Take steps to stay connected for a healthy retirement
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Earlier this month, U.S. Surgeon General Vivek Murthy called loneliness and isolation a public health crisis, imploring Americans to prioritize building social connections, “the same way we have prioritized other critical public health issues such as tobacco, obesity, and substance abuse disorders.”
Murthy’s “Advisory on Our Epidemic of Loneliness and Isolation” highlights some alarming statistics, including one that compares the harm caused by a lack of social connections to that of smoking up to 15 cigarettes a day!
According to the report, groups at the highest risk for social disconnection include those who live alone, older populations, those with poor physical or mental health, and people with disabilities.
It may also be a reason people may be reluctant to retire. Research by Savant and Absolute Engagement in 2021 found that 21% of respondents were concerned about lacking a sense of purpose in retirement, while 17% feared they would lose their sense of identity after leaving the workforce. Another 60% did not have perfect clarity about how they would spend their time in retirement.
Retirement can be a wonderful time to pursue your passions and enjoy life after years of hard work. However, it can also be a time when you feel lonely and disconnected from the world around you.
If you are worried about feeling lonely in retirement, here are some steps you can take to stay engaged, connected, and fulfilled.
Stay Active: Exercise is a great way to stay physically healthy and emotionally balanced. Consider joining a gym, taking up a sport or yoga, or even just taking daily walks. Exercise not only benefits your physical health, but it also releases endorphins that help to boost your mood.
Volunteer: Volunteering is a great way to give back to your community while also meeting new people. Whether it’s volunteering at a local food bank, library, or animal shelter, you’ll feel a sense of purpose and connection by contributing to a cause you care about.
Work part time: For those who miss the camaraderie a work environment can bring, choosing to work part time can also be an option to stay connected with co-workers. You may elect to stay with your company and reduce your hours, or find a new job in a field that interests you.
Join a club: Joining a club or group is a great way to meet like-minded people who share your interests. There are a variety of clubs and groups available, from book clubs to hiking groups and everything in between. Check with your local community center or library to see what’s available in your area.
Pursue a new hobby: Retirement is the perfect time to explore new interests and hobbies. Whether it’s painting, playing music, or gardening, find something that excites you and dive in. You’ll not only enjoy the activity, but you’ll also have the opportunity to meet others who share your passion.
Travel: Traveling can be an excellent way to break out of your routine and experience new things. Whether it’s a day trip to a nearby city or a longer trip overseas, travel provides an opportunity to meet new people and experience new cultures.
Stay connected with family and friends: It’s important to stay connected with family and friends, especially as you age. Schedule regular phone calls or video chats, plan visits, and stay engaged in their lives. This can help prevent feelings of isolation and loneliness.
Use technology: Technology can be a great tool for staying connected with loved ones and the world around you. Consider joining social media platforms, taking online courses, or using video chat to stay in touch with friends and family.
Seek professional help: If you find yourself struggling with feelings of loneliness or depression, it’s important to seek professional help. Talk to your doctor, therapist, or a mental health professional who can provide support and guidance.
As the surgeon general points out, our individual relationships are an untapped resource — a source of healing in plain sight. If you plan to retire soon, or are feeling lonely in retirement, consider focusing on one or more of the steps listed here and check in with yourself regularly to see how you’re feeling.
According to a new survey conducted by OnePOll on behalf of Prudential, 7 in 10 Americans plan to retire, but not everyone is on track with their retirement plan. Buzz60’s Chloe Hurst has the story!
The retirees are alright: 60% say they’re doing OK, but financial concerns remain
The retirees are alright: 60% say they’re doing OK, but financial concerns remain
Planning for retirement can go a long way in building a healthy nest egg—not to mention calming worries about struggling financially during our golden years. So how well have retired Americans fared with planning for their financial health?
To find out, Guideline compiled statistics to show the financial health of retirees, using data from the Federal Reserve and Social Security Administration.
The good news is that data from the Fed shows 60% of retired Americans are satisfied with their quality of life, and 81% said they were “at least doing okay” with finances—though some still worried about the cost of living. The report found that unmarried retirees and those with disabilities were the most likely to report concerns about their financial well-being, and these groups reported lower levels of financial health. Financial well-being also isn’t across the board: 9% of people over 65 live in poverty.
To get a better snapshot of American retirees, it’s important to understand the population we’re talking about. A little more than 1 in 4 adults in the U.S. considered themselves retired in 2021, according to the Fed. As of 2022, 47.9 million retired workers receive Social Security benefits. The reasons Americans left the workforce varied: Some simply said they had reached the right retirement age, while others reported that they were ready to do other things and spend more time with family. Some stopped working, but not necessarily by choice: major life events, such as health problems and having to care for family members, and a lack of work opportunities led to 45% of adults retiring.
Retirees report having different sources of financial support and income, including collecting rent from owned property and withdrawing 401(k) and pension plans. As of 2022, 47.9 million retired workers aged 65 and older received Social Security benefits—among the elderly, more than a third reported that Social Security made up at least half of their income. About 14% of adults who considered themselves retired said that they still occasionally worked for pay.
For a more in-depth look at how retirees are feeling about their finances, continue reading to find out more about their economic well-being.
Overall financial well-being
– About 88% of married retirees and 68% of unmarried retirees said they are “at least doing okay” when it comes to finances in 2021.
Retirees as a group reported that their level of financial well-being was generally high in 2021. However, those who were not married reported lower levels for this subjective measure. This may be because people feel anxious or daunted when having to be the only ones responsible for their financial lives. Additionally, rates were lower for retirees with disabilities compared to those without. Though a retiree with a disability may be eligible for SSI, or Supplemental Security Income assistance, it can still be difficult to make ends meet given that prescriptions and health insurance can be costly.
Poverty
– U.S. Census Bureau data shows 9% of people over age 65 live in poverty, which has remained relatively consistent since at least 1995.
Additionally, women experience higher poverty rates, and have faced numerous obstacles to retirement security including having to leave the workplace earlier than they’d planned. Some also noted that they lacked access to financial education or saw a drastic change in financial situation due to divorce.
Reasons for retiring
– Close to half of retirees retired because they wanted to do other things, or because they “reached the normal retirement age.” About 3 in 10 said they retired due to a health problem.
Many younger baby boomers—those aged 55 to 64—were able to benefit from the historic rises in both the housing and stock markets during the pandemic, enabling them to retire early with a financial boost. However, the pandemic also exacerbated wealth disparities for many, with some older workers losing their jobs due to shutdowns or finding themselves no longer able to retire early. Additionally, those who couldn’t find a new job during the pandemic may have had to shift into retirement before they were financially or emotionally ready.
Income
In 2021, more than 3 in 4 of all retirees reported receiving Social Security as an income source. This rate has remained fairly constant since at least 2013, according to the Report on the Economic Well-Being of U.S. Households. More than 46 million retirees were receiving an average $1,555 monthly Social Security benefit, according to a June 2021 snapshot.
Among those who receive Social Security benefits, the payments accounted for at least half of retirement income for 42% of women and 37% of men. More than half of all retirees receive a pension whereas 43% report receiving payments from financial investments and rental property.
As for older Americans who are still working, many of them are doing so into their 70s. What fuels this trend is rising education attainment levels, as well as financial need. Professions that are friendly to those working in their 70s and older include white-collar professions within fields such as business, education, law, medicine, and the arts.
This story originally appeared on Guideline and was produced and distributed in partnership with Stacker Studio.
John Ruedi is a regional marketing specialist with Savant Wealth Management in Bloomington.
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