Managing health, relationships important in retirement planning

May 11, 2011

Seniors need to think about more than just their financial concerns

When planning for retirement, most consumers would first think about financial concerns, like managing savings accounts and life insurance policies.

However, financial expert Steve Vernon wrote in a column for CBS MoneyWatch that consumers need to take care of nonfinancial concerns as well, including their own personal health and issues with relationships. Counting on advice from their physician or family doctor would ensure consumers can remain in the best physical health and are ready in the event that an unfortunate health circumstance rolls their way.

Additionally, Vernon spoke to the value of maintaining a healthy relationship with one's family. Relationship counseling can help retirees prepare for spending much more time together, since many have likely spent their entire lives focusing on their career, said Vernon.

"Counseling can also help if you'll be making some life-changing decisions, such as where you'll live and what types of activities you'll pursue during retirement," Vernon suggests.

Once retirees are able to get these affairs in order, they'll be better prepared for the financial aspects of retirement planning, including bolstering savings and securing life insurance.

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