The secrets to a successful retirement? Planning, spending, and social connections.

Sun, Apr 13, 2025, 9:13 AM 6 min read

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How might you go about having a happy, successful, and wealthy retirement?

In her new book, "How to Retire," Christine Benz, the director of personal finance and retirement at Morningstar, interviewed many of the nation’s top retirement experts and distilled their discussions into 20 lessons for doing just that.

In a recent Decoding Retirement podcast, Benz shared some of the top takeaways from those conversations. Lesson one, she said, is to visualize your retirement lifestyle and put habits in place to make it happen.

"The point is that we're all wired a little bit differently in terms of what we want from our retirement cash flows,” Benz said. "A broader message of this book is there's more than one way to do this. ... You should give a little thought to what you specifically are looking for."

In one interview, Fritz Gilbert, the author of "The Keys to a Successful Retirement" and the Retirement Manifesto blog, emphasized the importance of taking thoughtful steps before retiring.

For her part, Benz said phasing into retirement, starting around age 50, is a best practice. And you don’t have to take concrete steps; you can just start thinking about which parts of your work you like and dislike.

“Starting early, I think, is such a valuable piece of advice from Fritz,” Benz said.

Consider making decisions about your work life in the years leading up to retirement, either in "stealth mode" or through candid discussions with your employer. Then, take additional steps, such as saving contact information and personal files from your work computer.

You might also consider "dabbling" in retirement activities before fully retiring, Benz said, as this can help ensure you're "in the driver's seat" as you move into the next phase of retirement.

Michael Finke, a professor at the American College of Financial Services, pointed out in his interview with Benz that retirement is not all about relaxation, leisure activities, and free time. After all, you need something to relax from.

"The best relaxation comes after you've actually accomplished something," Benz said. "You need to figure out a way to have a sense that you are accomplishing something."

His actionable advice: Find an "animating force" that provides a sense of purpose in retirement, such as volunteering, continued work in some capacity, or reengaging with family.