Seniors Say This One Thing -- by Far -- Is the Definition of a Life Well-Lived

A study by Merrill Lynch Wealth Management and Age Wave that asked people over 55 to define a life well-lived found career to be of relatively low importance, reports MarketWatch . Just 27 percent cited career success and 10 percent cited wealth, while only 3 percent felt being well-known/famous was paramount. According to the survey, having loving family and friends was the nearly universal defining factor, with 94 percent naming it, followed by 75 percent listing "making a positive impact on society." Moreover, people's answers to key questions were relatively consistent across the wealth spectrum. For instance, 70 percent of respondents with investible assets of $5 million or greater said the memories shared with loved ones is what they most want to be remembered for, as did 71 percent of those with investible assets of $50,000 or less. Meanwhile, only 18 percent of respondents 55 and older have prepared the three critical documents that everyone needs — a will, a healthcare directive, and a durable power of attorney. "The advantages of thorough preparation, are significant for people at all income levels," the study stated. "They include more control over both your legacy and your late-life arrangements, including medical treatments and costs, as well as more financial security for yourself and your heirs."