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Originally Posted by kepp
We have one kid halfway through college and the other lined up right behind. We're looking forward to being empty nesters, but haven't figured out WHAT we want to do during that time, or in retirement.
I want to hear what CPers are doing, or planning to do, in retirement!
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My wife and I have both been “retired” for 3-4 years. We have mostly enjoyed it, and are pretty fortunate—but it is definitely an adjustment. This is our experience, though I suspect it is pretty representative. To be clear, we “retired” early because we had solid pensions and our previous jobs became less gratifying than in younger years, but we intended to continue working side-gigs, hobby jobs, but sought a less stressful lifestyle—where we could choose if, when, and where we worked.
We choose to continue to work at something, rather than FULL retirement, to maintain cash flow, increase disposable income for travel and “fun” stuff, and to avoid dipping into the investment principals—but also to satisfy our need for “purpose.” Investing new money wouldn’t hurt either if you can afford it, while maintaining your preferred lifestyle. Regarding travel, consider what you really want to do: international or domestic, flying and hotels, camping or glamping, or just taking the opportunity to visit family, friends, or places you didn’t have time for when you were working full-time. In retirement, do what you want, not what you think will impress your Facebook friends.
As for general advice, based on our experience: first, have a solid plan for paying the full premium for healthcare if you are accustomed to employee provided benefits. If you still have kids under 26 who you chose to cover—be prepared for sticker shock. Medicare won’t kick in until. 65, so it’s a hefty expense. Dental and vision coverage is usually extra too.
Pay off all credit card and other incidental debts prior to “retirement.” Get your car(s) paid off, and get to within at least 4-6 yrs of paying off the mortgage. That will ensure you aren’t working part-time or side gigs longer than you want into your late 60s or even 70s—unless it’s by choice. One expense we cut when our four kids left home was life insurance. If you have a reasonable nest egg and even a modest estate, disability coverage and long-term care coverage are likely more worthwhile depending on your circumstances.
Continue to pursue passions, travel responsibly, and indulge or at least discover a hobby—or better yet, do all three. Otherwise, our experience suggests retirement can be hard, even depressing. We know some who’ve retired—and basically quit at life. That’s a potential downward spiral that can be hard to reverse. Don’t fall into it. Binging Netflix, playing golf, wasting your day in DC on CP, and poker with the guys are fun for a few weeks, even months; unless they are a true passion even those types of things get old pretty quick.
Unless you are big introvert, socialize. Schedule, schedule, schedule. If you don’t schedule life, it can slip by you. Plan your week with friends, the gym, breakfast or lunch outings, volunteering, bible studies, book clubs, happy hour(s), and weekend special events. Don’t overdo it, but days, weeks, and years can simultaneously drag by, and fly by. Being retired is about choice—not doing nothing. Do what you like, love—and can afford. In our experience, doing nothing is a prescription for boredom and unhappiness.
My final thought is don’t expect to know what your retirement will look like early in the process. You may think you know, but don’t be surprised or discouraged if you end up changing course. Two kids found adulting these days challenging enough they came home to reset—we are glad to be there for them. I know a guy to retired to Kalispell, MT—and inexplicably seems to love his new life as an aspiring lumberjack. Another intended to “golf every day,” but mostly volunteers and mentors students in schools. Some think they will travel a lot, but find hotels and airports, or maintaining a RV to be too annoying to be worth it. For most I’ve known it’s a dynamic venture filled with twists and turns. Breathe, relax, and enjoy the journey. You’ve earned it.