Many people don’t give too much thought about how they will spend their retirement. Either because they don’t think of it as necessary, or because they think they already have it figured out. But there may be more to consider than you realise.
Yes, usually there is an elevating six-month honeymoon-like period, but many people seem to think that it will last forever. They get quite a surprise when that urge to become more productive in retirement inevitably shows up.
To make the most of your retirement, you will want to plan for everything you want to do and achieve. If you’re not sure where to start, no worries – let’s take a look.
Ask Yourself Honestly, What Do You Want Out of Retirement?
Retirement is more than just an extended holiday – it’s an experience and a lifestyle shift. You’re going to get a lot of free time, so how would you like to spend it? As with most things regarding your free time, there are no wrong answers to this question. After all, it is your retirement. A good place to start is your personality. Do you like alone time? A good book? An ongoing project for you to focus on? Or maybe more than anything you’d just love to watch the films you always meant to with popcorn and the curtains closed. There could even be a hobby that you used to do and want to get back into now that you have the spare time.
Why does it matter?
Retirees that have a busy schedule with lots of regular activities tend to lead happier retirements in general. The brain needs mental stimulation, and while you absolutely could have days where you watch tv and enjoy a good bubble bath for three hours, you’re still likely to find something missing if that’s all you do.
Keeping productively engaged can boost your physical and mental health. Not to mention the fact that certain activities in retirement could even reduce your risk of developing diseases like Alzheimer’s. Having a plan for your time (even if it’s just a general idea) before you actually retire is beneficial, because you’ll have time to prepare.
Financial preparation is a big reason as to why you should have a set plan for retirement in place. On top of things like housing and food, your retirement income will be funding your free time. If you plan on travelling the world once you retire your finances will invariably be a lot different from someone who wants to garden and volunteer.
By thinking about the activities, you might be interested in, you allow yourself to plan for them and make the most of that phase of your life. It is not uncommon for people to have no clue about what they want to do when they retire, here are a few ideas.
Those who people who have achieved true financial independence don’t need to work in retirement, others may find the couple of hours of work increases their overall financial security. Even those not needing the extra income could benefit from simply working with other people. If you’re not so fond of working for someone else anymore, you could consider self-employment or starting your own business.
If you’re really not fussed about extra cash, but would feel some joy by helping others, volunteering might be the answer. It can not only fill the day but more importantly, it can create a sense of purpose and direction. By becoming more active to a particular organisation close to your heart you can then use the skills and experience you have developed over your years for a worthwhile cause.
A smaller scaled version of this could be to volunteer to look after the grandkids a few nights a week or look after a person’s pet when they are busy.
Look after your mind and body
Looking after your mind and body in your working years keeps you healthy and happy. The same can be said during retirement. There are many activities that you can do in retirement that will keep you active and fit, you don’t have to attend a gym if you don’t want to. This will make sure your body stays strong and flexible. More than anything your body will thank you for it. Similarly, engaging in intellectual conversations and solving puzzles helps keep your mind fresh.
Of course, hobbies and travelling will always be there for you, but that’s for you to explore. Remember, there’s no need to stress about how you’ll spend all this free time. Instead, get excited about all the things you’ll have time to accomplish and fulfil!
Find a hobby
With the immense quantity of spare time that you will have in retirement it is the perfect time to take up new hobbies or to pick up hobbies that you have since neglected. By taking up multiple hobbies it gives you the opportunity to meet like minded people and get the social interactions that you miss from work back.
If you are looking for more help and guidance, get in touch with us on 01609 760960. Or arrange a call back and one of our financial advisers will be happy to help.
Reference – BL082 – Oct – 2019