Money is important when planning for your retirement but you should also plan for the free time you will have once you retire. So many people have no idea what life might be like once they aren’t tied to a job. It can be the most rewarding experience or the most disastrous time you’ve ever had. You need to think about the financial side of retirement but the mental and emotional changes can be far more devastating than money issues.
Imagine not having to get up or go to bed at any set time. You can eat, watch TV, take a walk, sleep, or just do nothing any time you want. Sounds like fun doesn’t it? Some people can enjoy this lifestyle indefinitely but most will be bored within a few weeks. If you’re retired, this could be your lifestyle for the rest of your life unless you make other plans. The rest of your life could be 30+ years; can you do nothing for that long? Think about it.
When you start thinking about retiring, also start thinking about what you plan to do once you retire. Are you going to pursue a hobby, travel, volunteer, work? Just sitting around waiting to die shouldn’t be an option. Once you retire, you’re going to have lots of free time so you need to prepare your self mentally and emotionally to handle this time.
Start your planning by making a list of your interests and your goals. Prioritize this list with what is most important first. You might want to come up with a list of about 1000 things you want to do before you die. I’d probably put things like wrestling an alligator or running with the bulls at the bottom of the list. Remember, with today’s life expectancy you will probably be retired as long as or longer than you were working. If you have a spouse or partner, be sure to inform him or her of your intentions and your list. If they are also retired, make a combined list. If they are still working, you might have to compromise on when you will do some of the things on your list.
Retirement used to mean sitting on the porch in a rocking chair and waiting for death to come calling. A person who retired was too old for any meaningful interaction and senility was expected. We’ve come a long way! Now retired persons are starting second and third careers, traveling non-stop, and are enjoying excellent health. Your retirement plan needs to include lifestyle plans as well as financial plans. Get your mind and your bank account ready for the fun.
Some suggestions for things you might want to do once you retire:
- Ride a train across the United States
- Ride an air boat in the Everglades
- Fly across the United States
- Rollerblade on the Boardwalk in Atlantic City
- Visit Ellis Island
- Visit Alcatraz
- Spend a night in a haunted house—alone
- Write a novel
- Go to Alaska
- Skinny dip in the ocean
- Ride a river boat down the Mississippi
- Shuck an oyster
Now, you can come up with your own list.