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What are some common words of wisdom for new retirees?

A:

Quick Answer

New retirees find that keeping busy with meaningful activities and carefully managing their money are two of the biggest concerns upon retiring. Finding new hobbies and meeting with a financial planner are often cited by retired people as important steps to take after they leave the workforce.

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Full Answer

The happiest retirees are involved in three or four hobbies, according to financial planner Wes Moss. Choosing social activities such as golfing, bridge or book clubs allow retirees to keep from feeling isolated or lonely.

Retirement also allows for the chance to get immersed in activities that weren't feasible when working full time, like traveling and taking daytime classes at a community college. Scheduling regular visits with family members and friends can also make retirement feel rewarding rather than boring.

Meeting regularly with an experienced financial planner helps retirees make sure their money lasts. Before choosing a planner, check his credentials at Smartcheck.cftc.gov and ask to speak to his other clients about their experiences. A trustworthy financial planner should also be transparent about fees. Ask if he is paid hourly or gets a percentage of the assets managed, suggests AARP.org. If the planner gets a percentage, it should be one percent or less.

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