If you pay attention to financial literature, you’ve likely read about the fact that most Americans are severely underfunded for retirement. Retirement articles and blogs (including this one) are constantly reiterating the need to plan financially for retirement, lest you end up running out of money one day with no income to support yourself. While planning for the financial side of retirement is critical, don’t forget about planning for the fun side of retirement as well.
You may have started planning for the fun side of retirement without even realizing it. Casual conversations about what you are going to do when you no longer have to go to an office 40 hours a week are a form of planning—and the answers to that and other questions can and should be exciting ones! Here are a few questions to ask yourself when planning for the fun side of retirement.
What is my personal concept of retirement? Retirement means different things to different people, so you should decide what exactly retirement means to you. For example, do you view retirement as a time to relax and slow down? Or conversely, do you envision retirement as a time to increase your daily activities since you now have time to do the things you have always wanted to do but never had time for? If you know what you are looking for in retirement, then you will be better able to plan.
What do I want to do in retirement? Once you have decided the pace of your retirement, now it’s time to determine what exactly you want to do. If you have decided that your concept of retirement is taking on a new hobby, then what hobbies have you always been interested in learning? If you have decided that your concept of retirement is using it as a time to travel, then where do you want to travel?
What steps do I need to take to make my ideal retirement a reality? After outlining your vision of your dream retirement, the next thing you need to do is map out the actions you need to take to make it happen. For example, if your dream retirement involves living on the beach, then start looking for coastal places that appeal to you. If you’re looking to pick up a hobby, then search for classes or instructors in your area that are relevant. Make sure that your vision of retirement is actually feasible based on where you live—and your budget.
Planning for the fun side of retirement can help get you motivated for the period of your life during which you have the opportunity to reinvent yourself—and your life—if you so choose. While making sure you have the funds to cover the fun is important, so is planning how you will want to spend your time.
For more retirement-related advice and insight, continue to follow Ty J. Young Inc.’s Retirement You Earned blog! If you do need help planning your retirement from the financial side, contact our knowledgeable Ty J. Young Inc. advisors today at 877-912-1919.