Retirement Planning: Factors Associated with Retirement Success and Enjoyment

Retirement planning is an important part of responsible and successful aging. Unfortunately, many people don't plan for it, or even think about it until it is right around the corner. Like many other things in life, retirement planning isn't something that can be put off until the last minute, at least not if you'd like to enjoy it. According to Hooyman and Kiyak (2002), "financial security and health appear to be the major determinant of retirees' satisfaction with life" (pg.369). This is to say that financial status plays a large role in the satisfaction ones experiences during the retirement period of life; and as is widely recognized, financial security isn't an easy thing to come by. This is especially true when you add the factor of no longer working and having an active source of income.

Because of the difficulties retirement can pose, and the desire to have a healthy and happy retirement, retirement planning is essential! A comprehensive retirement plan will include the following: gradual decrease in work, social activities during retirement, finances, health plans, and support systems.

Gradual decrease in work: This allows the individual time to adjust to less work and more free hours during the day. At this time an individual can engage in hobbies, social interactions, volunteer work, or take a vacation. The gradual decrease, as opposed to a swift stop in work, allows one to hypothesize on how retirement will be and what they can do to make it better if they are unsatisfied while still working part time. During retirement planning an individual can lay out their gradual pull-out from work schedule in order to best accommodate financial situations, work needs, and personal needs.

Social activities during retirement: An individual will want to think about the sorts of activities that will occupy their time during retirement. Many individuals retire and then find they have less to do than they thought and thus become dissatisfied with their retirement status. During the gradual leave from work an individual might want to try a fair deal of new ways to spend time (take up a sport, travel, art or writing, puzzles, time with friends and family) in addition to spending time on old hobbies. Community volunteer programs can also contribute to a sense of well-being and contribution to society and thus make excellent retirement plan activities.

Finances: Some individuals will rely on Social Security, others on personal pensions or other means of passive income. The key to a successful and enjoyable retirement is to have the funds available to live comfortably. Start saving early for retirement in addition to pensions and Social Security. Setting up another means of passive income or acquiring assets can also be a good way to provide financially during the retirement years. High interest banking is also a good way to save money for those starting both early and late in the retirement saving process. Investment in shares or real estate is also a common plan if one is so educationally inclined to invest in these ways.

Health Plan: Health plans include medical insurance, emergency care procedures, and money to pay for regular check ups (co-pays or full cost). For some people their employment benefits will contribute health care after retirement, other will have to find a new health insurance company. Saving in advance and taking care of your body early in life will help in better aging and generally lower health care costs in the early elder years. Continuing on with a healthy lifestyle both physically and mentally will also contribute positively to one's health and need for hospital care. Still emergency money should be saved, emergency plans in place and written where a family member can find them or is aware of them, and insurance, are always good sense plans.

Support systems: Retirement doesn't have to mean isolation. Retired individuals should be active in the community, among friends and family, among church, or any other activity that keeps them connected. Maintaining a solid support system is important for psychological well-being and happiness in retirement.

Everyone experiences retirement differently, however, these factors will greatly affect the quality of one's retirement experience and can create a more successful and enjoyable experience.

Hooyman & Kiyak. (2006). Social Gerontology 6^th Edition. Pearson Education Company. Boston, MA.