If your idea of retirement was sitting in the easy chair and watching TV twelve hours a day you may have a problem. Not that there is anything wrong with making some use of that easy chair but too much can lead to boredom and assorted health problems. There is even evidence that the “easy chair” lifestyle can lead to a decreased life span!

We need goals, and retirement doesn’t mean the goals stop. Some may prefer the term “themes” as goals have a way of adding stress. Let’s take a closer look at some common retirement “themes” to get your brain thinking.

Travel the world

This one may literally mean world travel. Or it might mean taking some of your newly found free time to discover the world around you, even in your own town.

Write a book

Lots of people have this one. Maybe you should start with some articles or a blog and work your way up to a book. The Internet and newer self-publishing options make writing a book more possible than ever before.

Take a class

For some this may mean going back to college. But it can also mean simply taking a class on some subject that interests you. There are both online and offline options.

Teach a class

Why not teach a class on some topic that you know well and have an interest. Again there are online and offline options and even the possibility to earn a little income.

Take up a new hobby

There are thousands of possibilities. Many are free or low cost. The internet makes it easy to connect with others that share the same interest.

Spend more time with kids / grandkids

This is certainly a common one. Now finds ways to really do it! Make it fun for them so time with you becomes an exciting adventure rather than a duty.

Hike the Appalachian Trail

Oh yeah, many of us have thought of this one and some may even do it. (Those on the west coast of the US may think of the PCT.) This doesn’t have to be an all or nothing proposition. You can start with short day hikes and work your way up as your abilities improve.

Fix up an old car

This is a common one for men. It doesn’t have to be a 100K muscle car. There are plenty of 20 year old “cool” cars that you can fix up like new!

Cruise around the world

This is another one that some will really do. Others can save up for a more attainable cruise of a shorter duration. Then again there are those of us that consider a cruise to be taking out a kayak on a local lake on a bright sunny day.

Move to the country (or the city)

I think many that live in the city want to move to the country and many that live in the country want to try an apartment in the city. Go figure! My suggestion is to try and find a way to try the lifestyle on for size before you fully commit.

Volunteer

For some this means the Peace Corp (in the US.) But there are plenty of great causes out there that are just dying for some volunteer help. This might be just occasional or a full time job without pay!

Exercise more

This is one that should be on everybody’s list. So if it isn’t add it and find something that works for you.

Buy a motorhome

Who can resist the urge to spend a half million dollars and cruise down the highway in your luxury rancher on wheels? Again, some will do just that and many will do a more measured variation, like a small travel trailer or just some old fashioned tent camping.

Learn to play a musical instrument

Another common one and some of us will even stick with it. But just because we may give up doesn’t mean you shouldn’t try. You may even find the passion of your life!

Move to somewhere warm

Another case of those in a cold climate want to move somewhere warm and those in warm climates say they miss the seasons. Again my suggestion is to try to find a way to try your new locale on for size. Some will even prefer a “snowbird” approach where they move south for the winter.

Hopefully this article has given you some food for thought.

Until next time…

During our lifetime we accumulate an assortment of lifetime to do items. These can be anything that you planned on getting around to someday but somehow it just never happened. When planning your retirement these items can form a starting point in your planning.

 

If not now, when?

We all hope for a long and healthy retirement. However, nothing is certain so why not deal with those life leftovers now. Circumstances change and what is possible now might not be possible in a few years. Health can change. People can move away or even pass away. Our mental sharpness can change. The point is we need to take advantage of the time, health and abilities we have while we still have them.

Make a list

The first step is simply to make a list. This list might be confused with a “bucket list,” but I see them differently. There will be common items of course but I see a bucket list as more of an ideal “dream” list than a lifetime to do list.

Here are some ideas to get you started:

People – Anybody you lost contact with where you would like to reconnect? Any phone calls you would like to make? Anything unsaid?

Places – Places to visit, places to possibly move to? Places to simply learn more about.

Adventures – Things to try, experiences to have

Hobbies – Everybody has hobbies they would like to try.

Things to learn – Learn a new language. Learn to paint. Now is the time to try.

Anything Undone – Any miscellaneous thing you can think of.

Review and Prioritize

Ask “Is it still important?”

Sometimes things that we thought were very important 20 years ago aren’t so important now. And sometimes it is the other way around. So take a good long look at your list and make the tough decisions.

If not important let it go

It is important to let go of the things that aren’t so important anymore. Maybe being a rock star was the most important thing at 20 years of age. But now you are quite content to listen to music or go to a concert.

Maybe some things are more important

Maybe you meant to say something or lend a word of encouragement. Do it now, ahead of other things on your list. You never know if you will get another chance.

If the complete thing isn’t possible, is a part of it possible?

Not everything on your list will be completely possible. Maybe you were determined to climb Mount Everest. While some have done it at a pretty old age and I certainly don’t want to be one to discourage you, that particular dream might not be practical. However you can still try to get into shape and hike up a more modest mountain!

Maybe you wanted to be a billionaire! Again I don’t want to discourage you but maybe a more practical and enjoyable pursuit might be starting a part time business that you really enjoy. Or maybe you can offer to help a young entrepreneur by volunteering to help him with some aspect of their dream or even with some words of encouragement. And you might even get a feeling of accomplishment that is almost as good as being wealthy.

Maybe make a new list

After your review, additions and deletions from your list it might be time to admire your new really relevant list. And now, and I mean today, start working that list! You’ll be glad you did.

Old Style Retirement Doesn’t Work Anymore

If you read this or similar retirement oriented blogs a common theme is that the old way of doing retirement doesn’t work anymore for most people. My father worked for the same company for many years as a middle class blue collar factory worker. He never made much money but when he retired he received his pension and health care. Between that, Social Security and some savings he did just fine for almost 30 years of retirement. I bet a lot of people are thinking “oh for the days…” Well those days are gone for most people and we all need to look at reality, and the reality is really not that bad!

What are Multiple Income Streams?

You hear the term “multiple income streams” thrown around a lot these days and it can get very complicated. But in its simplest terms it just means you get your money from more than one place, and it is the key to a successful “real retirement.” Most people will have at least a couple streams of income and some will have many.

What is passive income?

The term “passive income” is another term you will hear rather often. Writers argue about what it means, and whether any income is truly passive, but for our purposes passive income is simply income that you don’t have to spend a lot of time to get. Examples of passive income might be savings account interest or Social Security. Jobs and most small businesses are not usually passive income sources.

Income Stream Examples

The idea for a successful retirement is to have several income streams, and have the total of those income streams meet, or hopefully exceed, your budget. The advantage of multiple income streams is that if one is suddenly reduced you don’t lose all your income. Many retired people will have three – Social Security, investment income from your savings, and a job or business. Lets look at some examples.

Lots of Retirement Savings

This is the financial planners dream. You have lots of retirement savings. You may not need to work at a job or business at all. You may do volunteer work or work at a job or business solely for the self satisfaction it provides. Even here you probably have multiple income steams from multiple kinds of investments and Social Security.

Some Retirement Savings

Most people probably fit into this category. Your should have some investment income and Social Security. But maybe you supplement that with a part time job or business. The combination of the various streams adds up to a sufficient level to meet your budget, and maybe a little extra. Worth considering here is the possibility that as you get older you may not be healthy enough to work, so you may want to consider that in your planning.

Little Retirement Savings

In today’s economy many people find themselves in this position. Most of these people will need to keep working in some capacity. All is definitely not lost though and even here multiple income streams are the key. Maybe you work one part time job mostly for income, start a part time time little business that is very self fulfilling, and also collect Social Security. The idea here might be first to take great care of your health so working is possible and not too difficult, and second, to put away at least a little money so you eventually have some passive investment income as you get older.

Where to go from here

The topic of multiple income streams is much larger than this one short article can address. Look for lots more on this subject.