When you’re planning for retirement, finances take center stage. And yet, many to-be retirees don’t consider other aspects that factor into post-retirement contentment.

The University of Michigan Retirees Association (UMRA) has created a tool to help you consider those other aspects. The association recently added a section called “Retire & Thrive” to its website. This series of articles, authored by ChatGPT, addresses intangibles that can affect your mental health after you retire.

“For most new retirees, a period of ‘not going to work’ is important,” reads a descriptor on UMRA’s “Retire & Thrive” page. “Decompression from the daily routine is welcome and energizing. For many, this new freedom focuses on family and travel, the two most often mentioned goals by those about to retire. Most believe, however, that pursuing leisure until we face the end of life doesn’t work for the majority of retirees. With the potential of 10, 20, 30, or more years post-retirement, planning for more than leisure is important.”

Current articles address the emotional journey of retirement, the importance of maintaining social connections, and finding purpose in retirement. Articles with the following topics in mind are scheduled for future publication:

• Physical and mental well-being
• Balancing leisure and productivity
• Enhancing relationships and communication
• Cultivating a positive mindset and resilience
• Creating a supportive network and resources
• Planning for long-term care and end-of-life considerations
• Reflection and goal-setting

Learn by Livestream

Of course, finances are still important to any retirement plan. If you’d like to further expand your knowledge base about all things financial, consider signing up for a free webinar. Fidelity Investments and TIAA offer several webinars each month. You can Zoom in live, or catch a recording when your schedule allows.

The following web-exclusive events are available in May and June:

Fidelity

• The Latest 529 Strategies for Your Child’s Education
  Wednesday, May 29 – noon-12:45 p.m.
  During this event, you’ll learn how to use a 529 to pay for college tuition, trade school, books and more; transfer your 529 account from one child to another; and transfer unused funds from a 529 to a Roth IRA.
• Ways to Save $1,000 – And What You Could Do With It
  Wednesday, June 5 – noon-12:45 p.m.
  During this event, learn how bite-sized steps can lead to savings of $1,000 or more. Plus, learn ways to help you do more with extra cash, depending on where you are on your financial journey.
• Singles and Money: Owning Your Financial Future
  Wednesday, June 12 – 2 p.m.
  Learn how to grow your money, plan for future health costs, create essential documents, and more. Whether you’re happily solo or embracing solo life, learn tips and actionable steps to help you thrive financially.
• 3 Tax-Savvy Moves for 2024
  Wednesday, June 26 – 2-2:30 p.m.
  Explore how to integrate charitable giving into your financial planning to help maximize the impact on your favorite cause, and your bottom line.

Visit Fidelity's event calendar for more live and on-demand events. 

TIAA

• Write Your Next Chapter: 5 Steps to Setting Your Retirement Date
  Wednesday, June 4 – noon
  This event will take you through five steps toward deciding when the time is right to retire, including estimating retirement expenses, closing income gaps and understanding key milestones that can impact your retirement finances. 
• Charting Your Course: A Financial Guide for Women
  Wednesday, June 12 – 2 p.m.
  During this event, you’ll learn how to evaluate your financial health; set financial goals; make your money work for you; and put it all together to create a robust financial plan.
• The Starting Line: Beginning to Save for Retirement
  Thursday, June 20 – 3 p.m.
  During this event, you’ll get a head start to retirement saving by learning the real effect of “time on money,”; understanding debt and how to manage it; and understanding how a budget can find money and help you save it.
• Take Control of Your Financial Life: 5 Steps to Managing Money and Debt
  Tuesday, June 25 – 1 p.m.
  During this event, you’ll learn to balance income and expenses to prioritize your spending; create a spending plan; use debt wisely to get it under control; and build your credit score.

View TIAA’s Webinar Lounge to view all real-time and recorded events.

Check In to Check Out

It's a good idea to check in with Fidelity and TIAA advisers regularly to ensure your investments are meeting your goals. Meet with a strategist virtually, by phone or in person. Technology allows Fidelity and TIAA representatives to screen-share in real-time so you can see your account information.  

To schedule your one-on-one appointment:

• Visit Fidelity's scheduling page or call (800) 642-7131, weekdays from 8 a.m. to midnight. Fidelity offers appointments exclusively for U-M employees every Tuesday from 8:30 a.m. to 5 p.m.
• Visit tiaa.org/schedulenow or call (800) 732-8353, weekdays from 8 a.m. to 10 p.m.

TIAA and Fidelity are U-M’s longtime, trusted administrators of its Retirement Savings Plans. Their specialists are trained to help you create a financial plan and pinpoint specific steps to work toward your goals.

Help at MHealthy

MHealthy also offers several resources to assist faculty and staff with improving their financial well-being. These include education programs and resources, coaches, and immediate assistance for those who need help now.