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How to Retire Happy

A Happy Retirement is Based on Good Economics

Mesa 12/4/2019 10:00:00 AM

Cash flow is king in your golden years and debt can cannibalize your cash positions like no other expense. Debt reduction needs to begin no later than five years out from your retirement date. You’ll still have living expenses that will more than likely increase each year, so debt and mortgage payments need to be eliminated before you retire. That’s the first step in building a financial profile that makes good psychonomic sense.

It’s critical to have a guaranteed source of income that doesn’t correlate to the market and is insured contractually to generate revenue for the rest of your life. And to cover the ever-increasing costs of goods and services in retirement, an inflation element needs to be added, especially in light of the little to no increase in Social Security benefits over the last six years.

Lifetime income annuities can generate guaranteed income you can’t outlive. And in retirement you need reliable income because your Social Security benefits won’t be enough. You can also add an inflation rider to these annuities as well, to guarantee annual increases throughout retirement, unlike the unpredictability of Social Security benefit increases. That can create a degree of psychological solace in your later years, knowing that you have guaranteed income you can’t outlive.

Happiness in retirement is tied to the math and science of solid economics. It starts with divesting yourself from debt and a mortgage payment. Then you need to create a financial profile and develop a disciplined investing posture that reflects your lifestyle. Part of a financial profile is determining your risk tolerance; life expectancy, fixed expenses and future medical and long term care costs.

The happy factor is indeed a fact built upon math and science that creates solid economic sense. It’s a mindset. It’s your psychonomics. It may just give you the peace of mind you’re looking for in your retirement years.

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