After being in the workforce for decades, retirement finally brings you the freedom to spend your time your way. And if you are fortunate enough to be physically healthy, financially sound, and have little-to-no custodian responsibilities, then there are endless possibilities for you to make the most of your retirement.
But if your retirement plans rely on your IRA income, now is the time to test things out. Can you live frugally and still enjoy your retirement? You won’t really know until you automate a transfer to your savings account to mimic the income you would be receiving from your 401(K) plan or other qualified IRA.
Here are 6 good things to do with your time during retirement to make it more meaningful and enjoyable:
1. Explore the World
Now that you don’t have to worry about pending work and leave applications being approved, take that much-awaited extended vacation. You can go on one-day trips, take a long cruise and travel to foreign lands, or simply set off on a whiskey tasting tour to Tennessee and get back! If you feel a little adventurous, you can raft your way to the Grand Canyon or head out for a hike and hit the red rocks in Southern Utah or simply go live in a whole new country.
2. Remodel Your Home for a Refreshing Vibe
Whether you’ve always desired a complete overhaul or simply want to upgrade a part of your home; now is the time to make all the repairs and replacements. You can use the required minimum distributions from your 401(k) plans to pay for your remodel or you can also consider earmarking your renovation dollars in a savings account.
3. Make Retired Friends with Similar Hobbies
Join a meet-up group of retired people who are geared to interests or leisure activities you like. It can be a reading club, a social network, or a group that organizes camps like fishing, swimming, hiking, snow skiing, surfing, or kayaking.
4. Rekindle the Important Relationships of Your Life
If you both are retiring around the same time, you are going to be spending ample of time together. Working on the relationships that are important to you now will help you keep things fresh and enjoyable. At home, you can trade responsibilities with your partner and plan outings that enrich your life. You can also make plans with close friends with whom you have strong bonds so that this transition becomes more fun and exciting.
5. Start a Sport You Enjoy or Join a Fitness Group
Join a sports league where you can regularly participate in sports like tennis, soccer, or bowling. Or you can commit to a new active lifestyle by joining a group that is devoted to living a fit and healthy life. Joining a group where everyone is dedicated to getting into their best shape and staying fit, will improve your quality of life and help keep aging related illnesses at bay.
6. Learn a New Language or Learn to Play an Instrument
Retirement brings you a lot of time to make foreign trips so learning a new language will serve you well during extended holidays. Learning a new foreign language will also help you keep your mind sharp.
You can also consider taking piano or guitar lessons as it will help you uncover a new talent and put you in the spotlight at all the family get-togethers and parties. You can also make the most of your newfound freedom by volunteering, teaching, taking up a part-time job, or starting your own business.
Whatever you choose to do during retirement, make sure you know all the smart withdrawal strategies so you avoid penalties and pitfalls. Safeguard your financial future by knowing what to do and what not to do with your 401(k) plans or any other types of IRAs. Before tapping your retirement reserve, call (866) 639-0066 for expert advice.
Need assistance organizing your finances?
Rick Pendykoski is the owner of Self Directed Retirement Plans LLC, a retirement planning company based in Goodyear, AZ. He has over three decades of experience working with investments and retirement planning, and over the last ten years has turned his focus to self-directed ira accounts and alternative investments. If you need help and guidance with traditional or alternative investments, call him today (866) 639-0066.