As someone nearing retirement, you probably feel your excitement growing.
After all, you’re about to be free! Or at least that’s how most folks see it.
But just like you’ve been planning financially for the last few decades towards this goal, you need to also spend some time developing a plan on how you’ll succeed in retirement itself (i.e. not just financially).
For example, you need to make a plan for how you spend your time. And lucky for you, we’ve done the leg work and compiled a list of six strategies you can implement to succeed in this next phase of life.
1. Develop a Routine
Shifting from having to go to work five days a week, spending 40 hours at your desk, a couple hours commuting, etc. to having all of your time as your own in retirement can be hard for some people. This is a major transition and transitions can be hard, even if people are looking forward to them.
For some, going from a jam packed schedule to nothing at all can be overwhelming. And let’s face it, a little boring! It’s best to give yourself a few weeks (or months) to get used to your newfound freedom, but then start planning your days again – ideally with things that you want to do!
As humans, we crave routine. It’s good for toddlers and it’s good for adults – young and old!
2. Remember, You Can Say No
Some people struggle in retirement not with having too little to do, but instead having too much to do. You may have adult children that would like your help taking care of their children. Or maybe your aging parents need assistance on a regular basis.
Or maybe friends or family see that you have all of this free time on your hands and ask you to help them with home improvement projects, driving them to the airport or other random errands.
Remember, you can say no. And you should say no. Just because you’re retired, doesn’t mean that you need new things to “keep you busy.” You might already be busy enough!
3. Have Multiple Hobbies
Since you’re no longer filling your time with work, you might want to consider finding new hobbies or uncovering past ones that brought you joy. You’ve spent the last ~30 years doing what someone else wanted you to do for pay, now it’s time for you to do things you truly enjoy and not have to worry about whether or not they’re income producing.
It’s ideal to have more than one hobby. Consider sports, travel, volunteer opportunities, part-time work that you’re passionate about and more. It’s time to spend your time on your terms. What really gets you fired up? Start doing more of that!
4. Stay (or Get) in Shape
It’s true, “Health is your first wealth.” You could have all of the time or money in the world, but if you aren’t in good health, it doesn’t account for much.
Retirement is a perfect time to work on getting in or staying in shape. If you’re not currently there, spend some of your newfound time researching diet and exercise plans that would be a good fit for you. Try out different activities like yoga, paddle boarding, swimming or golf.
And if you’re already in shape, don’t let it start to slip now. Maintaining your health as best you can will help to make retirement more affordable to you – both from a health care and psychological perspective. Make sure to add physical activity and heart healthy cooking into your new retirement routine.
5. Be Social
If you do find that you’re not too busy, spending more time with friends or family is a great way to stay social and combat depression, which is a major challenge in today’s society. But taking on an unpaid, full-time babysitting gig for your grandkids might not be the best way to go about it!
Instead, consider joining new clubs (bridge, perhaps?) or become more active in an organization that you’re already a member of (i.e. church, the Lions Club or your local Rotary, etc.). Again, what is it that you do enjoy and how can you bring more of that into this next phase of your life?
6. Maintain a Budget
Wah, wah! We can’t discuss strategies of a healthy retirement without hitting on this one.
The early years of retirement are when many retirees spend the most money. You finally have time to travel, do home renovations, etc. And that’s okay, as long as you don’t break the bank and you forecast it slowing down sometime soon (i.e. plan ahead!).
The best way to do this is to keep to a budget. Work with your financial advisor to forecast out your retirement scenario and measure your likelihood of success. Based on this analysis, figure out what a reasonable budget looks like for you – how much can you spend to maintain your lifestyle, do some fun stuff, but not risk the rest of your retirement nest egg?
In Conclusion
Retirement is kind of a big deal. It’s exciting and fun to think about, but reality often isn’t what you envisioned it looking like. You may have too much time on your hands or maybe too little.
But just like you’ve made a financial plan for retirement, you should also make a plan for how you’ll spend your time and transition successfully into this next phase of life. Developing a new routine, remembering you can say no, figuring out which hobbies suit you best, staying or getting into shape, being social and maintaining a budget are all strategies that will help you win at retirement. Are you ready?