No doubt you have a financial plan for retirement. But do you also have a non-financial retirement plan?

Money alone will not guarantee your retirement will be all you dream. There are non-financial variables in the equation for an enjoyable and fulfilling retirement—variables you need in your retirement plan. Regardless of your financial situation or age, your quality of life is affected most by health, personal relationships, intellectual stimulation, and community. These non-financial factors should be a priority on your retirement journey. Adequate savings during retirement and the proper management of your savings are still very important. Your challenge is to maintain perspective on the importance of all factors (and others) influencing the experience that is your retirement. A Guide to Navigating Retirement identifies numerous non-financial factors for you to consider.

A PLACE TO AGE

If you are lucky enough to grow old (and ideally, healthy!), you must decide to either age in your home or move to a retirement community. Topic 24 in A Guide to Navigating Retirement discusses this decision.

Evaluate your house for its ability to accommodate the possibility of physical impairment as you age. Are there many steps you need to negotiate? Are the doors wide enough for a wheelchair? Will the bathroom accommodate a wheelchair? Would your house be suitable if remodeled? Or do you plan on moving to a home that could meet these needs? Will you need intensive, long-term healthcare—care that may be best provided in a nursing facility? Or will you simply need help with common Activities of Daily Living (ADLs)? Even if you will be healthy, is the challenge of maintaining a house worth the effort? All tough questions. An additional factor to consider is that many adults experience isolation and loneliness as they age. The cause may be the loss of a spouse, partner, family member or close friend, chronic illness, hearing loss, or lack of mobility, to name a few. Studies indicate that social isolation and loneliness put older adults at risk for health conditions that otherwise might be avoided: high blood pressure, heart disease, obesity, a weakened immune system, depression, cognitive decline, and early death. How do you confront or avoid social isolation and loneliness? The community in which you live has a big role in promoting social connections. Community can enable connections with others. (And community can still exist if aging at home.) No matter where community exists, individuals must be intentional in their engagement with neighbors and community members. Don’t wait for the phone to ring. Call someone and make plans! Effective communication skills are the essence of establishing and maintaining relationships with people. Other than diet and exercise, no skill will contribute more to your enjoyment of life than the ability to effectively communicate. Like any other skill, it requires practice. Don’t wait for the phone to ring. Call someone and make plans! There are financial costs to consider if moving to a retirement community. The costs can be offset in part by the expenses you would otherwise incur to maintain a home. Also, your finances will enjoy a cash infusion when you access the equity in your home by selling it. The best way to assess your financial capability to afford a retirement community is to undertake a Cashflow Analysis (Topic 14 in the Guide). Here’s a tip: Even if your move to a retirement community is several years away, put your name on the waiting list of those communities you are considering. Often it will take years before an opening is available at the better facilities.