There are hundreds of articles on how to increase your income in retirement, But what about making the most of things that are beyond money?
Fact Checked byTaylor Hegna, CFP®
The idea of maximizing your finances in retirement could be seen as the goal for most people. There are hundreds of articles on how to increase your income, make your money go further, and invest strategically in retirement. But what about making the most of things that are beyond money?
When your working years come to a close and you’ve reached the point in your life where what has long been anticipated is now at your front door, you may find yourself asking; What was I waiting for? A lot of advertising will tell you that it was the dream vacation, the purchase of a cabin, or maybe another big ticket item. But what happens after the shine and shimmer wears off of those things? You may find that you are left with the most precious thing retirement can give… time…
The days of trading hours for income have ceased and, for the first time in a long time, how you spend your time is up to you. While a new toy or getaway can most certainly be enjoyed, there are other ways to enhance this new season of life. Ask yourself these two questions to reflect on how you want to spend your most precious resource in retirement!
During your career you may spend up to 10 hours a day, 5 days a week, away from some of the most significant people in your life. Multiply that by the average of 48 working weeks per year and you get 2400 hours a year. At retirement, suddenly all that time is returned to you! Have you ever thought about that?
What does it look like to pour those hours into relationships, passions, or the community? How many more insightful conversations or energizing experiences are waiting? Finding ways to connect with people and passions that you value can create a level of energy that you may not have felt in years.
Finding ways to repurpose the gifts, skills and talents you have acquired over all your years of working is another potential retirement value-add. When you retire, those experiences don’t just go up on a shelf somewhere in the house! They are still in you, looking for a new way to be expressed.
Leading a community class, finding someone to mentor, or sharing the skills you've learned with your children or grandchildren may be the next step in putting your talents to work. When you give to others from the overflow of your own abilities, the joy you feel can be immense!
Grab a journal and ask yourself these two questions: “What could I do with 2400 hours?” and “What could I do with all the skills, talents, and gifts I have accumulated over the years?”
You may be pleasantly surprised to see what comes to mind!
For more on this topic, check out our free Dreams and Goals class, created to help you construct a fulfilling retirement.