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Wise Decisions with Retirement in Mind BY DAVE RAO CERTAIN FINANCIAL AND LIFEST YLE CHOICES MAY LE AD YOU TOWARD A BE T TER FUTURE. SOME RETIREES SUCCEED at realizing the life they want — but others don't. Fate aside, it isn't merely a matter of investment decisions that makes the difference. There are certain dos and don'ts — some less apparent than others — that tend to encourage retirement happiness and comfort. RETIRE FINANCIALLY LITERATE Some retirees don't know how much they don't know. They end their careers with inadequate financial knowledge, and yet, feel they can prepare for retirement on their own. They mistake creating a retirement income strategy with the whole of preparing for retirement, and gloss over longevity risk, risks to their estate, and potential healthcare expenses. The more you know, the more your retirement readiness improves. Can you retire debt free — or close to debt free? Even if your retirement savings are substantial, you may want to consider reviewing your overall debt situation. 1 RETIRE WITH PURPOSE There's a difference between retiring and quitting. Some people can't wait to quit their job at age 62 or 65. If only they could escape and just relax and do nothing for a few years — wouldn't that be a nice reward? Relaxation can lead to inertia, however — and inertia can lead to restlessness, even depression. You want to retire to a dream, not away from a problem. The bottom line? Retirees who know what they want to do — and go out and do it — are positively contributing to their mental health and possibly their physical health as well. If they do something that is not only vital to them, but important to others, their community can benefit as well. RETIRE HEALTHY Smoking, drinking, overeating, a dearth of physical activity — all these can take a toll on your capacity to live life fully and enjoy retirement. It is never too late to change habits that may lead to poor health. RETIRE WHERE YOU FEEL AT HOME It could be where you live now, or it could be a nearby place where the scenery and people are uplifting. If you find yourself lonely in retirement, then look for ways to connect with people who share your experiences, interests and passions — those who encourage you and welcome you. This social interaction is one of the great, intangible retirement benefits. ■ Dave B. Rao is the founder of R AO Wealth Partners. He focuses his practice on helping to advise physicians, corporate executives and business owners on their unique financial situations. For more info, visit raowp.com. Citations 1. CNBC.com, Dec. 2, 2020 Our firm does not render legal or tax advice. This article was written for our firm and provided courtesy of MarketingPro. Investments in securities and insurance products are NOT FDIC-INSURED/ NOT-BANK GUAR ANTEED/MAY LOSE VALUE. Securities and advisory services offered through Nations Financial Group, Inc. (NFGI), member FINR A/SIPC, a Registered Investment Adviser. 4000 River Ridge Dr. NE, Cedar Rapids, IA, 52402. Dave Rao is a Registered Representative of NFGI. Rao Wealth Partners is an independent firm and not affiliated with NFGI. First Clearing carries your account and acts as your custodian for funds and securities deposited directly by you, through NFGI, or as a result of transactions it processes for your account. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. 1 6❱❱❱❱❱ F I N A N C I A L C H E C K U P