Three questions for evaluating the quality of your retirement life

Optimize quality of life in your retirement by answering these three questions

Your retirement income may be secure and flowing just as you intended, but financial preparedness alone doesn't guarantee a fulfilling retirement. According to MIT AgeLab, living well in retirement requires more than a strong balance sheet. To gauge your readiness for this next chapter, researchers developed three deceptively simple questions that can help reveal how prepared you are to live well in retirement:

1. Who will change my light bulbs?

Some retirees enjoy the upkeep that comes with owning a home; others would rather spend the time elsewhere. There's no right or wrong answer. The harder question is what you'll do when the choice is no longer yours: when balance, strength or stamina make getting on a ladder a more dangerous proposition than it was at fifty.

With fewer children per family and higher divorce rates than past generations, baby boomers can't always count on the family help that prior generations took for granted. That makes it worth thinking early about what you'd want if your independence at home started to slip.

Would you stay put and build a network of friends and paid help around you? Would you move to a continuing-care or assisted-living community? Or would you take a different path altogether? Whichever path you choose, the key is to plan for the practical support that helps keep home safe, comfortable and manageable as your needs change.

2. How will I get an ice cream cone?

This question is about independence of movement – specifically, the freedom to walk or drive to places you want to go, whether that’s to enjoy some ice cream, see a movie or visit your favorite beach.

Are you living in a community where all your favorite activities are a short walk or drive away? Do you have your own car or access to transportation that can get you everywhere you want and need to go?

Mobility is critical to well-being. Your ability to take care of errands, go to appointments, see friends and participate in community life supports your emotional health, resilience and quality of life, according to research.

That’s why, if you can’t drive, it’s essential you live in an age-friendly community, where public transit and rides from family, friends and ride services help maintain social connection and daily functioning.

3. Who will I have lunch with?

Social connection is an often-overlooked aspect of retirement readiness. Something as simple as sharing lunch with friends, family or new acquaintances can be a sign of a strong social network. And numerous studies show that strong social connections and in-person interactions are critical for healthy aging, brain health and overall well-being. Does where you live enable you to enjoy existing social connections or build new ones?

Retirement often shrinks the social network you built through work or raising a family, so the effort to maintain other connections matters more than ever. Take stock of your social fabric. Are family and longtime friends within easy reach? Do you have regular opportunities for socialization, like a weekly walking group, a faith community or a volunteer commitment? Does your neighborhood offer gathering places like cafes, parks, libraries or community centers where casual connections can grow?

Financial security may be the foundation of retirement, but what you build on top of it matters too. A fulfilling retirement also depends on having a home that supports your needs, reliable ways to get where you want and need to go and meaningful connections with the people who enrich your life.

Source: MIT AgeLab