Readers may remember a character called Eeyore from the Winnie-the-Pooh series. This sad little donkey wandered through life always seeing the dark side of any situation, with a cloud perpetually hovering over his head.
Do you know anyone that reminds you of Eeyore? More importantly, do you really want to spend time with the Eeyores in your life. Probably not. Most of us have people in our lives who make us feel good; people who inspire us and lift us up—the opposite of Eeyore in other words. One thing positive people generally have in common is gratitude for the good in their lives.
Financial planners who work with clients planning for or in retirement spend a lot of time working on financial projections, structuring portfolios, optimizing savings and spending levels, and helping clients build strategies to fund their desired retirement lifestyles. That planning is certainly appropriate because retirement is one of the most significant financial events in a person’s lifetime. Careful planning and number-crunching are certainly prudent.
But there is more to retirement than numbers and account balances. Be careful not to neglect the non-financial aspects of retirement. Factors like our emotions, dreams, and values have at least as much to do with our perceived quality of life as our financial savings.
Studies show people who cultivate attitudes of positivity and gratitude are generally happier and healthier than those that don’t. There is also research demonstrating that people who are habitually grateful for what they have also tend to be financially healthier. Gratitude can make a big difference in the quality and satisfaction one achieves during their retirement years.
A few years ago, researchers from Northeastern University, the University of California–Riverside, and the Kennedy School at Harvard conducted a study designed to measure how gratitude affected financial decisions. Participants were asked to choose between an immediate financial reward or a later, larger payout. But before making their choice, they were asked to write about an event from their past that made them feel grateful, happy, or neutral. Participants who wrote about gratitude-inducing events were statistically more likely to choose the larger, deferred reward. Researchers suggested that focusing on reasons for gratitude could lead to improvement in negative financial behaviors such as impulse buying and insufficient saving.
And that’s not all. According to a study conducted at the University of Southern California, persons who are deeply conscious of being grateful for the good things in their lives tend to exhibit several specific markers for good overall health:
- Better sleep
- Consistent exercise
- Less chronic pain
- Less stress
- Lower blood pressure
- Lowered tendencies toward inflammation
Also, the UCLA Health Institute reports that focusing on the things in your life that you’re grateful for can dramatically improve your cardiac health. Their review of multiple scientific studies indicates that people who regularly practice gratitude—by writing in a “thankfulness journal,” writing a note to someone for whom you’re grateful, or performing some other act in recognition of gratefulness—can help you get better sleep, reduce anxiety and risk of depression, lower your blood pressure, and relieve stress. The Mayo Clinic agrees. Their “Discover Gratitude” program encourages participants to journal about and practice acts of gratefulness, mindfulness, and kindness. When you stop and consider that concern about healthcare costs in retirement is perennially at the top of current and pending retirees’ “worry lists,” it’s not much of a stretch to see that a little more gratitude can go a long way toward promoting a healthier, more worry-free retirement. Because, let’s face it: no matter how much money you might have saved, it’s pretty hard to enjoy life in poor health.
As we approach Thanksgiving, the time of year when many Americans take time to count their blessings, it is a perfect time to add gratitude to your outlook on life. The appreciable thing is that doing so will not only make you—and likely the people around you—feel better; it will also improve your retirement outlook.
So, what can you do to express gratitude? Take extra time to say “thanks!” to your barista for your morning coffee, or write a quick note to someone who made a positive difference in your day, or spend a little more quality time with family and friends. Taking small steps toward the regular practice of gratitude could make a big difference in your life. Imagine how much brighter Eeyore’s outlook could have been if he focused on gratitude for all his joyful moments with Pooh and Piglet in the hundred-acre wood.
At Curio, we’re grateful for the opportunity to help our clients achieve their most important goals. Want to know more? Visit our website to read our article, “Early Retirement: Dream or Reality?”
