Having a high quality of life means you feel happy and safe. The key components of maintaining quality of life in retirement include reducing the risk of losing touch with friends and family, maintaining access to healthy foods, having access to quality and necessary medical care, and maintaining a sense of fulfillment.
Advanced planning for aging can have a positive impact on the elderly as well as their families. A study called, "Spending, Relationship Quality, and Life Satisfaction in Retirement," revealed that “leisure spending, health status, and spousal and friend relationships have the greatest impact on creating life satisfaction during retirement. Creating a financial plan that outlines your best choices for housing, social engagement and leisure experiences (travel, cultural events, dining) as you age could have lasting benefits on your total well-being in retirement.