Planning How to Spend Your Time in Retirement

Planning How to Spend Your Time in Retirement

retirement

Here are some questions to ask yourself so your retirement is a successful and happy one. After all, you’ve earned it.

If your retirement years are upon you and you’ve given little or no thought as to how you’ll spend them, then it’s high time you put a plan in place for everything you want to do.

What Do You Want To Achieve?

With 20 or maybe even 30 years ahead of you, it can be daunting to think how you’ll spend your retirement time. Especially if much of your waking life up ‘til now has been involved in working. Many people thrive in retirement and have no trouble keeping busy, while others may suffer with boredom and grieve the loss of their job. If you’re the type of person who likes to keep active and involved, then start thinking about:

    • New hobbies you might like to try,
    • Ways to keep physically fit,
    • Family members you can help out,
    • Volunteering or joining community groups,
    • Places you’d like to travel,
    • Studying a course or learning a new skill.

Of course, if you’re a creative type and love spending time alone, then you’re likely to have a reading list a mile long, an art course you’ve got your eye on and all sorts of travel plans. There are no set rules when it comes to retirement and everyone is different, after all it is your time, so there’s no harm experimenting and trying new things.

Are You Able to Fund Your Retirement?

This is an important question to ask yourself before you retire, because if you don’t have enough money then 20 or 30 years of scraping by aren’t going to be much fun. Even if you have a retirement fund set up and will be relying on the Age Pension, seeing a financial advisor is a good move so you can put your mind at ease that your money will last the distance.

If your retirement activity ideas involve travelling, dining out a lot and playing golf then you’re going to need to be able to realistically fund that kind of lifestyle. You may have to make more economical choices in your day to day living to make your funds last as long as possible. An advisor can help you plan for the kind of retirement lifestyle you want and suggest strategies, whether it’s downsizing the family home, increasing your savings or investment strategies.

Do I Want to Work Part-Time?

Once you’ve reached retirement age, it doesn’t mean you have to quit working altogether. In fact many people 65 plus are finding that part-time work can be an enjoyable way to ease into retirement. The additional income and government incentives increase your financial security, and even if you don’t need the money, there are social benefits of working part-time. You might even enjoy your job more if you don’t have the level of responsibility or involvement of working a full week.

Whether you want to spend your retirement travelling, playing golf or helping others, it’s a time to pursue your dreams. Financial Mappers can help you manage your income before and after you retire, visit Financial Mappers to find out more.

 

Disclaimer: Financial Mappers does not have an Australian Financial Services License, does not offer financial planning advice and does not recommend financial products.

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