Gratitude and Retirement: How the “Practice” of Being Thankful Can Improve Your “Second Act”

If you’ve spent any time at all on social media in the last few years, you’ve probably seen dozens of memes picturing puppies and kitties, perhaps on a day when you were desperate for something to smile about. But you may have also run across “Grumpy Cat,” picturing a feline that is definitely not a ray of sunshine.

Grumpy Cat is the opposite of the adorable kitties frolicking across your screen. Grumpy Cat can’t find any reason to frolic, and he doesn’t mind telling you about it. Can you imagine Grumpy Cat on a Thanksgiving card?

Most of us have at least one or two “Grumpy Cat” people in our lives. But, if we’re honest with ourselves, these probably aren’t the folks we’d choose to spend most of our time with. In fact, most of us would much prefer to be around people who have a positive outlook: those who are aware of and thankful for the good things in their lives—people who are grateful. These are the people who inspire us and make us better versions of ourselves. If we had to choose someone to imitate, we’re more likely to pick someone who is the opposite of Grumpy Cat.

One good reason for this is that gratitude is actually good for you, not only emotionally, but also physically and even financially. Especially for those preparing for or in retirement, gratitude can have some specific benefits that can make your retirement lifestyle better—in measurable ways.

Gratitude and Health

For example, research demonstrates a number of health benefits conferred by a grateful lifestyle. According to an often-cited study by Dr. Glenn Fox, a researcher 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

Now, we all know that health and the associated medical costs for maintaining it are perennially at the top of the list of concerns for those approaching and in retirement. So, it just makes sense that having more of the markers associated with being a grateful person would tend to promote a healthier, more enjoyable, lifestyle—along with lower expenditures for healthcare and medical issues. After all, no matter how much money you’ve saved for retirement, it’s pretty hard to enjoy yourself when you don’t feel well. The good news is that the consistent practice of gratitude can not only make you happier; it can also make you healthier.

Gratitude and Financial Judgment

And gratitude doesn’t just help with emotional and physical health; it can actually help you make better financial decisions. Research indicates that those who are more grateful have more patience and are less likely to make rash spending decisions. A few years ago, a team of researchers from Northeastern University, the University of California–Riverside, and the Kennedy School at Harvard conducted a study designed to measure how gratitude affected the tendency toward financial impatience. Participants were asked to choose between an immediate financial reward or a later, larger payout. But before choosing which they wanted, they were required to write about an event from their past that made them feel grateful, happy, or neutral. Researchers found that participants writing about gratitude-inducing events were statistically more likely to choose the larger, deferred reward. Researchers suggest that fostering gratitude could lead to improvement in negative financial behaviors such as impulse buying and insufficient saving. Another study, conducted by researchers at the University of Chicago, the University of Minnesota, and the University of California–Riverside, found that young people who engaged in the conscious practice of gratefulness tended to be less materialistic and more positive in their outlook.

The Practice of Gratitude

So, how can you become more grateful? There are several ways you can incorporate more gratitude-building attitudes into your life, according to the experts at Waterstone Senior Living Centers:

• Cultivate a positive vision of your future. What are you passionate about? What fascinates you? How can you spend more time occupying yourself with these things? Sure, most of us tend to spend time looking back over our lives, but retirement is also a time to look forward.
• Practice “active gratitude.” Make it a point to not only think about, but also to express the things you’re grateful for. Are you proud of your grandkids? Do you have good neighbors? Did your barista provide an especially delicious cup of coffee this morning? Then say something; write a note; tell somebody.
• Stay connected. One of the strongest correlations with longevity is the quality of community we enjoy, according to author Susan Pinker. In her study of the Italian island of Sardinia—where there are six times more centenarians per 100 people than in the US—she found that the common theme was social connection with family, friends, and even casual acquaintances.
• Never stop trying new things. After all, many retirees are looking forward to having enough time to expand their knowledge and experiences. Use an online app to learn a new language; try out a new hobby; learn to be a better dancer; start writing your memoirs—or a blog.

Here’s the thing: financial planners and advisors who work with retirees or those planning for retirement spend a lot of time with financial calculations, portfolio design, analyzing rates of return, projecting saving and spending rates, and helping clients understand and build strategies around having sufficient savings and investments to fund a desired retirement lifestyle. That’s certainly appropriate, because retirement is one of the most important financial events in the life of the average person; careful planning and plenty of number-crunching are certainly called for.

But there’s a lot more to retirement than numbers and balances in various accounts. Too often, we neglect the non-financial aspects of retirement, which is a shame, since factors like our emotions, dreams, and values have at least as much to do with our perceived quality of life as how much money we’ve managed to save.

So, as we approach the time of year when many Americans take some time to think about what they’re thankful for, it’s a great time to make gratitude a bigger part of your outlook on life. And the great thing is that doing so will not only make you—and likely the people around you—feel better; it just might also give your retirement lifestyle a needed boost.

At Aspen Wealth Management, we are especially grateful for the opportunity to work with our valued clients to help them achieve the financial outcomes that are most important to them. To learn more about the changing priorities we all experience during our lifetimes, visit our website and read our article, “Reading the Map: Where to Focus during Different Stages of the Financial Journey.”

… And be sure to take some time to be thankful!