A balanced retirement: It's not just about the money

By Mike Brady, Michael Brady & Co. Wealth Management

When most people think of retirement planning, they think of the financial aspects. How much will I spend each month? How much money do I need to have accumulated to create an income large enough to cover those expenses? When should I claim my Social Security benefits? Will I outlive my money?

As important as the financial aspect of retirement is, there are actually five major aspects of retirement to be considered: financial, health, friends and family, home, and purpose. Each of these must be in balance and attention focused on a successful retirement.

Without good health we have nothing. How will you stay active and healthy in retirement? Annual physical exams and an exercise regimen are essential to maintaining a long-term retirement. An active schedule can also help to reduce medical expenses and the need for long-term care, and increase mental agility.

Friends and family are an important support system and can also help maintain an active lifestyle. Maintaining relationships can add years to your life expectancy and makes life worth living. Do you have the support of family and friends in planning your retirement? Can you maintain friendships made during your working years? Will you make new friends while engaged in new retirement activities?

Home is where the heart is. Having a plan for where you will live and deciding on the best type of housing for your lifestyle is essential to a successful retirement. Will you keep your single-family home, condo or apartment? Is your home mortgage-free? Will your home need repairs or modifications over your retirement years that need to be funded? Should you consider an adult continuing care community? All of these decisions should be considered prior to your retirement date.

Purpose is what really keeps us going. Do you have a passion in life? Is there some cause or organization that you care deeply about? This is the motivator that each day drives you to get out of bed and continue to contribute to the planet. It links all the other aspects of retirement together. It links family and friends together with healthy lifestyles. It links you to your home community and provides a sense of well-being.

When contemplating a major life change such as retirement, be sure to think about all aspects of your future lifestyle. We have worked with many retirees over the years. Let us know if we can help you to plan your successful retirement years.

Michael Brady is a fee-only, full-time fiduciary and certified financial planner. To set up an appointment, call 440-235-2100, email Mike@MichaelBradyCo.com, or visit MichaelBradyCo.com.