Planning for Your Retirement "Time"
How you want to retire is almost as important as when you want to retire. Many people think about the age at which they want to retire, be it 60, 65, 70 or any other age. But what many people don’t think about is how they are going to replace their work in retirement, not financially, but emotionally.
When you are younger it may be hard to imagine what you would do if you didn’t get up and go to work every morning. But as you get closer to to your retirement date, you should really stop and think about how you will fill your time. While working fills your bank account, it also fills your sense of purpose and gives you social connections and a steady routine.
Many people find that when their work comes to an abrupt halt, they have a hard time adjusting or even get depressed. In retirement, you need to find new activities that replace those feelings and connections you had at work. You will need to find ways to keep yourself occupied mentally, physically and socially.
Here are some ways to make the most of your retirement “time”:
Stay Active – This could mean taking walks or continuing at the gym. Don’t just sit on your couch. You may also want to join a fitness group. Many churches and gyms have a “Silver Sneakers” program that can give you a new group of active people to interact with.
Be Social – It might require a little more work now but continue to interact with people and maintain relationships outside of your home. Many of our retiree clients schedule lunch dates with friends and outings with other retirees. You may want to consider searching out an activity on Meet Up.
Have a Schedule – Having a new routine helps keep your sense of purpose and prevents the days from wasting away. Maybe that means waking up at the same time every day or having at least one outing on your calendar each day.
Work (a little) – If your profession allows for such, work limited hours or on a consulting basis instead of quitting all work. Or get a part-time job doing something else you enjoy, such as working at a garden shop if you like plants. It might be nice for a little spending money as well.
Learn Something New – Take a class at a local college or find classes for hobbies you enjoy. Keep your brain engaged. Many community colleges and universities offer adult education classes. Who knows- you may find a new hobby!
Volunteer – Many people find a sense of purpose in helping others. It’s also another way to stay social. You may have an organization you are already passionate about. But if not, we have found a few websites that might be an interesting place to start:
As you start to think about these ideas, make sure you talk to your spouse or significant other about how they would choose to spend their retirement. If one spouse wants to travel the world and the other spouse wants to stay at home and volunteer, you might have to come up with some compromises. This discussion could also affect how much money you may need to retire.
The most important part is to stay active and keep up your social life. We find that the happiest retirees are the ones that make the most of their time.