Invest in your social life like it's a 401(k): Older Americans share how loneliness and money are connected in retirement

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Invest in your social life like it's a 401(k): Older Americans share how loneliness and money are connected in retirement

//business-finance.news-articles.net/content/202 .. iness-and-money-are-connected-in-retirement.html

Published in Business and Finance on Tuesday, December 24th 2024 at 0:24 GMT by MSN
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

It's not just about a retirement account. Planning for how your social life might look can be just as important.

The article from MSN discusses how older Americans view the connection between loneliness, social engagement, and financial planning in retirement. It highlights that many retirees invest in their social lives as if it were a 401(k), recognizing the importance of social connections for mental and physical health. The piece notes that loneliness can lead to higher healthcare costs due to its detrimental effects on health, suggesting that maintaining a robust social life could be as crucial as financial savings. Retirees share insights on how they allocate funds towards social activities, like memberships in clubs or travel, to combat isolation. The article also touches on the economic implications, where spending on social activities might seem like an expense but actually serves as an investment in one's well-being, potentially reducing future medical expenses. It emphasizes the need for a balanced approach to retirement planning that includes both financial security and social richness.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/personalfinance/invest-in-your-social-life-like-it-s-a-401-k-older-americans-share-how-loneliness-and-money-are-connected-in-retirement/ar-AA1wm9bc ]