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Can’t Buy Me Love, goes the Beatles song, but what about a happy retirement?
It’s been more than 20 years since author Don Buttner helped popularize the concept of the Blue Zones, areas of the world where daily physical activity, healthy eating and regular social engagement lead to greater longevity. Scientists have since questioned the original research, suggesting that faulty data is the main explanation behind the blue zone. What is not in doubt is that a happy and healthy retirement requires more than money, and advisors must help clients find meaning in their golden years.
“You can question the numbers behind the blue zone concept,” Jon Sibbs, author and founder of Longevity Financial Partners, told Retirement Upside. “What you can’t deny is the connection between lifestyle, healthy habits and well-being. Happiness in retirement isn’t just about how much money you have but how you’ve created a sense of meaning.”
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The “meaning of the 3” in retirement, i.e., time, ability and treasure, has become a popular mantra in retirement planning and David Blanchett, Head of Retirement Research at Prudential Finance, believes that intentionally creating a sense of purpose in retirement is critical.
“Americans associate their identity with their jobs and when you’re no longer working, you can lose that,” Blanchett told Retirement Upside. “The idea behind the 3 Ts is to think about how you can redeploy your time, treasure and talent intentionally to create that sense of purpose. The key here is that these 3 Ts cover the different ways people can have an impact.”
For example, a given client may not be able to save more than they need to live (ie, they are short on cash), and for whatever reason, they may not have specific skills that are useful for the social issues they care about. Perhaps, however, they have more time to devote to a well-defined cause or organization. “You can use these resources to have a positive impact,” Blanchett said. “Being very intentional about this idea is an important part of achieving a truly successful retirement. Now, that’s not to suggest that Americans can’t save more for retirement, but I’m not convinced that finances are the biggest concern.” Case in point, from Blanchett’s research on the subject:
