What makes a good retirement? Money? Friends? Travel? Golf? Grandkids?
There’s no right answer, but a body of research reveals the ingredients that are most likely to tip the scales in your favour as you transition from work to play.
Interestingly, while much of our media focus is on the state of our savings and superannuation, financial wherewithal is really the least important of the four indicators that matter most. In descending order of importance, these indicators are:
- sense of purpose
This is not to say that wealth is unimportant – far from it – as financial security offers us choice, independence and the ability to purchase important insurances. It also affords us discretion in health services and the rich rewards of travel. But it just pales into insignificance beside the critical need to be healthy in body and mind, and have satisfying familial and social relationships, as well as a high self-esteem based on a strong sense of purpose.
In our ‘Rate your retirement’ quiz, published in our September issue of the Retirement Update, we offer five measures of strength in each of these aspects of retirement. There are no absolute right or wrong answers, and the questions are by no means comprehensive, but when weighted according to their relative importance, they will give you a quick picture of your likelihood of enjoying a happy and healthy later life.
Hopefully the quiz will also prompt you to think about the diverse prerequisites needed to enjoy life after work and the many ways of making life richer.
So, without further ado, why not take our quick quiz?