Most of us will spend decades getting our finances ready for retirement. But as we get closer to retirement, we also need a plan for what we will do in retirement.
For some people, the appeal of retirement is that you no longer need a tightly scheduled plan for each day. After all those years of working, don’t we deserve some rest? But after a few weeks of catching up on sleep, you will get bored if you don’t have anything to do all day. Having a post-retirement plan will help with the transition and get you mentally ready for life without a job. Here are some things to include in your post-retirement plan:
Get healthy. Many of us worked eight to ten hours per day in an office. Offices are often sedentary places and our bodies have accumulated years of aches and pains from unnatural postures and stress. At least, my lower back is sore, my shoulders are constantly in pain, and my wrists are always stiff. After retirement, you will have the opportunity to rehabilitate those body parts and strengthen the weakened areas. If you have any problems, be sure to see your doctor and ask if they can refer you to a physical therapist.
Give back. The transition from full-time work to retirement is difficult for some people. It is not easy to jump from working all day to a completely unstructured day. Perhaps you can give back to the community and volunteer in an organization that you believe in. This will help with the retirement transition, and many organizations need a helping hand.
Try new things. You will have a lot more free time in retirement, so it is the perfect time to pursue your hobbies and interests and try new things. In some cases, you might be able to turn your hobby into a micro-business. If you like playing music, perhaps you can teach music lessons. This will give you a little bit of extra income and help keep you interested.
Retirement may not be for you. Some people don’t like retirement after a lifetime of structure. Give yourself a year or two to settle into retirement. If you don’t like being idle, try getting back into the workforce again. Perhaps you can try consulting or a part-time job. If you have the resources, you can start a small business or a joint venture with friends.
Retirement might not be for everyone. Some of us want to contribute to the economy and remain productive for as long as we can. There are many useful things you can do post-retirement, and there is no need to stay home all day and watch TV. Retirement means you can do whatever you want to, even if that means getting a job.
Joe Udo is planning an exit strategy from his corporate job by reducing expenses and increasing passive income. He blogs about his journey to early retirement at Retire by 40.