After a lifetime of work, retirement is a time to live a more carefree life. It’s a time to do all those things you wanted to do when you were working. According to a study by Allstate Financial, the average Baby Boomer will need close to $41,000 dollars a year to live on during retirement. And, while every potential retiree has different ideas about what they’d like to do after hanging up their hat, its good to have a little help when deciding what adventures you should save for.
Get Ready to Travel
If you’re like most retirees, you’ve been waiting for the chance to jump a plane or hop a cruise ship for some time. Travel is number one on MarketWatch’s “Top 10 Most Desired Retirement Activities”, and for good reason. Baby Boomer retirees spend around $7,700 dollars of their allotted retirement funds on travel, and they account for the highest travel volume in the US. Whether you’re flying or cruising, simple luxuries are easily obtained by knowing what services to use when planning your travels. It’s also important to have an emergency backup plan. For example, if your vehicle breaks down, it may be worth looking into a payday loan solution to get you back on your way. If you know where you’re going to travel, but haven’t decided where to go, check out the top 5 Retirement Dream Destinations.
Find Somewhere to Volunteer
Believe it or not, retirees spend up to $2,000 dollars of their retirement income on volunteer work. About a third of prospective retirees have expressed interest in volunteering as a way to fill their time while giving back to their communities. If you’re thinking about volunteering after retirement, Senior Editor with US News, Emily Brandon, writer of “10 Things to Do in Retirement”, suggests looking for a volunteer position that matches your interests and can make use of the skills you developed during your work life. Involvement in volunteer activities will vary from person to person.
Learn Something New
Many people come to find the free time that retirement offers is the perfect time to learn something new. 43% of workers plan to fill their time with novel activities or further their education in retirement. But, learning something new doesn’t stop there. Phil Taylor’s “25 Things to Do When You Retire” suggests learning to play music, speak a new language, start a new hobby, take up a new sport, or even join a fitness group. Whichever you choose, learning something new during retirement will fill a bit of your time and give you a sense of satisfaction.
Track All Your Accounts With Personal Capital
Personal Capital lets you see all of your accounts in one convenient place. Sign up now for free.There is a lot of things to plan for in retirement, but everyone’s adventure is different. You may not choose to do the same things as a neighbor or relative. Nevertheless, retirement is an exciting time that marks the end of one journey and the beginning of the next one. Take time to congratulate yourself for a job well done, and make plans for your future based on the dreams and goals you have set forth for yourself. And, hey—relax and take a deep breath. You did it!
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