Preparing for retirement is one of the most crucial things for any working individual to do. A thoughtfully planned, carefree retirement is the bright light at the end of a long career. The earlier we start saving and planning, the better. However, retirement involves more than just selecting a target date or reaching a certain balance in your 401(k) or TSP account. A key question often overlooked while building a solid plan is, “How will you fill the extra 40+ hours of free time each week?”
Some people have a clear vision of how they want to spend their retirement and have been eagerly counting down the days since they started working. If that’s you, fantastic! But for many, retirement feels like a distant fantasy, only becoming real as they approach 60—or even later. At that point, anxiety can often set in, as we confront the reality that one of the main reasons to get up in the morning will soon be gone. Although I’m only 39 and haven’t felt this personally, as a retirement planner, I see it come up with my clients far too frequently!
While I can’t tell you how to spend your newfound free time—and wouldn’t want to—I can assure you that those feelings of anxiety or despair usually fade a month or two into retirement. There are an infinite number of ways to fill your days: babysitting grandkids, traveling, picking up new skills, or binge-watching the latest Netflix show. The possibilities are endless, and you get to choose your own adventure.
My recommendation would be to treat the personal side of your retirement planning just as seriously as the financial aspects. Start planning early. Realize that retirement will come much sooner than you think. Consider not only how you’ll budget your money but also write down ideas for how you’d like to spend your time. This proactive approach can help you avoid months of dread, making the final weeks leading up to your last day at work truly joyful, as they should be!