Happy Retirement to You
For decades, Asurea has been helping people transition from their working years to their golden years with Annuities because we know that a happy retirement is a financially stable retirement.
The magic number
Psychologist Daniel Kahneman and economist Angus Deaton uncovered in a 2010 academic study that $75,000 a year is the magic income number for retirement. The Wall Street Journal summarized their finding like this: “It turns out there is a specific dollar number, or income plateau, after which more money has no measurable effect on day-to-day contentment.”
What that means is that, “as people earn more money, their day-to-day happiness rises. Until you hit $75,000. After that, it is just more stuff, with no gain in happiness.”
But what happens to all of that wealth-related happiness when you retire? For many people, retiring usually means having less money — unless they’ve planned properly. When your income falls following the end of your working years, does that mean your happiness level has to fall, too? We certainly hope not. But let’s dig a bit deeper.
Same anxiety, different frontier
Retirement may cause retirees the same kind of financial anxiety that going to college causes recent high school graduates (and their parents). Same kind of anxiety, different frontier. But if a well-prepared college student can finish four years of school with little to no debt, then a well-prepared retiree can live out their golden years without too much financial stress.
A study sponsored by Ally Bank showed that 84 percent of respondents said saving for a rainy day makes them feel more in control of their lives. This, in turn, boosts their overall sense of well-being.
No surprises over here
No surprise there. We don’t really need a study to tell us that retirees are happier when they have greater control over their finances or that they feel better when they have a steady stream of income.
Mortgage be gone
Also, according to the Moss National Money and Happiness Study of 2013, the happiest retirees either do not have a mortgage anymore — or are just a few years shy of paying it off. And when that’s the case, retirees tend to be a lot happier. Because, let’s face it. Fewer bills mean more cash to spend on life’s comfortable upgrades: longer vacations, faster cars and better food. You can use your Annuity income to continue or finish paying off your mortgage after you retire, reducing your overall monthly expenses. And that will get you much closer to that tropical island vacation you’ve been dreaming about.
Not your father’s retirement plan
You’re not as likely to find that steady stream of income through a company pension plan. Streams like those are being dammed as we speak. Pensions simply aren’t as secure as they used to be, with many companies entirely phasing them out. Once considered the most stable source of income for retirees, Social Security payments today are expected to cover just 40 percent of a retiree’s needed income.
So, where will you find the other 60 percent of the income you need to survive? The undeniable reality is that retirees need a steady and reliable source of income that will keep flowing into their pockets as they age. An obvious place to look for that income is Annuities. Annuities are a popular choice for several good reasons, such as receiving a steady stream of guaranteed income for life.
The real cha-ching is happiness!
Do you often wonder how you will achieve financial security in your retirement years? Well, Annuities is your answer. What’s great about Annuities is that they are guaranteed. But buying a winning lottery ticket? Good luck with that! Heed the studies: having oodles of cash won’t guarantee your happiness, but having just enough cash will give you a greater sense of control over your finances. And that’s the real cha-ching you’re looking for.Contact Asurea today to learn how Annuities can bring you a steady flow of financial happiness in your retirement years.