The Secret to a Happier Retirement:Friends, Neighbors and a Fixed Annuity
You've waited 40 years for this. Try to enjoy it.
After four decades in the work force, the oldest of the baby boomers will call it quits over the next few years. Today's question: How can these folks improve their odds of a happy retirement?
For an answer, I turned to economists who have done work in the emerging field of "happiness research" -- and came away with seven pointers.
1. Value your time. Surveys in dozens of countries have found there is a relationship between age and happiness.
Folks tend to become increasingly unhappy through their 20s and 30s, typically hitting bottom in their 40s, before rebounding from there. "Retirement should be a happier time, conditioned upon not being ill," says Dartmouth College economics professor David Blanchflower.
RETIREMENT RULES
Want a happier retirement? Here's what economists suggest:
? Make detailed retirement plans in your 50s -- in case you're suddenly laid off.
? Don't live in a neighborhood you can barely afford.
? Aim to retire at the same time as your spouse.
? If you don't have a traditional pension, buy an immediate-fixed annuity that pays lifetime income.
It isn't clear what drives this pattern. But Keith Bender, an economics professor at the University of Wisconsin-Milwaukee, speculates that midlife dissatisfaction stems from a lack of control over our daily lives -- and that retirees are happier because they have more freedom.
"When you're middle-aged, you don't have much choice," he notes. "You have to work. But when you're young and when you're old, you have more time."
2. Think ahead. While retirement should be a happy period, the transition can be rough. Indeed, Prof. Bender found that those who plan their retirement are usually happier, while seniors who are pushed out of the work force by ill health or layoffs are less satisfied.
Of course, if you are compelled to retire prematurely, there isn't a whole lot you can do about it. Still, you could ease some of the anguish by thinking now about how you will pay for retirement and what you might do once you leave the work force. "You can be forced into retirement at almost any time, so you need to be as ready as possible," Prof. Bender says.
3. Expect less. As you look ahead to retirement, give careful thought to what sort of lifestyle you can reasonably afford.
Researchers have found, unsurprisingly, that greater income and wealth lead to greater happiness. But the gain in satisfaction from, say, an extra $25,000 of wealth is smaller than you might imagine. One reason: Much depends on your relative wealth -- including your wealth relative to your expectations.
"What you have in the bank, according to the data, does not matter all that much," says Andrew Oswald, an economics professor at England's Warwick University. "What really matters is the gap between what is there and what you think you ought to have. Millionaires can feel relatively poor."
4. Pick your neighbors. Relative income and wealth are also important in another sense: People care deeply about how their standard of living compares to their neighbors'.
"Suppose you're planning to move to Florida," says Erzo F.P. Luttmer, an economics professor at Harvard University's Kennedy School of Government. "Instead of moving to a neighborhood you can barely afford, you might go somewhere that you can comfortably afford. That way, you'll be among people who are taking the less ritzy cruises, and you will be more content."
5. Buy yourself income. Prof. Bender found that retirees who receive traditional company pensions are happier than those who have to rely solely on the savings they have amassed in 401(k) and similar retirement-savings plans. Seniors, it seems, like the sense of security that comes with guaranteed, predictable income.
What if you don't have a traditional pension? You could always buy yourself a comparable stream of income by stashing part of your nest egg in an immediate-fixed annuity that pays lifetime income.
Unless you take less income in return for some sort of guarantee, this stream of income will die when you do, so you should purchase an immediate annuity only if you are in decent health. Also, because the payments on most fixed annuities don't rise over time, you shouldn't annuitize your entire nest egg. Instead, consider investing part of your portfolio in stocks, so you have a shot at keeping up with inflation.
6. Work at retirement. Taking a part-time job might seem like a dire step taken only by retirees desperate for extra income. But, in fact, Prof. Bender found that working in retirement seems to increase satisfaction.
There is, however, an interesting wrinkle: Retirees are less satisfied if they aren't working, but their spouse is. "You want to enjoy the time together," Prof. Bender says. "It's better if you can time it so you're both retired at the same time."
7. Invest in friendship. Your retirement dream might be to travel the globe. But you may be better off having a few friends over for dinner.
"Recent research suggests that regularly seeing good friends in the local park will bring a greater boost to mental health than having a shiny German automobile parked outside your retirement home," says Warwick University's Prof. Oswald. "My candid advice to aging Americans would be to use your hard-earned cash to invest much more in friendships than in material items."
退休生活快乐秘诀
你已经工作40多个年头，现在该享受一下快乐的退休生活了。
对那些在战后婴儿潮时期出生的美国人来说，工作40余载后，他们当中年纪大一点的过几年就要步入退休队伍。现在的问题是：他们如何能获得更多机会享受幸福的退休生活？
为寻找答案，我咨询了几位从事此类新兴的“幸福研究”的经济学家──得到了几点建议。
1、珍惜时间。在几十个国家的调查显示，年龄和幸福程度有直接关系。
人们在二三十岁的时候通常会变得越来越苦恼，到40多岁时陷入最低谷，然后又开始好转。“退休生活应该更快乐一些，前提是身体健康。”美国达特茅斯大学(Dartmouth College)经济学教授戴维?布兰弗罗(David Blanchflower)说道。
人们还不清楚为什么会有这种现象，但威斯康星-密尔沃基大学(University of Wisconsin-Milwaukee)的经济学家凯斯?班德(Keith Bender)推测，中年的不幸福感来源于人们对日常生活缺乏控制权──而退休者更开心一些，因为他们有更多自由。“中年的时候，人们没有太多自主权，”他说，“因为你得去上班。而年轻时和退休后，自己可支配的时间很多。”
2、长远打算。退休生活应该很快乐，但转型期并不好过。事实上，班德教授发现，那些提前规划退休生活的人通常更快乐一些，而那些因疾病或裁员被迫退休的人则不那么开心。
当然，被迫提前退休在很大程度上是身不由己，但你可以提前规划，免得到时措手不及。比如现在考虑一下退休后如何支付生活费用，以及退休后该干些什么。“你随时可能被迫退休，所以应该未雨绸缪。”班德教授说道。
3、知足常乐。规划退休生活时，要仔细想想自己能够负担哪种生活方式。
研究人员发现，收入越高财富越多，人就越容易开心，这个结果并不让人意外。不过，财富积累到一定程度后，额外的金钱（比如25万美元）并不能给你带来预想的满足感。部份原因在于：满足感的增加要看富有的程度──以及富有程度和预期之间的落差。
“研究数据表明，银行里的存款和幸福感没太大关系。”英国华威大学(Warwick University)的经济学教授安德鲁?奥斯瓦德(Andrew Oswald)说，“真正相关的是现有财富和预期之间的差距，百万富翁也会感到自己很穷。”
4、找个好邻居。相对收入和相对财富之所以重要的另一原因在于：人们都异常关心自己的生活水准和邻居相比是高还是低。
“假设你想搬到佛罗里达州养老，”哈佛大学肯尼迪政府学院(Harvard University's Kennedy School of Government)的经济学教授艾佐?卢特默(Erzo F.P. Luttmer)说，“与其住在一个超出自己经济承受能力的高尚社区，不如找一个自己能轻松负担的地方，这样就能生活在一群不用豪华游艇出行的朋友当中，更容易获得满足感。”
5、量入为出。班德教授发现，能获得传统的企业退休金的人要比那些完全依靠401k等退休金储蓄计划居家度日的人更加快乐。看来老年人喜欢有保障和可预见的退休金收入，因为这样更有安全感。
如果享受不到这种传统的退休金怎么办呢？你可以给自己设计一个类似退休金的现金收入渠道，用一部份积蓄购买一个即期固定利率年金产品，这样可以获得终生的固定收益。
这种固定收益产品会随你的死亡而终止，除非你愿意减少每次的现金收入，来换取某种保证。因此，只有在感觉自己身体非常健康的情况下，你才应该购买此类产品。此外，大多数固定利率年金的收益不会逐年增长，因此你不要把全部积蓄放进去，而应部份投资于股票，这样在出现通货膨胀时资产才能保值。
6、老有所为。找个兼职工作似乎只适用于那些急需额外收入的退休者，实则不然。班德教授发现退休后继续工作有助于增加幸福感。
不过还有个有趣现象：退休者一旦在自己不工作、而伴侣仍然在工作的情况下，满足感会有所降低。“退休后夫妻希望彼此依靠共度余生，”班德教授说，“所以最好和你的伴侣同时退休。”
7、多交朋友。你退休后的梦想可能是环游世界，但更切实际的考虑也许是邀请三五知己共进晚餐。
“近期的研究表明，经常和好朋友在公园见面要比在家门口停一辆德国好车更使人身心愉悦，”华威大学的奥斯瓦德教授说道。“所以我想对那些即将退休的美国人直言相告，用自己辛苦赚来的钱多交朋友，而不要过多沉迷于物质的享受。”
