What To Do in Retirement and Why it Matters

It’s finally time to retire. Now what? Do you spend time on the golf course? Are you looking forward to spending your days with your grandchildren? Do you already have a month-long vacation booked to Europe?

Retirement looks different for everyone. It largely depends on age, lifestyle preferences, and personality. It’s about freedom and carefree days, right? So why does it matter what you do during retirement?

The truth is that the days during your retirement matter just as much as the days preceding it, especially when it comes to your finances. Here are some tips on what you could do in retirement so that your retirement days are healthy, happy, and worry-free.

Live within your means

You earned your retirement. You planned, you saved, and you sacrificed so that you could have a certain lifestyle when you retire, so don’t ruin it! Stepping into retirement is not the time to go rogue from your financial plan! The planning doesn’t stop once you retire.In fact, engaging in regular financial checkups is key to ensure that you remain on the right path throughout retirement.

Don’t get caught up in the moment of today and lose sight of what you want to accomplish during retirement 5 to 10 years from now. Stick to your budget, take care of your nest egg, and talk with an advisor at True Wealth & Company to ensure that you’re abiding by all the withdrawal rules.

Get a part-time job

I know, I know, it sounds counterintuitive to retire just to get a job. We’re not talking about a full-time gig that drains your energy and takes up all your time. Find a part-time role at a coffee shop, bookstore, school, nonprofit, or museum that you’ll not only enjoy, but will give you some extra spending money during your retirement years!

Having a job a few days a week provides structure that many crave when they move from working full-time to having no schedule at all. You’ll be able to socialize, be productive, and bring in an extra income. Many retirees find that part-time work provides a sense of purpose that brings meaning to retirement.

Invest in what matters

Give more attention to those organizations that are near and dear to your heart, but that you haven’t had enough time for during your full-time days. Now that you have more time to give, focus on local nonprofits that need your time and energy to improve their organization or impact the community.

It’ll be a feel-good experience that will allow you to give back to your community in a meaningful way. So why are we talking about volunteering? Charitable activities are a huge part of your financial plan. Are you leaving funds in your legacy for a specific organization? Or is your plan to donate your time throughout retirement? Ensure that you consider how you want to give back and leave a mark on your community when you’re gone.

Be flexible

Being in retirement doesn’t mean that life will always be bubbles, sunshine, and kittens! Unfortunately, financial setbacks do occur. These could include natural disasters and medical diagnoses. A balanced combination of optimism and realism is ideal for how you look at your money and what you set aside in your budget for unknown circumstances.

Overspending could cause you to be in rough waters when something unexpected occurs down the road. Although structure and planning are essential to a healthy financial retirement, being flexible with changing circumstances is also inherent to the process.

Look for the opportunity or silver lining in every difficulty and speak with us about how to alter your plan to fit your immediate circumstances. We call it financial resiliency and we’re here to help make sure that your nest egg works for you.

At True Wealth & Company, we are guided by your personal goals and strive to help our clients arrive at the retirement of their dreams. Do we think that you deserve a daily mimosa? Of course we do! We are here to guide you through making work optional so you may live a life of wealth.