By Matthew Gaude & Shawn McGuire
Retirement. It’s a word that conjures different images for different people. It can mean taking it easy and relaxing for some, or travel and adventure for others. For most of us, if we retire at 65 and have good health prospects, we could have many active years left. For many, the first months or years of retirement are a splendid treat, however, having too much free time could easily turn into boredom and possibly depression. Enjoying your golden years doesn’t mean you have to travel the world or play golf all day. Your happy retirement may look very different from your peers, but here are four fundamental ways to ward off boredom during retirement.
1. Find Purpose
One of the most commonly suggested things to do in retirement is to find purpose in your new phase of life. As you transition out of the workforce, you may find yourself feeling like you don’t have a reason to get up in the morning. Studies have shown that you can prevent this feeling by living a purpose-driven life and that individuals who feel fulfilled are happier and healthier on average than those who don’t. (1) Not only that, but they also live longer! (2) You can find purpose in retirement by:
- Volunteering for a local nonprofit or church
- Spending time with your grandchildren
- Pursuing a newfound hobby
- Working on home-improvement or DIY projects
- Taking a class or learning a new skill
- Traveling locally or abroad
Whatever you choose to do in retirement, doing it with a sense of purpose helps to make the most out of your time as opposed to just filling it.
2. Stay Healthy
Declining health and how to pay for the associated medical expenses is one of the biggest concerns for many retirees. In fact, 80% of Americans cite healthcare costs as the most pressing issue on their minds when planning for retirement. (3) Now that you’re in retirement, what better way to spend your time than prioritizing your mental and physical health?
Sure, genetics will play a role in how healthy you will be as you age, but there are also things you can do to mitigate your risk. Exercise and diet are key to maintaining health and they can also be fulfilling ways to fill your time. Try participating in group workouts like kickboxing, yoga, or pilates, or join a gym if you prefer to exercise alone. Any form of exercise is better than nothing, and it can help decrease your risk of premature death by up to 30%. (4) Learning how to cook a new style of food can also be a fun way to pass the time while also improving your diet.
3. Phase Retirement
Adjusting to retirement is a huge transition! Going from working 40-plus hours a week for 30-plus years to suddenly having all the time in the world is a shock to the system, to say the least. It takes time to adjust, so don’t feel pressure to rush into retirement all at once. Instead, try working part-time or using a phased approach to retirement.
It’s becoming increasingly popular for people to approach retirement in phases, slowly adjusting to reduced hours, part-time work, then eventually full retirement. Studies have shown that gradual retirement and a sense of control over your timeline can actually lead to increased levels of happiness among retirees. (5)
4. Prioritize Friendships
Researchers at Harvard have found that retirees who are able to consistently spend time with friends report increased levels of happiness as opposed to those who spend their time alone. (6) Spend time connecting with your friends, family, and loved ones throughout retirement. It can help prevent loneliness and provide a sense of purpose and fulfillment. Knowing that you have a strong support system can make a significant difference in your overall level of happiness, and it can be a great way to fill your time, especially if you experience the loss of a spouse, fall on hard times, or suffer from declining health.
Retirement isn’t just about money and saving taxes. It is a special time and should be about having fun. Live within your means and be thoughtful in your approach. Live your life to the fullest, enjoy yourself, and do things you have always wanted to do.
How We Can Help
Are you nearing retirement and wondering how to spend your newfound free time? At Live Oak Wealth Management, we can help you navigate the next chapter of your life with confidence and find a fulfilling path to retirement. To learn more about how we can help, call our office at 770-552-5968 or email firstname.lastname@example.org. Or, if you prefer, you can simply click here to schedule an appointment online.
Matthew Gaude is an *investment advisor representative and the co-founder of Live Oak Wealth Management, a financial services firm in Roswell, Georgia. He serves the planning and investment needs of corporate employees, those approaching or in retirement, and 401(k) plan sponsors. Working first as a commodity broker and then as a Business Development Manager for a national broker-dealer in previous jobs, he has the insight and experience to help clients understand the complexities of the market and implement strategies to minimize risk. To learn more about Matthew, connect with him on LinkedIn or visit www.liveoakwm.com.
Shawn McGuire is a financial advisor and the co-founder of Live Oak Wealth Management, a financial services firm in Roswell, Georgia. He serves the planning and investment needs of corporate employees, those approaching or in retirement, and 401(k) plan sponsors. He has worked in financial services since 2002 in positions ranging from financial advisor to stock broker and portfolio manager. As a CERTIFIED FINANCIAL PLANNER™ professional, he is trained to help clients with virtually all their financial needs. To learn more about Shawn, connect with him on LinkedIn or visit www.liveoakwm.com.
Securities offered through American Portfolios Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through *American Portfolio Advisors, Inc., a SEC Registered Investment Advisor. Live Oak Wealth Management, LLC is independently owned and not affiliated with APFS or APA.
Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc. (APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk, and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. Seek tax advice from a tax professional. Neither APFS nor its Representatives provide tax, legal or accounting advice.