The “golden triangle of happiness” is genuine and, according to a new survey by HomeEquity Bank, achievable.
What is the Golden Triangle of Happiness?
The “Golden Triangle of Happiness” is a concept developed by researchers at Deakin University and Australian Unity. The golden triangle focuses on the factors that make people happy – financial control, relationships and connection, and purpose. The balance and intersection of these three elements can lead to a genuinely fulfilling retirement.
The golden triangle of happiness is, in many ways, the golden opportunity for our golden years—and your golden years are right now, regardless of age.
HomeEquity Bank Survey: Golden Triangle of Happiness in Retirement
None of us know how long we have. In fact, the older we are, the more we understand and embrace life.
Financial Control
This was evident in the HomeEquity Bank survey, which highlights that those 75+ feel 20% better about their finances than those Canadians between 50 and 59.
Strong Personal Relationships
That’s not all; quality connections are essential. Again, the more mature demographic of 75+ reports feeling more connected and having better quality relationships than 50-59-year-olds by 15%.
Sense of Purpose
Having a sense of purpose, a reason to get up daily, and feel valued, active, and connected to your community was also a key to a great retirement. Those over 75 not only have the time but seem to have embraced the possibilities again, more so than those 50-59 by a wide margin of 18%.
Challenges in Retirement Planning
The reality is that we could spend a third of our lives in retirement. And, just as we plan for other significant aspects of our lives, retirement should be no exception. Yet, the financial landscape is constantly evolving, and the plans we had in place may not be suitable for today’s reality. Therefore, planning and adapting for a secure and happier retirement is crucial.
But I get it. Happiness in retirement can feel elusive.
Households have been challenged by higher inflation, fewer pensions, increasing debt levels, and limited cash resources while simultaneously living longer and more active lives.
Some financial foundations are wobbly, and it can be challenging to give back to your community or help out friends or family. Economic stability is the golden egg that frees you up to live your best life and define retirement on your terms.
Achieving Financial Control in Retirement
The excellent news is that Canadian homeowners over 55 have options and may want to consider a CHIP Reverse Mortgage. The ability to free up some of the savings in their home might also release some of the financial strain they feel when they can’t make ends meet or live life on their terms.
Having your financial foundation in place frees you up to participate in community activities, help out family and friends, and, along the way, feel happier. These are your golden years, and you have earned the right to explore every option available to you and to do what you love for as long as you can.
The bottom line is that you don’t have to wait until 75 to figure this out. If you are over 55, your path to a happier retirement might be a phone call away. What are you waiting for? Happiness might be more achievable than you think.
Pattie – PLR@heb.ca
