In an effort to help people make the most out of their retirement, we at Big Retired Life conducted original research. We solicited advice from the residents of The Forum, an affluent retirement community in Cupertino, California, to see what words of wisdom they wanted to say to their younger selves. We posed a simple question: “Based on your experience, what would be your top three pieces of advice for someone in their 50s, aiming to prioritize what matters and get the most from their retirement years?”
We received 28 responses from 20 women and eight men. 82% of our respondents were over 80 years old. This left us with 84 unique pieces of advice. Let’s delve into the prioritized insights that emerged:
#1 Financial Wisdom:
Findings: 24% of the responses centered around financial security. The residents emphasized the importance of saving enough to extend well beyond your anticipated lifespan. “Save, save, and save more for retirement” echoed the sentiments of many. The advice extended to start saving early, work as long as possible, and collaborate with professional financial advisors. Furthermore, there was a call to understand the intricate details of your financial portfolio, ensuring both partners are well-versed in where your money comes from and where it must go.
Implications: It’s surprising that an affluent group of retirees highlighted financial security as the top advice. Here are a few basic guiding principles for saving for retirement:
- Max out your 401K annually until you retire.
- Don’t count on your cost of living to go down after you retire. Costs typically go up with the rising cost of healthcare.
- Use the 4% rule—Once you retire, you can spend 4% of your savings each year in perpetuity.
#2 Nurturing Social Bonds:
Findings: A close second, with 23% of responses, was the significance of nurturing social connections. Cultivate meaningful relationships by staying connected to friends and family, showering them with love and affirmations. One individual noted, “Your partner is a treasure—Nurture your marriage.” Once you retire, the residents advocate for living in a retirement community to foster new friendships, perhaps influenced by their positive experiences.
Implications: Make sure that your work and other obligations don’t sacrifice a vibrant social community. Fostering social connections takes effort. See our post on Cultivate Your Social Power.
#3. Staying Active (Mind and Body):
Findings: Comprising 14% of the advice, staying active emerged as an important theme. The overarching principle is clear: consistently exercise your brain and body for health and vitality. Engage your mind through activities like reading, writing, and creative pursuits, ensuring a continual exercise for your brain. Incorporate daily, regular physical activity into your routine to enhance overall well-being.
Implications: It’s interesting to see the emphasis on keeping your brain active. Make sure to engage in mental activity as well as physical activity.
#4 Carpe Diem—Seize the Day:
Findings: This philosophy was included in 10% of the advice; the residents urged an embrace of the present. “Don’t postpone doing something you want to do longer than necessary.” Life’s brevity served as a poignant reminder to cherish every day and savor every moment by enjoying life to the fullest. Cultivate a zest for life by pursuing activities that bring joy and fulfillment.
Implications: It’s critical to start now to prioritize what you want to do. Live your bucket list.
#5 Embracing a Lighthearted Outlook:
Findings: Reflecting 8% of responses was the call to be positive and lighthearted. “Try not to take yourself too seriously,” advised the residents, emphasizing the liberation in letting go of grudges and ill will. Cultivate a mindset of generosity. Discover your true sources of happiness. Their counsel is to embrace positivity early in life.
Implications: Work to develop this outlook as soon as possible. It’s a choice.
#6 Prioritizing Health:
Findings: While constituting 7% of the responses, prioritizing health and taking care of yourself emerged as a silent cornerstone. In a community where many have celebrated over eight decades of life, the advice to stay active may serve as a subtle shorthand for embracing holistic well-being.
Implications: Be a proactive advocate for your health, which requires you—the patient—to participate, be informed, and be willing to make hard changes.
#7 Travel Now:
Findings: 6% of the residents encouraged travel. “This is a good time of life to travel before your parents need your caretaking oversight,” advised one, linking the call to travel with the overarching theme of seizing the day.
Implications: Take your paid time off (PTO) and make your travel plans. Don’t wait until retirement to travel.
In these distilled insights, this advice offers a roadmap to thriving in retirement. Implement this advice early to make it a habit so you can live your life to the fullest.
Throughout the “The Nuts and Bolts” section of this blog, we will introduce you to the practical needs in retirement.