Takeaway from the Morningstar Investment Conference
While at the Morningstar Investment Conference in Chicago recently, I attended a session that discussed important aspects of enjoying a successful retirement. The information is based on retirement research done by Michael Finke at the American College.
Finke recommended investing in three areas:
- Health and
- Social Capital.
Wealth is the main and often only area of concentration that we think about investing for retirement success.
Good health is obvious to a successful, satisfying retirement. Wealth does not do much good if we are not able to do the things we envision or are required to spend a disproportionate amount of savings on medical care. I found the concept of making healthy lifestyle choices as an “investment” interesting. Maybe this perspective will help to do things now, before retirement, we often know we need to do to be healthy.
Social capital is the area of a successful retirement that stood out as new to me. In our working years, we often neglect building or keeping relationships with others outside the workplace. This is especially true for men. Social connections and relationships can be developed in retirement, often around a common interest or hobby. Making relationships an investment can help with making them more of a priority before starting retirement. For more information regarding the importance of having a social network in retirement, watch this interview with Michael Finke (click here).
To learn more about why our team attends conferences like these, as well as our commitment to education click here. If you have any questions about your retirement plan or would like to schedule a consultation, contact us today!