The Ingredients for a Happy Retirement

Maddy Dychtwald, co-founder of AgeWave wrote an article for the Wall Street Journal on happy retirements.   In Where People Find the Most Happiness in Retirement,  she explains about a survey AgeWave conducted with Bank of America/Merrill Lynch.  She explains they found that

While many of us still think of retirement as a time to wind down and take time for ourselves, two-thirds of today’s retirees have found that retirement is, in fact, the best time in life to give back: their time, their talent and their money. (This finding also echoes in many ways what Marc Agronin describes in his article in The Wall Street Journal this week–that people are happier when they are connected to family, friends and community, than spending on the latest adventure.)

Volunteerism and giving seem to play a role in whether a person has a happy retirement.

Even retirees’ definition of success relates strongly to giving back. When we think about retirement and planning for it, too many of us focus almost exclusively on money: “Will I have enough money to do the things I want for as long as I live?” There’s no doubt this is an important question. But, as it turns out, at all income levels, the study shows that retirees are almost six times more likely to define their own personal success in retirement by their generosity rather than their wealth.

The recommendation from Ms. Dychtwald? Consider what will give retirement meaning and reason. “When it comes to happiness in retirement, it seems generosity trumps wealth.” The study is available here.