The Two Secrets to a Happy Retirement (Hint: Neither one is about money) by Dr. Douglas Carlsen

Since 2008 I've been ranting in Dentaltown on ways to tame debt, construct a retirement plan, save at a proper level, invest according to risk with low fees, and handle financial psychological pressures both from media and peers.

At age 65, I reflect on doctors I've conversed with over the years. They range from:

• A couple who are dentists in their late 20s with $800,000 in student loans and $1,200,000 in practice loan debt, who quickly bought a million-dollar home in 2008. They have $3 million in debt.
• A doctor, age 40, with more than $1.5 million in net worth and no debt. He started at age 30 with $250,000 in student loans and no savings.
• A midcareer dentist with no savings and more than $2.5 million in total personal and practice debt.
• A midcareer dentist with $6 million net worth owning but one small practice.
• A 70-year-old dentist, who after young associate and spousal legal catastrophes has no savings and no practice. He lives in a condo, works in a corporate dental office and is actually happy to be rid of all the responsibilities he'd shouldered over the years.
• A 70-year-old dentist, still working in a tiny practice, who owns $12 million in municipal bonds.

Next, let's look at a typical situation I encounter: I talk casually over cocktails to two couples. One, a retired dentist and spouse, both age 70, with limited savings who can live on $70,000 per year mostly funded from Social Security. The other couple, same age as the first, with the savings to live on $300,000 income per year.

For the life of me, it's normally impossible to tell who is happier or more content. The couple with the "secure" future just as likely will complain about various troubles in life as the couple with less savings. Also, the "financially insecure" couple may be more pleased with quarterly visits to their 10 grandkids than the rich couple are with their trips to Antigua and Bhutan.

Below are the two elements I've found most indicative of real happiness in retirement.

Health
My personal medical journey: I had the first sign of degenerative back disease in L4 and L5 at age 55 with a diagnosis via chiropractor and three MDs. Therapy followed from multiple physical therapists, an acupuncturist, Pilates trainers, yoga instructors, cortisone spinal injections, and lots of Valium and hydrocodone prescriptions. My back has been around the block.

The pain meds worked for about two hours, followed by a dumb fog for the next 18. Forget it! Only Pilates and yoga helped.

In addition, I've been fighting high cholesterol for 15 years with an increasing amount of medication.

The final straw came in late 2014. I had a minor mountain bike accident one day where I could not maintain good balance. I tore an MCL ligament. I couldn't figure out why I'd been so dizzy and "foggy" that day until my wife reminded me I'd started Zocor, a statin for cholesterol, the day before. I'd been on cholesterol meds for years, yet this more powerful med sent me over the edge, literally.

It was time to get serious. My primary care MD took me off cholesterol meds for three months and I went on a superlow cholesterol diet, which I maintain today. Concurrently, I also had a cardiac CT scan for coronary calcium with a ridiculously high score. Off to the cardiologist for stress testing and echocardiograms. All coronaries were clear, yet it was time to eat right and exercise seriously.

Two weeks later, my physical therapist showed me a book with the nasty nudge, "Read this and do this, Doug. Now!"

I did.

Younger Next Year is co-written by one of the country's most prominent internists, Dr. Henry "Harry" Lodge, and his star patient, 73-year-old Chris Crowley. Their primary points: People are able to perform at a similar physical level well into their 80s as they did at age 50. Both men and women can become functionally younger every year for the next five to 10 years, then continue to live with newfound vitality and pleasure deep into their 80s and beyond. What's the catch?

The key is found in Lodge's rules: Exercise six days a week and "don't eat crap." Connect and commit to others. There are seven rules all together, based on the latest findings in cell physiology, evolutionary biology, anthropology and experimental psychology. Crowley, age 73, who is living proof of their effectiveness (skiing better today, for example, than he did 20 years ago), gives the just-as-essential motivation.

I've taken up the challenge since January 2015, exercising for an hour six days a week and eating only foods with no trans fats and minimal saturated fats. My total cholesterol, which has been 200–220 for the past 15 years while on increasing doses of cholesterol meds, is now 173. My LDL, or bad cholesterol, has gone down from 127 to 90. Something is up!

How tough has the journey been for a burger, fries and ice cream lover? Not bad. Chicken breast, bison and other lean meats are fine. And I really don't miss white potatoes, most breads or the ice cream. How tough is working out almost every day? Finding the time is a chore, yet having fewer back problems and being able to perform better at my main sports, biking and skiing, has been a riot. I had my best ski year ever last season at age 64 and have been able to bike Colorado passes of more than 11,000 feet this summer.

My goal is to eliminate cholesterol meds completely and to have a back strong enough to ski well into my 80s. It might happen!

And this with a lower spine that looks worse than Donald Trump's signature.

Connections
What happens when you finally retire and aren't "Dr." anymore? Does your life still have meaning? What about the new lack of medical connections to patients, staff and other professionals?

According to a 2013 University of California, San Francisco study, more than 43 percent of the 1,604 participants older than age 60 reported that they often felt left out or isolated, or that they lacked companionship. In the six-year follow-up period, more than half of the self-identified lonely people had difficulty with basic housekeeping and personal tasks. They also had a 45 percent greater risk of dying earlier than older adults who felt more connected to others.

"In the same way you exercise, pay your taxes and eat a healthy diet, you need to start replacing your friends as soon as you lose them, particularly around retirement age," according to George E. Vaillant, a professor and psychiatrist at Harvard Medical School.

Those doctors who continue to have strong relationships with family and previous co-workers and form new alliances tend to have more meaningful lives, no matter what their financial status.

Bottom line: Earlier, I mentioned two couples, one having retirement income of $300,000 and the other only $75,000. According to the Bureau of Labor Statistics, in 2014 the average couple 65 years of age or older had an income from all sources of $45,100 before taxes. That $75,000 is way beyond the income of the average American retired couple!

Older couples find happiness primarily in relationships and good health, not large investment accounts. Having two Teslas, the big house and membership in the top country club pales in comparison to being able to not hurt physically and have lasting positive relationships.

Hear more on Dentistry Uncensored
Dr. Douglas Carlson discusses money, investments and more on Episode?43 of the podcast Dentistry Uncensoredt with Howard Farran. Listen to the hourlong conversation or read the transcript at dentaltown.com/blogs.

Douglas Carlsen, DDS, has delivered academic-based financial education since 2004, when he retired from private practice at age 53. He has no connection with any company or individual and speaks his mind freely. Carlsen is interested in speaking to your study club! Contact him at drcarlsen@gmail.com.