How to Cultivate a Happier Retirement

By Liz Weston How to Cultivate a Happier Retirement

Researchers have identified several factors besides money that contribute to a happier retirement, including good health, strong relationships, and a sense of purpose.

But setbacks are inevitable, in life and in retirement. Not everyone enjoys good health—and no one enjoys it forever. Loved ones die or move away. The pursuits you thought would give your life meaning may not, or may not be possible: Think of all the activities and plans canceled because of the pandemic.

Yet many retirees continue to be happy despite difficulties, and research indicates that their psychological attitudes help determine how well they cope with change.

“Mindset is key, and it’s one of those things that’s within our control,” says executive and retirement coach Joe Casey, author of “Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy.”

A 2014 study by two Kansas State University researchers found that people who are more optimistic tend to be more satisfied in retirement. Study participants’ levels of optimism were measured by their agreement with statements including “In uncertain times, I usually expect the best” and “Overall I expect more good things to happen to me than bad.”

Positive emotions such as optimism help people to be more resilient and to think more creatively, while pessimism can make it harder to take productive action or cope with difficult situations, says the study’s lead researcher Sarah Asebedo, now a professor at Texas Tech University’s School of Financial Planning.

But don’t despair, pessimists: You can learn to be more optimistic.

“I do think certain people might have a disposition toward optimism or pessimism, but that doesn’t mean you

can’t change your outlook and change your way of viewing a situation,” says Asebedo, who also edits the Journal of Financial Therapy.

Asebedo recommends psychologist Martin E.P. Seligman ’s book, “Learned Optimism: How to Change Your Mind and Your Life,” which explains cognitive behavioral techniques to combat pessimism. If you need further or ongoing help, consider talking with a therapist about developing a more optimistic outlook.

“It’s not the Pollyannaish view,” Casey explains. “It’s really more the ‘OK, let’s look for the good.’”

While positive thinking in general can help you cope with life, positive thinking about aging may actually extend your life.

A 2002 study led by Yale University professor Becca R. Levy found that people who had more positive views of aging lived a median of 7.5 years longer than those with more negative attitudes. The gap persisted even after the researchers took into account other factors that affect longevity, such as age, gender, socioeconomic status, health and loneliness.

Researchers examined how study participants’ views of aging predicted their survival up to 23 years later. The 338 men and 322 women ages 50 and older had responded to several statements about aging, including “As you get older, you are less useful” and “I am as happy now as I was when I was younger. ”

Positive views of aging had a greater impact on life span than many health factors. For example, low blood pressure or low cholesterol each contribute about four years of longevity. Other healthy behaviors, including refraining from smoking, maintaining a healthy weight and getting regular exercise, add one to three years to life spans.

Levy’s research also has found that positive views of aging can protect

People can change their views by becoming more aware of, and challenging, negative stereotypes of aging, Levy writes in her book “Breaking the Age Code: How Your Beliefs About Aging Determine How Long and Well You Live.” She also recommends making intergenerational friendships to combat ageism and looking for positive role models.

Casey says people can struggle in retirement if they believe that they have stopped evolving and that their days of learning new things are behind them. He coaches his clients to develop a “growth mindset” that embraces learning and change.

He points to research by Stanford University psychology professor Carol Dweck, author of “Mindset: The New Psychology of Success.” Dweck found that people who believe their intelligence and talents can be improved—what she calls the growth mindset—tend to be more successful in life than those who believe their abilities are innate—what she terms a fixed mindset.

Casey encourages clients not just to learn, but to challenge themselves. That may mean learning something that takes effort, or mastering a skill.

“Mastery gives you a sense of control and gives you a sense of achievement, which often people miss when they leave the more professional workplace,” Casey says.

But mastery also requires another aspect of a growth mindset: being willing to risk, accept and learn from failure. That can be hard for people who are good at their jobs, Casey says.

“They’re not used to being bad at anything,” he says. “To get good at something, to master something, you have to be bad at it first.”

Can you afford to retire? The pandemic has pushed many people to confront this question earlier than they may have planned. The answer may be more complicated than you think, and an incorrect answer could be costly. To correctly answer the question, it may help to build a retirement income and expenses pyramid.

Longevity risk is one reason that the answer is complicated. Many people retiring today live twenty-five years or longer after they retire; think of that as being unemployed for 25 years. In addition, that twenty-five-year period of time is filled with three different phases with different sets of expenses: the Go-Go years, the Slow-Go years, and the No-Go years. Another complication is that your lifestyle when you retire may be totally different, with a different set of expenses; it’s a whole new budget. Finally, your sources of income are likely to be different and subject to new sets of risks.

On Wednesday, October 26th from noon to 1:30 p.m. Susan Moore of Moore Wealth Management, Inc. will be conducting a complimentary webinar that covers how to build your pyramid, estimating what your income and expenses will be during retirement. There will be both a live and recorded version. Please call the Moore Wealth Management office for further information or reservations at 334.209.1612 or email sarah@ moorewealthmanagement.com. If you miss the webinar, we also offer free consultations that are without obligation.

A pyramid approach attempts to prioritize the sources of income and expenses. First, you build the foundation of the pyramid with your guaranteed sources of income which include Social Security, some types of annuities and pensions. This involves a whole set of questions: when to take Social Security to maximize it for your circumstances; when and how to take income from the annuities; and which pension option to take and is your pension safe (is it at risk because of underfunding)?

Once you’ve determined the guaranteed sources of income that make up the foundation, then you must budget and figure out your essential expenses, which include food, housing, healthcare and taxes. These expenses may vary widely in the three phases of Go-Go, Slow-Go and No-Go. This too involves a whole set of questions: how to maximize your healthcare coverage and minimize your costs; can you afford to age in place or do you need to plan to downsize into independent or assisted living options; and how to minimize taxes on Social Security and avoid higher Medicare premiums.

Then you build the middle level of the pyramid which includes your variable sources of income from savings and investment portfolios and your desired expenses like vacations, hobbies, entertainment and taking care of family. Like the essential expenses, these may vary widely depending up on the three phases. A portfolio producing an income is subject to different risks than one in which you are accumulating assets. Conventional wisdom was that a safe withdrawal rate from a portfolio was 4%; new studies show that in a low interest rate world the “new” safe withdrawal rate is 2.5% to 3%. ¹ In addition, a portfolio producing an income is subject to greater risks of sustained losses than a portfolio providing no distributions.

Finally, you are ready to build the top of the pyramid which include your legacy plans: helping to fund grandchildren’s education, gifts to family while you’re alive and at your death; and philanthropic giving while you’re alive and at your death. These should be funded with your longer-term holdings or illiquid investments.

Retiring is complicated. The old adage applies: if you fail to plan, you plan to fail. Build your pyramid!

By Susan Clayton Moore, J.D.

Principal of Moore Wealth Management, Inc.

Susan Clayton Moore, J.D., is a financial advisor and wealth manager of Moore Wealth Management, Inc., with offices in Auburn, Montgomery, and Alexander City, AL. Susan has under advisement assets over $170 million (as of 1.21.2022) in brokerage and advisory assets through Kestra Financial and has been a financial planner for over 38 years. Contact Susan at 334.209.1612. Email contact is

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney or tax advisor with regard to your individual situation.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Kestra IS or Kestra AS are not affiliated with Moore Wealth Management, Inc.

¹https://www.onefpa.org/journal/Pages/The%204%20Percent%20Rule%20

“It’s not how old you are, it’s how you are old.” – Jules Renard, French author.

It was the summer of 1965 when Medicare was signed into law, guaranteeing that the federal government would manage the provision and cost of medical care for all seniors. In doing so, President Lyndon Johnson proudly declared: “No longer will older Americans be denied the healing miracle of modern medicine. No longer will illness crush and destroy the savings that they have so carefully put away over a lifetime.”

As the country’s then 19 million seniors celebrated, little note was taken of the nearly 70 million children who were part of a generation that would come to be known as the “baby boomers.” A nation of people once very young is today growing older by the minute. In fact, every day, about 10,000 baby boomers turn 65.

In 2019, Medicare covered about 63 million beneficiaries. This is expected to swell to over 80 million beneficiaries by 2030. As this tectonic demographic shift happens, there is another essential fact to consider: On average, those 65 and older consume five times more health resources than those under 65.

Caring for aging boomers will likely stress the economic well-being of the workingage population. The number of tax-paying workers per Medicare beneficiary fell from 4.6 during the program’s early years to 3.1 in 2015 and the trend downward continues: This number is expected to be 2.3 by 2030.

The hypergrowth of Medicare beneficiaries multiplied by a five-times consumption factor is problematic. Add medical inflation, an expected staffing shortfall and a decreasing number of workers to pay for it and you can grasp the magnitude of the problem.

A paradigm shift is needed to better manage older citizens’ needs and curb rising costs. Leveraging the use of artificial intelligence (AI), digital tools and other smart technologies across the spectrum of care settings can help change healthcare approaches from being reactive to proactive.

When it comes to the health and well-being of older people, a big part of what needs to be done is preventing and better managing chronic conditions that can be proactively monitored and better managed with intelligent lifestyle and community-based services.

Telehealth visits among Medicare beneficiaries increased 63-fold during the pandemic. Equally important, 95% of Medicare beneficiaries were satisfied with their telehealth experience. Here are other examples of how intelligent technologies could support older consumers:

Ambient Intelligence: Continuous “anywhere” monitoring could provide new and ongoing opportunities to assess and manage the health and wellness of older citizens. Whether through wearables, sensing devices in the home or embedded in things we have regular contact with like car seats and mattresses, smart devices can gather data that is analyzed by healthcare professionals and presented back to the consumer. Intelligent Virtual Assistants: These can be used between human visits to help keep people healthy by making assessments and providing individuals with ongoing and real-time intelligent advice. Manually managing and recording daily activities such as nutrition and fitness has always been tedious and difficult. AI virtual assistants can automate the acquisition of deep knowledge of an individual’s diet, exercise, medications and emotional state.

Artificial Intelligence: AI can help reduce social isolation for many older Americans and create new healthy connections between friends, family members and the community. AI chatbots at home help people stay on top of things like taking medications, reminding them of doctors’ appointments and even scheduling transportation.

As we consider the health, medical and economic challenges of serving this important population, let’s start first by acknowledging and celebrating our successes. Things like public health and medical breakthroughs are allowing more people to live longer than at any point in history. As we celebrate this accomplishment, let us recognize that this success creates new challenges that the existing healthcare system was never designed to address.

Creating a new approach starts with moving away from our traditional views and beliefs regarding aging. Nowhere will this be more important than how we leverage technology to improve the provision of services to manage the health and wellbeing of older citizens.

Tom Lawry is the National Director for Artificial Intelligence, Health and Life Sciences at Microsoft.

Our Walk of Life for breast cancer is back! Join the fun! No matter if you’re a walker, a runner or just someone who wants to enjoy getting outside and helping others in the process, our Walk of Life has something for you! Plus, it’s exciting to see thousands of people take to the streets of downtown Montgomery to show their support for those dealing with breast cancer! Your participation provides mammograms + breast screening services to women and men in every county of Alabama. EARLY DETECTION IS SAVING LIVES — thanks to you! Registration is open, so head over to www.joytolife.org and sign up as a runner, walker, volunteer or team today! Join us October 15th for family fun for everyone—including a 5K run/walk, Kids Zone, food trucks, games, music and much more! Register online at www.joytolife. org today as an individual, team, volunteer or survivor! Remember—the registration fee gets you to the start line, but your fundraising helps us get to the finish line in the fight against breast cancer! The Walk of Life, October 15th. Register today at www.joytolife.org EARLY DETECTION IS SAVING LIVES — thanks to you!

The Nobles of Shaaban Temple No.103 decided to show their support for all women and men affected with breast cancer, and pay their respects to those who have passed away from breast cancer by teaming up with The Real Men Wear Pink Campaign here in Montgomery, Alabama. Shaaban Temple came up with a unique way to give back to the American Cancer Society by putting together a breast cancer photo-shoot involving The Nobles of Shaaban Temple No. 103, and The Montgomery County Sheriff's Department. The Nobles designed an all-white walking shirt with pink letters on the back that reads, "REAL NOBLES WEAR PINK." It's time for us Nobles to come together and support our survivors and sisters and bring more awareness to our black community on how severe this disease is, stated Noble Brian Illustrious Potentate Kofee Anderson "Blue" Smith. It's time for us as men, as Nobles, as brothers to stand behind our brothers and sisters and support them during this fight, stated Illustrious Potentate Kofee Anderson. Hopefully this campaign will put a spark in the nobility not only in the Desert of Alabama, but across the Domain to support our breast cancer fighters not only just for the month of October but year round.

The Beat the Odds Casino Night and Drawdown Event is a exciting party with a casino night theme, a drawdown for a chance to win $10,000, and a BIG 5 auction. The event features real casino tables, complete with dealers for blackjack and other card games, as well as a craps table, roulette wheel, and even slot machines. Guests will enjoy live music and a wonderful buffet. There are fantastic prizes at the end of the evening such as a pair of Iron Bowl tickets, a YETI Cooler, a weekend getaway and a $250 Amazon Gift Card. The owner of the winning drawdown ticket will go home with $10,000, which makes for an exciting conclusion to the evening. There will be a wine pull and a bourbon raffle. Enjoy an evening with us as we raise money to help local cancer patients in Central Alabama “Beat the Odds!” Date: Thursday October 20, 2022, Time: 6 P.M to 9 P.M., Venue: Wynlakes Country Club. Call the Cancer Wellness Foundation for more information 334.273.2279 Fight Breast Cancer With Love & Money!

Lady Bugs are the good kind of bug you want in your garden. They are a gardener’s friend that provides organic and natural pest control free of charge.

If you are already spotting them on your plants, then your garden is more pest free than most. A ladybug is not only lovely to spot moving along on your blooms but super helpful in eating aphids. A ton of them. They eat other bag bugs too, but aphids are the pests most gardeners know about and want to get rid of.

Although, you can buy ladybugs, you don’t need to because if you provide the right conditions for the ladybugs they will show up on their own. The thing is if you just buy the ladybugs, they won’t stay without food, shelter and water. In the end you are better off planting a few plants that draw them to your garden. By providing what a ladybug what they need they will come and hang out in your garden helping you keep pests away. This past fall I planted a patch of Bachelor Buttons and before spring came, I noticed a wave of ladybugs hanging out. Now as spring is here, I notice the ladybugs still in the patch of Buttons but also substantially more ladybugs in the vegetable patch, and on my climbing roses. Ladybugs are abundant!! If you too want them to come, consider adding a few of these plants to your garden space. The goal is to get the ladybugs into the garden before you have trouble. So be thinking of how you can fall plant and direct seed when mentioned. Or get these out in the garden as soon as the temps are warm enough. Bachelor Buttons - fall plant from seed for best results with this one Coneflower Sunflowers – fun to start from seed Nasturtium Chives Tomato The added benefit of attracting the ladybug to the garden is you’ll also be setting the stage for other helpful insects like bees, wasps, and butterflies to show up and work in your garden. You’ll attract more birds to your yard space, and they eat bad bugs too. These are the garden helpers we all need and want. A word of caution is a ladybug larvae look like bad bugs so make sure to look up ladybug larvae pictures before you start squishing bugs you are not sure of.

Putting in a shallow birdbath with a few stacked pebbles in the water for the insects provides the water they need. The pebbles are so the insects, such as ladybugs, have a landing spot.

Christie Boucher, an intern in the Master Gardener 2022 Master Gardener Class. For more information on becoming a master gardener, visit www. capcitymga.org or email capcitymga@gmail.com.

Even though classes for the Fall 2022 term began on September 19, 2022, there are still bonus opportunities and lunch presentations available for registration.

The bonus opportunities include two book discussion groups: one that meets once a month (the second Tuesday of the month at 2:00 p.m.) at the Selma – Dallas County Public Library and one that meets at the Center for Lifelong Learning (75 TechnaCenter Drive) twice a month (the first and third Tuesdays at 10:00 a.m.).

In addition to book discussion groups, four authors will appear in person at the Center for Lifelong Learning on the Tuesdays (listed below) from 8:30 – 9:45 a.m. to talk about their books:

October 04 – Tim Lockette October 18 – Maire Martello November 01 – John Dersham November 15 – Wayne Flynt The books will also be for sale and available for signing so you can leave with unique holiday gifts.

Another bonus opportunity during the Fall 2022 term is an archeological and ecological walk through the 250-acre wooded area of the AUM campus, led by AUM faculty members. This event is scheduled for Friday, October 21, from 1:00 – 3:00 p.m. The tour will include an introduction to the plants and animals that occupy the area and an overview of the land’s recent history, focusing on the families that lived and worked on it during the 20th century.

AUM OLLI is once again hosting a potluck lunch – scheduled for November 3 at 11:00 a.m. Bring a dish, and visit with AUM OLLI members and instructors in an informal setting. As we have discovered at past potlucks, some OLLI members are amazing cooks! The one field trip that AUM OLLI is hosting during Fall 2022 is already full, but it will be offered again in future terms: a wine and food tasting at Peppertree Steaks and Wines. Past participants continue to rave about what they learned about wine and the delicious food served to those who attended.

The bonus opportunities and lunch presentations are included in the OLLI membership fee of $40.00 per year. In addition to joining, AUM OLLI members need to register for each session they wish to attend. Visit www.aum.edu/OLLI to register or call 334-344-3804.