So You Retire. What Will You Do With Your Time?

So You Retire. What Will You Do With Your Time?

If you were playing Retirement Family Feud, the top 5 answers on the board to the question "What will you do with your time after you retire" might be these:

• Play golf
• Travel
• Visit the kids/grandkids

Since we are dealing with the Baby Boomers, the last two answers might be

• Volunteer
• Hangout

Retirement is a new stage of life where you will have more time on your hands to do the five things on the list and many more. Will you? You may have planned your retirement finances, but there is far more to planning your retirement than waiting by the virtual mailbox for your check. Just as Publisher's Clearinghouse is unlikely to stop by your house with a big check to save the day with your finances, a satisfying way to spend your time will not just happen.

You need to plan.

Regardless of your income, you can have a meaningful life. The key is figuring out in advance how to spend your time. Just as you have had goals that you pursued throughout your life, you need goals for this next phase too. So, how do you prepare for a fulfilling retirement?

• Schedule your time. Without having a few activities to structure your day, you might find the time slipping by with no sense of accomplishment. If you want to spend more time reading, playing the piano, developing your spiritual life, or exercising, set aside specific times for these pursuits.

• Determine your interests. Hobbies are great to pursue in retirement. Even if you have a busy life in your midlife years, it is important to develop interests that will carry you through. In retirement, you are more likely to pursue an interest you have had over the years. You can say you want to take up fly fishing, but if this is something completely new, will you do it? If you do start something new, you may need to join a group or take a class to get you up to speed. Also consider this. If you have played golf as recreation, will this be enough to fill your days once golf is your main activity?

• Consider starting a business. Retirement can be an ideal time to start a business, but you need to plan it out. If you haven't started a business before you retired or you don't know how to start, your local community college, Urban League, or Chamber of Commerce might have some courses to help you learn how to make a business plan and acquaint you with Marketing 101 in this modern age of the internet and social media. Without knowing your direction, you can waste valuable resources on an ill-conceived business. You are also a target for scams.

• Make sure your children are on board if your retirement planning includes them. Like many people, you might want to spend more time with your children or grandchildren once you retire. You may find that your children have a busy schedule that does not include a lot more time for you. If you are planning on long visits with them, make sure to discuss your plans with them. Even if you retire so you can provide childcare for your grandchildren, you still need to plan your time.

• Add to your income. Just because you retired from one job does not mean you cannot use your skills elsewhere to keep sharp and pick up some income. If you work at a business, your hours may be predetermined for you; if you freelance, make sure to set goals for yourself.

• Volunteer. Like hobbies, volunteer activities often flow from your interests. Offer to spend a few hours a week doing something you like to do that will help others.

How well have you planned your time? Once you retire, you are no longer on a 9 to 5 schedule, but having a game plan will help you maximize your freedom. If you develop some goals for your days and plan your retirement day, weeks, months, and years, you find yourself enjoying your retirement much more than if you let the time just slip away.
My short bio