Things to do in Retirement
September 25, 2023 Author: Tess Downing, MBA, CFP®, Complete View Financial
Retirement is a time you think about a lot throughout your career. All your life, you’ve been working, going into the office, and devoting your time to benefitting your company. Now you start to think, what do I want to do when this time ends? Retirement should be a time to do the things you’ve always wanted. Say goodbye to work commitments and consider things you want to try during retirement.
Here are some things to think about when approaching retirement.
Make Sure You’re Ready for Retirement
A lot of times, when you’re approaching retirement age, you second-guess your savings and your lifestyle. You ask yourself, “Am I ready to retire?” There are some things you can do to be prepared for this time in your life and not stress when the time approaches.
Throughout retirement saving, whether you started early or not, you have been in an accumulation period. You have been focused on saving assets for the future. Whatever plan or account you decide to put your money in, it’s essential to compare this amount to your desires for the retirement stage of your life.
You don’t want to have to worry about outliving your savings. With the increased life expectancy, saving as much as possible is essential to feel confident going into this stage. One way to do this is to work with a financial planner. They can help you budget your life and give you a real insight into how long your money will last. They can also help you maximize the savings you already have.
If you have been working with a financial planner, you have likely factored in inflation, taxes, and other environmental factors affecting your retirement savings. The spending guidelines that you’ve created can give you financial security when going through a changing time in your life.
Embrace Your Newly Available Time
Your whole life has been spent working. What do you do with all of your newly available time? Knowing your financial numbers and budget gives you the financial security to make big decisions. If you want to travel, ensure that it’s within your budget and that you are confident in that decision.
Retirement has changed as the working world has continued to develop. There is no longer a set date on which you must retire; it has become flexible. This time is now 20-25 years of doing whatever you like. While this can seem overwhelming, think of it as your next phase of life instead of closing a chapter.
Take a look at your passions and things that you enjoy doing. Whether gardening, painting, traveling, spending time with family, etc., make time to do the things you love. It’s also okay to want to add something new into that mix. Want to try a new sport? Take a look at pickleball or join a league. Look into traveling to new places and discovering the world. Whatever you may choose, you can now do so.
Experiment Freely and Put Yourself Out There
Try new things and see if you have any untapped interests going into this stage of your life. It’s okay to be nervous! Put yourself out there and try new things to spend your days doing. Who knows, you may fall in love with something new.
Give Back and Share Your Passion With Others
When we reach this point in our lives, we often want to give back to the people and companies that helped us get there. People during this stage focus a lot on making a difference to those around them. Whether volunteering, donating, or spreading their knowledge, people who are happiest in retirement have chosen to give back to the community.
If you are still trying to figure out what to do during retirement, contact Complete View Financial today to help build your dream lifestyle.