7 Mental Habits That Can Lead You to a Wealthier Retirement

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It’s easy to assume that only cold, hard logic — and cold, hard cash — are essential to enjoying a wealthy retirement. While having a plan in place that relies on common sense as well as dollars and cents is important, experts suggest that a successful retirement involves the heart and the mind in equal measure.

According to these experts, embracing key mental and emotional habits can lead to a wealthy retirement. These habits include everything from strategizing for the long term to showing adaptability with changing times. To learn more about how you can cultivate these positive habits now, GOBankingRates connected with a few financial experts. 

1. Showing Patience as an Investor 

Remember that tale of the tortoise and the hare? Even if you don’t recall the specifics, you likely remember its ultimate message: slow and steady wins the race. For Stephan Shipe, a certified financial planner and CEO of Scholar Advising, that moral also applies to your investment strategy for retirement. 

“The people who retire with a larger nest egg usually see investing as something you do over decades, not months,” he said. “They’re not checking the market every day and trying to time when to jump in and out. Instead, they keep their eyes on the long-term plan and don’t let the headlines knock them off course.” 

Shipe tells his clients to “set it and forget it” when it comes to saving and investing. By automating contributions, they don’t have to rely on willpower alone to make their investments. 

“The families who end up with the biggest retirement accounts are almost always the ones who committed early and stuck with it through good markets and bad,” he said.

2. Embracing Delayed Gratification 

While getting results instantly can feel good, Shipe says that people who understand that delayed gratification has its own rewards will see the benefits in retirement. 

“The magic of compound interest means that small sacrifices now snowball into a lot more freedom later,” he said. “If you can learn delayed gratification — I’ve seen clients save a bonus instead of spending it, and 10 or 20 years later that decision has completely changed their retirement picture.” 

He added that clients who truly thrive in retirement are the ones who see retirement planning as an opportunity — a chance to build security for themselves and a legacy for their families. 

3. Becoming Adaptable 

When Jared Hubbard, fintech product manager and registered associate of digital brokerage services at Plynk, thinks of the mental habits that lead people to wealthier retirements, adaptability is top of mind. 

Simply put, as the markets and economy fluctuate, you’ve got to be able to roll with the changes. 

“When needed, reevaluate your risk appetite in your investments,” he said. “As you work toward your retirement goals, a balanced portfolio might be a strategy to consider.” 

If you’re stressed about how to create a balanced portfolio that can weather the ups and downs of the market, you don’t have to go it alone. Knowing when to ask for help also shows adaptability. You can always consult with a financial advisor or use financial education tools to help you determine the best level of risk for your financial plan — ensuring that your investments stay aligned with your retirement goals. 

4. Being Methodical About Tracking Your Finances 

As a strategic growth advisor to corporate CEOs and their teams — as well as a CPA with a tax background — Katharine Halpin, founder and CEO of The Halpin Companies Inc., has seen a lot of good habits over the years. 

One of the most important habits is something she put into motion in her own career: being methodical about tracking finances, starting with her earliest jobs and continuing throughout her life. To gain clarity into her family’s finances, she conducts regular inventories that track their patterns. 

“Another key piece of the puzzle for me has been staying grounded in reality as an entrepreneur and owner of a boutique consulting firm for 30 years,” she said. “I’ve taken the time, almost monthly, to prepare statements of net worth outlining my family’s assets, liabilities and net worth. The facts do not lie.” 

5. Saving Consistently 

Deryck Gryne, senior financial advisor at Ally Invest, knows that prioritizing saving money isn’t always easy — especially given how tempting it can be to spend. 

He says that people who follow a “pay yourself first” approach by setting up automatic contributions to their savings and retirement accounts are putting themselves on the right path for a wealthy retirement. 

“This habit can help you save consistently and avoid the temptation to skip contributions during market downturns or personal financial challenges,” he said. 

6. Learning About Finance 

Knowledge equals power — or at least personal empowerment — when it comes to personal finance. That’s why Gryne recommends making financial education a regular habit. 

“A commitment to ongoing learning can help investors of all experience levels,” he said. “Clients who take the time to educate themselves about personal finance, investment strategies and market trends can be better equipped to make informed decisions that align with their long-term goals.” 

7. Maintaining a Positive Attitude 

Building methodical habits around saving money, investing wisely and tracking your finances is important for creating a financially stable retirement. But Gryne adds that there’s another habit that should never be overlooked — keeping a positive outlook. 

“Clients who approach retirement planning with optimism and confidence are more likely to stay engaged and committed to their goals,” he said. “It’s also important to celebrate milestones along the way to reward yourself for hard work and to stay motivated.” 

This article is part of GOBankingRates’ Top 100 Money Experts series, where we spotlight expert answers to the biggest financial questions Americans are asking. Have a question of your own? Share it on our hub — and you’ll be entered for a chance to win $500.

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