If you’re preparing for retirement or newly retired, you should be ecstatic! Retirement is some of the greatest years of your life, so it should be exciting to retire. At REAP Financial, we always tell our clients to follow the philosophy of retiring into something, not from something. In this article, we’ll talk about retirement bucket list ideas for everyone!
When you go into retirement, it is healthy to remember you’re headed into something exciting! This can be more challenging for some than others, depending on your situation. For people who have been in a career for a long time or derive a lot of identity from their job, it can be difficult to leave a work community or lose that sense of identity. At REAP Financial, we have helped to retire hundreds of families. Through all of this, we’ve seen a trend. When people retire, either they dive right in and fill up their schedules or they have a hard time transitioning to a schedule without work. This article of bucket list ideas for retirees can help you transition from working to retirement and have a blast doing it!
Travel
When it comes to retirement, we want you to enjoy your wealth. A great way to enjoy your wealth in travel! Retirement is an amazing time to get out and see the country, or perhaps even the world! More and more of our clients at REAP Financial are traveling around the US and taking in all other sites that are overlooked by many. For many, travel is a key part of retirement, as well as a bucket list item.
As you prepare for retirement, it is crucial that you identify how much you want to spend on travel and build that into your plan, so you can spend confidently. Planning your budget is extremely important, since traveling today is very expensive. You may be spending $20,000-$30,000 on a nice trip. Consider where you want to travel, who you want to travel with, and how you’re going to travel, since that will have an impact on your costs.
Learn a New Skill or Hobby
Staying sharp, busy, and engaged is crucial in retirement. Retirement is a great time to go after a hobby you didn’t have time for when you were working. You may want to get closer to your kids and grandkids. Maintaining a strong community of friends and family is extremely important as well. Our most successful clients at REAP Financial put their value in community and hobbies. You may even be thinking about starting a business, but you should keep in mind that it can be time-consuming and expensive. Make sure that you’re not putting too much of your nest egg in a business which isn’t a sure bet. We love to help retirees build businesses in retirement, but it does require proper planning to consider the entire picture.
Spending Time in Nature
There is something extremely important about getting out into nature and getting some sunlight. It helps maintain your health and helps keep you active as well. Even just taking a quick walk can help you improve your longevity and satisfaction in retirement. If you live in a place like central Texas, you may need to plan on traveling to be able to go out at certain times of year.
Having a Stress-Free Retirement
One of the best bucket list ideas for retirement we can think of is simply having a stress-free retirement. Not worrying about what is happening in politics or letting things like that dictate your financial decisions. Things will always change, but if you plan properly, you can spend your money confidently without worrying about fluctuations in the market or how much you’re spending.
For example, maybe you’re planning a nice Alaskan cruise for you and your kids which will cost around $40,000. You’d want to be considering several things. First, where is the money coming from? See which account or accounts you’re pulling from, keeping the tax implications in mind to reduce liability. Secondly, we would want to put the amount in the financial model and make sure that it does not jeopardize your retirement in the long term. And, if it does, we can adjust accordingly.
Retirement Planning Enables Your Retirement Bucket List
A successful retirement means being able to tackle all the items on your bucket list for retirement without worrying about whether it puts your financial security at risk or not. The power of knowing what you can spend lets you have a stress-free retirement. To get to this point, work with a fiduciary advisor, who is legally obligated to do what is best for you. In addition to this, keep a budget and stay within your budget, so you make sure you’re not drawing down your portfolio too quickly. If you want to learn more, check out another one of our articles on how to achieve a stress-free retirement!
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9414 Anderson Mill Rd #100
Austin, TX 78729
