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# Planning for Your Retirement

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## TIME Subscription: Reference Facts and FAQ

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#### How much does a TIME subscription cost?

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Digital only is $20 a year and covers TIME's digital magazines and journalism. Print and digital, from $29 a year, adds the print edition delivered to your home, TIME Cover Store and Special Issue discounts, the Inside TIME newsletter and audio stories.

#### Is TIME a reliable news source?

TIME is a general-interest news organization founded in 1923. Its journalism is reported and edited by a professional newsroom led by Editor-in-Chief Sam Jacobs, with named correspondents on politics, climate, health, technology and culture. It reaches 1 million US print subscribers and 1.15 million globally, plus more than 1.1 million newsletter readers.

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<!-- video src="https://cdn.jwplayer.com/manifests/1mcOORS3.m3u8" -->
## Video: Planning for Your Retirement

[Watch (HLS stream): Planning for Your Retirement](https://cdn.jwplayer.com/manifests/1mcOORS3.m3u8) (3:02)

![Planning for Your Retirement](https://cdn.jwplayer.com/v2/media/1mcOORS3/poster.jpg?width=720)

_Published 2016-04-04. Retirement is being redefined and we like what it's becoming._


---

Jul 27, 2023 7:52 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[Build a Retirement Plan for the Long Haul](/video/QuzF5GUO/)

### Build a Retirement Plan for the Long Haul

[How This Couple Plans to Retire by Age 33](/video/viGuMdEF/)

### How This Couple Plans to Retire by Age 33

[Retirement: It's Not Forever](/video/DZXMiz1V/)

### Retirement: It's Not Forever

---


## Transcript

We spend so much time talking about financial planning for retirement, but there are a lot of other issues to consider. Here with us is Jill Schlesinger to talk about some of them. Thank you Jill. Great to be with you. So, in addition to crunching the retirement numbers, what else should people be thinking about. And I don't wanna give that [ UNKNOWN ], that's hugely important because we don't save enough for retirement. Right. We know that, but I think that people forget that a quality of life in retirement is really important, it's about your health, but it's also about the ability to live the life you wanna live.

And some of those decisions that you make before you retire can actually help you reach your retirement goals, those big broad goals. Okay, so The MIT age lab has tried to get at this and put these series of questions together. So what's the first question? I love this one. Who will change my lightbulbs? Okay, what does that mean? It means what about the maintenance of the place where I'm going to live. In other words when I'm 80 years old do I want to step up on a ladder and change my lightbulbs? Probably not. And it really begs a bigger question about, who's going to do the stuff to maintain my home?

That may prompt me to ask other questions. Do I want this big house? Do I wanna downsize into something smaller? Is it better to live in an apartment with a handyman or handywoman available? These are things that we have to be thinking about before you retire and think about, " Where would be the right place to live for us ." Okay, so the second question is, " How will I get an ice cream cone ?" What's that about? I love ice cream so this was perfect for me. How will I actually have the small indulgences in my life that make me kind of happy? So this starts to bring up this idea of am I living in a place that's a walking distance to go do these things, right?

And if not, how will I get there? I'm not gonna drive forever. What will I need to do in order to prevent me from putting myself in danger? So I think when you think about an ice cream cone, just think about the small indulgences. If you love the movies, don't be living out in some remote place where you're never gonna get to see a movie. Okay. Now this last question is who will I have lunch with? This speaks to community is that right? Absolutely, you know study after study finds That people who age in a community with a robust network are happier. And you know what's weird? It's not really about your family, because most of the times we're not living right near our family.

So something is different about face- to- face Face contact. A lunch date. A card game. A golf game with somebody that you actually like. [ LAUGH ] It's a much, I know, right. But it's a much better way to live your life rather than saying, I'm just gonna call all my kids On a rotating basis. That's not enough. Human contact matters. So think about that when you're planning for your retirement. And maybe it does mean that you need to live near where your friends are, and that may be even more important than where your kids are. Wow, interesting. Good ideas to consider. Thank you so much Jill. Thank you.

[ MUSIC ]

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