firms. They say they are here to fix the security system of your house. Then they get inside your house and deactivate your theft security system, so that later they can rob your house when you are sleeping or not in home.

* Other people claiming to be from the security company try to sell you much more expensive services. You must remember that any reputable company do not work in this way.

Contract Disadvantage

Be careful if a person tells you that he is a contractor who happens to be working in your neighborhood and wanted to know if you too need home repair service. Most of the time, these people are fraudsters. They will take some money from you for buying materials in advance. Needless to say that they will vanish after taking your money. There are others who insist on doing some unneeded extra repair work and then leave after doing a shoddy job. One of the favourite scams is resealing your driveway by spreading used motor oil on it. Always be sure to work with licensed contractors and actually verify the license with your state’s licensing authority before agreeing to work.

Fraud at Your Front Door

Whether it is a appeal for a charity, specialty home items, limited time offers, vacations, or overpriced magazine subscriptions, be on your guard. The best way to protect yourself: Don’t give your bank card to the person at the front door.

How can we help?

As a senior citizen you are a target for some of the worst schemes. We’re on your side and are here to help you navigate financial complexities. If you have any questions about protecting yourself from financial risk, please be sure to reach out to us.

Less than half of retired Americans are very satisfied in their retirement according to a new study by the Employee Benefit Research Institute. Only 48.6 percent currently report that their retirement has been “very satisfying” (down from 60.5 percent in 1998), while those reporting their experience as “not at all satisfying” has increased to 10.5 percent (from 7.9).

While this downward trend was seen in every economic group, higher retirement satisfaction was still positively correlated with net worth and good health. If you’d like to be among the most satisfied in your golden years, you’ll need an aggressive savings plan as well as a willingness to explore a few of these adventurous suggestions to get more enjoyment out of your retirement.

Make your own excitement. Imagine all the things you can do once you’re no longer obligated to punch a time clock every workday. Forty hours a week is more than enough to write a book, learn a new language, take up an instrument, mentor young professionals, help those less fortunate or pursue any other passions you’ve previously ignored for lack of time.

Reconnect with old friends. Busy lives naturally create distance in all but the closest relationships, and chances are good that you’ve lost touch with a few friends over the years. Now that you’re retired, it’s time to reach out and reestablish those connections. Social media platforms such as LinkedIn and Facebook are great tools for locating old chums. If you don’t know how these sites work, your grandkids will probably enjoy showing you how to use them.

Build a few new friendships as well.Research has shown that a strong network of friendships can help ward off depression, improve health and lead to a longer life. You can meet potential new friends while volunteering for charity, working a part time job, taking a class, exercising at the gym, hiking the local trails, walking in the park or attending community events. Look for senior meet ups all over the world here, or find interesting volunteer opportunities in your area here.

Don’t get too attached to a routine. We all tend to be creatures of habit, and it’s far too easy to exchange the daily work grind for a repetitive post-retirement routine. Unfortunately, doing the same things over and over again, day after day and week after week, can lead to boredom and a decline in overall happiness and satisfaction. Spontaneity is the antidote. You can inject a bit of it into your everyday life by trying out new hobbies, checking out new restaurants, visiting new cities, traveling to new countries, or even doing something as simple as taking a different route home from the grocery store.

Whether you’re still years away from retirement or have already collected your last paycheck, it’s never too late to improve your retirement savings plan. We’re here to help you review investments, explore options, and make certain you get as much satisfaction out of your senior years as possible.