Some people may overlook retirement life planning

Jul 08, 2011

Volunteering may make retirement more fulfilling

So much attention is placed on ensuring that a person has enough money to live off of once they stop working, they may lose track of what that money is actually for, according to The Buffalo News.

"For the best retirement outlook, you have to pair practical financial planning with life planning," Jean Setzfand, AARP's vice president for financial security, told the source.

Spending time worrying about life insurance investments and long-term care may leave some individuals with a future that can get very bleak quickly. If there is no plan in place, retirees say depression can set in quickly. For many people that spent their entire lives working, suddenly feeling as though they have no purpose can be a crushing blow to the spirit.

Extending the amount of time that an individual works can help increase their Social Security benefit and possibly allow them to feel like they are contributing longer in life. When the Social Security Act was passed by Congress in 1935 the average life-span was 61.7 years, according to the Christian Science Monitor. Now the average American lives into their late 70s. Working part-time for a non-profit that an individual is passionate about can be a positive way to spend time. 

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