Many individuals limit their retirement planning to finances without thinking about how they will spend their available time in retirement. Consider the following when planning for your retirement:
Have hobbies and interests before you retire
This is important because few people manage to develop new interests after they've stopped working. Cultivate your interests well before that so you do not end up watching TV all day long and becoming disappointed with yourself and racking up big medical bills due to a sedentary lifestyle.
A part-time job can ease you into retirement and keep you busy. It also addresses financial issues. If you know before you retire what your financial situation is going to look like in your later years, it will make the need for part-time work less of a jolt.
Start a business
Retirement might be the perfect time to start a business you've always wanted. You're older, you're wiser, you have more connections, and you probably know what works and what doesn't work. If you've got a hobby or a longstanding interest, that may translate into a business. Just make sure that your finances can support the related risks and expenses.
You can gain a lot from volunteering during retirement. It keeps your mind and body in shape, it extends your social network, and it adds meaning to your life. It also keeps your job skills sharp and your days occupied.
A curious, questioning mind stays in good shape, and that reduces your risk of dementia. If you find it difficult to keep an interest in challenging pursuits, consider pursuing them with a network of friends. That can add meaning to your pursuits.
Have a good social network
Humans are social animals, and sociality is good for your health, which makes it also good for your money. A great thing about a good social network is that it animates all your other pursuits in retirement—work, volunteering, exercise, travel, hobbies and more.
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