The Ten Commandments of Retirement
Most of us are familiar with the Ten Commandments, even if we don't remember or follow them all. Some people consider them to be ancient universal truths. The Ten Commandments may be a good place to start in advising us about any aspect of our lives, even retirement, although they have to be adapted to make sense in 21st century America. So here are the Ten Commandments for retirement, as inspired by our philosopher ancestors.
1. Save for retirement. Most of us have Social Security to help support us in old age, and some of us have a pension. But these days nothing is sacred. Benefits can be changed, and besides, nobody ever promised that Social Security would provide anything more than a safety net so we don't starve to death. If you want a comfortable retirement, you should start saving early in your career, presumably with an employer program or an individual retirement account, save consistently through the years and then resist the temptation to rob your retirement fund to buy a house or a new car.
[See: 10 Ways to Increase Your Social Security Payments.]
2. Invest your money. Financial experts recommend that you save ten times your annual salary by the time you retire. That's almost impossible to do by saving alone. But if you invest through your company plan, or with a low-cost mutual fund or exchange-traded fund in your IRA, you can reasonably expect to grow your savings over time, which is the most realistic way to achieve long-term financial security.
3. Do not retire too early. Social Security offers a siren call when we first become eligible for benefits at age 62. In Greek mythology the Sirens were beautiful creatures who lured sailors with their enchanting music to wreck their ships on the rocky coast. Similarly, if you start taking Social Security early, you receive a smaller monthly income for the rest of your life. So if you don't have substantial savings to keep you afloat, you will likely shipwreck on the rocks of unexpected expenses at some point in your retirement voyage.
4. Downsize. You no longer need a big house to shelter your family. You may no longer need two or three cars to ferry the kids to school or soccer practice. So consider downsizing your home and your possessions, especially if you broke any of those first three commandments.
5. Eat right. When you're retired you have more time to take care of yourself. So make the effort to buy and prepare healthful foods, and make sure to get the nutrition you may have neglected when you were too busy working and raising a family.
[See: 50 Affordable Places to Buy a Retirement Home in 2016.]
6. Get some exercise. A reasonable amount of light-to-moderate exercise will extend your longevity, so you'll be around long enough to collect on the Social Security you've been paying into your entire working life. Exercise also makes you feel better by improving digestion, soothing aching joints and increasing energy levels.
7. Hold your family close. Your kids are out of the house, but that doesn't mean they should be out of your life. Loneliness is one hazard of retirement, so make an effort to stay close to family and old friends. Family members are the oldest friends you have, and your grandchildren are your link to the future.
8. Make new friends. Inevitably, old friends will die or move away -- or perhaps you will move away. Wherever you find yourself, try making new friends. A strong social network supports both physical and mental health as you get older.
9. Do something you like to do. Loneliness is one threat in retirement; boredom is another. So after you retire, recommit to your long-time hobby, or find a new one. You could become active in your community, find a part-time job or volunteer to help those in need. Do something that makes you want to get out of bed in the morning and take part in the bright new day.
[See: 10 Retirement Rites of Passage.]
10. Do not covet thy neighbor's goods. We all see happy people who live ideal retirement lives, whether in women's magazines, on TV, on Instagram or Facebook. But remember, the articles are carefully chosen, the photos are airbrushed and what you see on Facebook is people putting their best face forward. Retirement, like life, has its challenges and disappointments, as well as its opportunities and memorable moments. Other people are not enjoying a better retirement than you are, especially if you're following the retirement lifestyle that's right for you.
Tom Sightings is the author of "You Only Retire Once" and blogs at Sightings at 60.
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