If you are headed down “retirement lane,” you’re probably envisioning yourself busy with a ton of fun activities: golf, spending time with grandkids, gardening, travel, and more. But have you thought about what your day-to-day will look like once you’ve retired? You may want to consider how much time these activities will actually consume, or how often you realistically plan to do them.
Although a sudden abundance of free time may sound amazing, some retirees have reported feeling bored or disappointed after the honeymoon phase has passed. They find themselves having much more free time than expected and not really knowing how to move forward.
As you approach retirement you may want to reflect on how this extra time will be spent like it’s a job. A level of awareness of your ability to adapt and change can be very helpful as you consider this. You may realize continuing to work part-time may be best because it is familiar and you live better having that routine. Or, you may want to consider making a list of activities you’ve always wanted to try and build this into your new schedule.
Some questions--not related to money or financial planning--you may ask yourself in preparation for the free time you will have in retirement are:
- What activities make you happy or give you a sense of purpose?
- What goals would you like to pursue?
- Would you feel more satisfied working part-time?
- Is there a new skill you would enjoy learning?
- Would you like to make more social connections?
- Does volunteering sound rewarding?
- Do you have hobbies?
- What does my daily routine look like?
- Am I ok with an unstructured day?
Some people may be willing to try new things or make new social connections, but not all people will find this appealing. In any case, studies show that the maintenance of daily routines can assist the elderly not only with better quality of sleep but also with forming healthy habits, providing purpose, and routines act as a mood booster. You may not be in the “elderly” phase yet, but it’s good to build good habits before you need to rely on them.
- Here are some additional ways a daily routine can benefit you in retirement:
- Sleep better and boost your energy
- Helps with prioritizing what matters
- Supports overall physical well-being
- Boost your memory and mental clarity
- Feel calmer and more at ease
Remember that retirement is a journey: you’re starting a new phase of life! It will be a unique experience for everyone and there is no “right” way to do it. Whether retirement is about new adventures or slowing down, take some time to consider what you hope to achieve as you enter this new life stage.