We spend an awful lot of time on My Money Design talking about not only how to successfully plan for retirement, but even some strategies for how to get there as early as possible. Why? Because I think that financial freedom and the ability for you to choose what you do with your time are some of the most gratifying things you can accomplish in your lifetime.
The big question then is: What is it that I want to do with all this time once I finally have it? – That’s a very good question, and not one to take lightly. Having some post retirement ideas and goals for what you’ll do with yourself is just as important as the planning it took to get you there.
It would be a tragedy to make it to the top of the mountain only to find out that there is no prize or special meaning once you get there. This is unfortunately a big reality for a lot of new retirees who experience boredom in retirement. They work and work for 30-40 years and uncomfortably shift into this place in life where they feel as though they are no longer needed.
For me, this is particularly dangerous since I plan to achieve an early retirement. That means I better have something good to do with my time for the next +50 years of my possible life.
So rather than being disappointed, don’t let yourself be! Start setting some goals for what you’ll do with yourself and make them a priority to achieve them.
My Post Retirement Ideas:
In no particular idea, here are my post retirement ideas for how I plan to spend my newly minted free-time:
- Spend more time with my family. Time with your family is precious. Depending on when I would actually retire, I’d find myself more available to go to sporting events, visit, help them out, babysit, entertain, etc. I don’t think you need to do anything big or extravagant – just simply be a positive figure in their lives.
- Travel. Get out and see the world! This one would depend largely on what kind of budget you have and how you plan to stretch your dollar. But spending a few extended months on a beach somewhere doesn’t sound too bad!
- Become a financial planner. Isn’t it obvious I like money? Why not work with others on how to get to where I got? And here’s a fun twist: What if I did it for free? Do you see how this whole financially free thing can really give you the ability to call your own shots …
- Keep working. Who says that just because you’ve achieved financial freedom that you can’t continue to do what you’re good at? I love my job and I’d like to think that after 20 years of practice I’d be regarded as somewhat of an expert in the field. Plus if I really am financially free, that means I’d simply be banking all that dough! Plus not really needing the money would give me more leverage to work flexible hours.
- Consulting. Why get paid per hour whatever I make now? If I really do make the most out of my career and can leverage my reputation across my network of contacts, then perhaps I could command a much higher rate of return. Plus it wouldn’t be too bad to only have to work part-time.
- Put more time into my blog. If I were to retire today, I’d probably pour all my extra time into my blog and really ramp it up as a business. That would mean enhancing it with some kind of eProducts like an eBook, classes, video course, etc. There’s a million different directions we could go with this one.
- Record an album. Music has always been a really fun thing for me to do. And with technology today its easier than ever to record your music, post it, and make it available for the masses.
- Resume being an artist. At one time I was seriously considering going to art school and pursuing a career as an artist. I always thought to myself that one of my retirement ideas would be to return to my first love of drawing, painting, etc.
- Health. I could work out for hours on end if you let me. Not only could I use my new found time to really ramp up stretching, cardio, and weight training, but I could probably also teach a few classes on the subject.
- Teach. I really get a lot out of mentoring others at work and adding to their success. If I ever really wanted to do any of the above and needed something to make sure I stay committed to it, then teaching would be perfect.
- Volunteer. There are so many things I could do with this one. Sometimes we forget that volunteering doesn’t always have to be helping out at the soup line. I’m sure I could leverage some of career attributes towards this cause. Who wouldn’t want retired MBA to volunteer their time helping and organizing their business into a success?
Readers – What kind of post retirement ideas do you see for yourself?
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- How to Retire on 500K with the Greatest Potential
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