You may not have considered the importance of having friends in retirement, but they add more than just social value to your life. On the Retirement Headlines portion of the show, I read from a Forbes article that discusses the value of having an active social life in retirement. You’ll learn why an active social life is important not just from a social aspect, but from a health standpoint as well. I’ll also answer a couple of listener questions as well. You’ll learn about whether you should consider taking an umbrella insurance policy and how much you need to have in assets if you would like to buy a second home. We have a lot to cover in less than 20 minutes so grab your headphones and press play!You’ll want to continue to work hard at keeping up friendships in #retirement since it is not only important to your mental well being but also essential to your health. Click To Tweet
Outline of This Episode
- [1:52] It’s important to stay social in retirement
- [5:55] A liability insurance question
- [10:19] How much net worth should Jennifer have before she buys a 2nd home?
Why you need friends in retirement
Although maintaining an active social life in retirement gets harder and harder as you get older, it’s important to stay social in retirement. When you leave work you leave half of your social network behind and then people move away and pass away as time goes by. You’ll want to continue to work hard at keeping up friendships in retirement since it is not only important to your mental well being but also essential to your health.Learn why an active social life is important in #retirement not just from a social aspect, but from a health standpoint as well. Click To Tweet
Staying socially active in retirement can help
- Add a sense of belonging to your life
- Strengthen your sense of self-worth
- Add meaning to your life
- Provide moral support which makes it easier to handle problems
- Help manage stress levels
- And give you something to do and people to do it with
Whereas having a poor social life can lead to health issues and has been compared to obesity and smoking 15 cigarettes a day in terms of health impacts. Learn tips on how to find friends in retirement and improve your social life by listening in to this episode of Retirement Starts Today.
Ann has a question regarding liability and insurance
Ann presents a 2 pronged liability insurance question. She asks, if her umbrella insurance policy is enough and whether her 401K assets are protected from lawsuits.
Are 401K assets liable in a lawsuit?
This is a great question that we haven’t covered before. I did some research, but you should always ask an attorney rather than taking advice from the guy on the internet. Your IRA is protected from lawsuits except in 2 cases. Can you guess in which circumstances your IRA isn’t protected from a lawsuit? Listen in to find out!Can you guess in which circumstances your IRA isn’t protected from a lawsuit? Listen in to find out! Click To Tweet
Do you need an umbrella policy in retirement?
An umbrella policy is actually an inexpensive insurance policy to hold because it sits over the top of other insurance policies. For about $150 per year, you can get $1 million in coverage. Only you can answer whether you need an umbrella policy in retirement. Some questions to ask yourself are:
- How much coverage do you need?
- What is your lifestyle like?
- How likely is your risk of being sued?
- How catastrophic would the damage be if you were sued?
There’s still more to learn so listen in to find out how much you should have in assets if you are considering buying a 2nd home in retirement!
Resources & People Mentioned
- Forbes article on staying social in retirement
- My source for answering whether 401Ks are fair game in a lawsuit
- Dirk Cotton episode on Reverse Mortgages
Connect with Benjamin Brandt
- Get the Retire-Ready Toolkit:https://retirementstartstodayradio.com/
- Follow Ben on Twitter:https://twitter.com/retiremeasap
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