For some people, retirement can feel like the dog that caught the car. You’ve prepared your whole adult life for this moment, and you’re certainly overjoyed to be here but… well, now what?
You’ve spent a lot of time thinking about how you’re going to lead your life in retirement. Now is the time to start planning what that life will look like. Whether you’re making changes to an existing plan or starting from scratch, here are five tips to enjoy life after retirement.
You can work with a financial advisor who can advise you on the best investment options for your unique situation.
stay close to your friends and family
When it comes to daily happiness, having access to friends and family can be a lifesaver. Make sure you have people you care about who you can see regularly.
Sometimes, technology, from phone calls and e-mails to video chats, can’t replace the feeling of personal interaction with the people you care about. And if something goes wrong, it’s better to have someone on the screen show you personally.
But equally important is the fact that being with friends and family is fun. Life is so much better when you have someone to hang out with on a random Saturday night. This is even more true in retirement when every day is a Saturday.
Many people view retirement as an opportunity to sell the house and move away. But this may be a mistake. If you can persuade your friends and family to go to heaven with you, then by all means go for it.
insist on exploring
Retirement is a great time to try new things. Exploring is one of the best ways to enjoy your life. Having new experiences makes us happy. It builds stronger memories, creates a more vivid experience of time, releases significant amounts of dopamine, and is just plain fun.
When you’re at a crossroads in life, the best advice is this: Go and have an adventure. And make it yours. For some this adventure will involve travel, going away from home to see new places.
It’s not everyone’s adventure though. Maybe you’ve always wanted to do farming (or, for a perhaps more manageable ambition, a local garden). Maybe you want to read new books or write one. Or maybe you just want to experience different foods or take up a new hobby.
Whatever it is, have your adventure. Then, have another.
find new hobbies
Finding new hobbies in retirement can be challenging. If you’re retired in your 60s, you may not be able to do the things you used to do physically. Or maybe you just aren’t as interested in hobbies you used to love.
So in retirement, it can be easy to do a little nothing and then not do much to make up for that little bit. It doesn’t look good.
Instead, find new hobbies. You can consider this as your chance to finally choose what you want to do.
Have you always wanted to start a small business, make a movie, design an app, or remodel a home? The key point is to find something to do that is meaningful, productive, and requires real effort on your part.
You’re retired, so it’s up to you to define what that means. But life will feel a lot better when you have something to relax you.
eat healthy and exercise
Don’t use this as an opportunity to let yourself go by not being in shape. When you have nothing to do it is easy to sit back and relax and pile on food. And over time, when you get used to doing nothing during the day, it becomes hard to have the will to maintain a certain work ethic. But having good habits with exercise and healthy eating can go a long way.
Even 30 minutes of exercise a day lowers your chance of nearly every major disease and improves nearly every physical outcome.
These steps can help you move more easily and do a wider range of activities. Not to mention they may help you live longer and be in better health throughout that life.
keep investing
As is the case with work, many people view retirement as a kind of finish line. That’s not a great prospect, especially considering that with a little luck you’ll be spending a good third of your life as a retiree.
Instead, view it as a transition point. This includes how you manage your finances. Yes, you need to make sure your retirement account is protected. This is money you will spend the rest of your life on. So, you don’t want to gamble on speculative ventures. However, this does not mean that you should stop trying to grow your wealth.
And maintain your relationship with your financial advisor. Ideally, you’ll have plenty of money to work with. Just because you’re retired doesn’t mean it should stop working on your behalf.
ground level
Retirement is not the end of the road. In fact, it’s the start of something entirely new. Once you’re there, be sure to focus on the things that truly make you happy on a daily basis: friends, family, health, pursuit, and a purpose.
Tips to help you figure out your retirement strategy
- If you want help figuring out which retirement plan or plans are right for you, consider working with a financial advisor. SmartAsset’s free tool matches you with up to three vetted financial advisors serving your area, and you can interview your advisor matches for free to decide which is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Having an accurate sense of your cost of living can help you prepare for how much you’ll need to save for retirement. You can save accordingly now to save yourself the trouble later. Use our retirement calculator to get a comprehensive breakdown.
Photo credits: © iStock.com/svetikd, © iStock.com/Wand_Prapan, © iStock.com/PeopleImages
Eric Reid Eric Reid is a freelance journalist specializing in economics, policy and global issues with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of intangible issues, with an emphasis on analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, including Sao Paulo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist, Eric worked with a pro bono specialty in human trafficking issues in securities litigation and white-collar criminal defense. He graduated from the University of Michigan Law School and can be found on any given Saturday cheering on his Wolverines.
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