BY SUZANNE HAZLETT, MBA, CIMA®, CFP®
While retirees often focus on their health and finances, it’s equally important to think about other areas of your life as you approach the midpoint of your retirement. Now could be the time to ask broader questions to ensure you’re making the most of the years you’ve worked so hard to enjoy.
Does my home still work for me?
According to a study by the Bureau of Labor Statistics, retirees spend an average of 1.77 hours per day on home maintenance. This can vary greatly depending on the size of the house and the amount of outside upkeep required. If you want to ease up on household chores, downsizing may be a solution. On the other hand, if hosting holidays and other gatherings brings you joy, having enough space to create cherished memories may be vital to you.
Am I spending time in a fulfilling way?
In a Merrill Lynch survey of retirees, 95 percent of respondents said they would focus on having more enjoyable experiences rather than buying more things. Here’s what survey respondents were looking to accomplish through their everyday activities:
- Get or stay healthy: 83 percent
- Relax: 72 percent
- Connect with family: 58 percent
- Have fun: 57 percent
- Make or expand social connections: 56 percent
- Learn: 47 percent
- Grow spiritually: 43 percent
- Give back: 41 percent
Do I need to adjust my finances or estate plan?
If you’ve experienced significant life changes (such as marriages, divorces, births, or deaths) in the first half of retirement, ensure that any changes in your intentions are reflected in your estate planning documents and beneficiary designations.
The longer we live in retirement, the more challenging it is to correct the course. Conducting a mid-retirement review is one way you can increase the odds of meeting your financial, health, and overall well-being goals.
Suzanne Hazlett, MBA, CIMA®, CFP®, is a Certified Investment Management Analyst® and CERTIFIED FINANCIAL PLANNERTM professional. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities are offered through Raymond James Financial Services, Inc., member FINRA/SIPC. HAZLETT WEALTH MANAGEMENT, LLC is independent of Raymond James and is not a registered broker/dealer. 675 Sun Valley Road, Suite J1 + J2, Ketchum, Idaho, 83340 208.726.0605 HazlettWealthManagement.com
