120 Big Ideas for What to Do in Retirement (2024)

You’ve probably spent at least a little time thinking about what to do in retirement. How will you fill your days? Where will you go? What will you do? With whom will you spend time?

In retirement, you likely have more options for how to spend your time than ever before. And, you certainly don’t have to settle on only one goal, hobby or pursuit.Maybe you’ll pursue painting. Or perhaps skydiving is more up your alley. Think that’s crazy? Geraldine Watson did her first skydive at the age of 85, and loved it! Did she want to do it again? No. She had other dreams to pursue.

120 Big Ideas for What to Do in Retirement (1)

Whether it is dare devil parachuting, travel, spending time with grandchildren or something else, however you choose to spend your golden years is bound to be exciting…
Retirees don’t live a static life. Things change, and interests may evolve. Retirement is a time when you get to make the rules and adapt to them as you see fit. What you dream about today might be radically different from what you want a few years into retirement. And, with Americans living longer now than ever before, it’s time to start dreaming bigger.

Here are 25 relaxing, exciting, rewarding, simple and challenging ways you could find a perfect retirement life balance. And — if you are overwhelmed by your choices, skip to the bottom of this article for tips to help you figure out what to do after retirement.

#1 What to do in retirement? Do what makes YOU happy

A lot of items on this list talk about doing something amazing. But that is not the real point. You don’t have to be the best, the first, the oldest or the most.

Retirement is the time when it should not matter if you are keeping up with the Jones’. Now is the time to do what makes YOU happy. You can enjoy the little things or you can swing for the fences. You can make a difference to your own loved ones or volunteer and change lives in your community. You might make a fortune doing what you love or you can make ends meet while pursuing your passion.

The scale of your endeavors should not matter.

Think hard and make sure that what you do after retirement matters to YOU.

Need some help? Many of us aren’t sure what one thing makes us happy. Here are a few books that might be useful.

Want help figuring out what to do before even Amazon can deliver a book? Try one of these articles:

  • 6 Ways to Find Meaning and Purpose in Retirement
  • How to Write a Retirement Manifesto

#2 See the world or your corner of it

Travel ranks near the top of a lot of what to do in retirement wish lists. Some retirees have a certain city they’ve always wanted to visit. And for others, a more consistent schedule of travel is a lot more exciting.

You don’t have to cross an ocean to have a great travel experience. You could travel through North America and never see it all. Even travel within your own state could yield experiences that you didn’t know were there.

The life of a traveler is varied. Some people buy an RV, and some love to take a train. Of course flying will take you practically everywhere. As for lodging, retirees can get creative. Book hotels, if that’s your thing. Or check out Airbnb, a service that connects travelers with private B & B experiences in the U.S. and around the world.

You might even consider becoming an Airbnb host and rent out your home while you travel the world … letting your home pay for your adventures.

Here are 20 Ideas to Make Great Retirement Travel Your Reality

#3 Become an entrepreneur

Didn’t you just leave a steady job? Why would you think about working again? Many retirees do.

The idea of being your own boss can be awfully appealing. Your business can be anything you’re good at or want to try. Open a shop or provide a service. It’s your ballgame.

And… get this: The Ewing Marion Kaufman Foundation has found that about a quarter of all new businesses started in that year were owned by people aged 55 to 64.

Learn more about entrepreneurship and success after 50.

120 Big Ideas for What to Do in Retirement (2)Open a coffee shop, bakery or even just sell cookies from home…

#4 Head to summer camp

Summer camp isn’t just for kids. It is as fun to do in retirement as it was as a kid. The grown up version is less likely to give you a case of poison ivy, and more likely to offer a range of experiences that far outpace any wilderness camp that your kids might have gone to. There’s a grown-up camp for fishing, fitness, race car driving, acting and more.

Chances are if you have an interest, there’s a camp for it. How about a spa camp? SummerCampHub has a directory of camps for adults.

The list of possibilities is interesting. Fight zombies? “Uplifting” new age experiences? Traditional camp activities with co*cktails at night? Yep, there’s a camp for all of that.

#5 Don’t retire, take a sabbatical instead

What to do after retirement? Go back to work! More and more people in their 50s and 60s are taking anywhere from a few months to a year off from work. The sabbatical or temporary break from work could give you the chance to enjoy the benefits of retirement without taking the official plunge.

A sabbatical could be a week, a month, three months, a year, or it could be longer.

How much time you take off for your mini retirement might be dependent on your goals for the sabbatical. The length of time might also be determined by your finances and the needs of your employer.

Learn more about this sneaky way to get an “early retirement.”

#6 Relocate seasonally

Heading south for the winter isn’t a new idea, but what about going north when the heat is too much? Maybe you want to live closer to the kids, but not all the time. Or if you’ve never experienced the holidays in the mountains (or at the beach), that’s a possibility, too.

Buying a vacation home someplace else lets you have the best of everything without giving up your roots. But that’s not the only way to relocate seasonally.

Try a house swap:

If you’re in the north and want to head south (or any other configuration), house swap services match you with another homeowner who wants the opposite, and you trade houses temporarily. There are also international house swappers like in the movie, The Holiday. Try HomeExchange.com, HomeLink.com and IntervacHomeExchange.com

Explore seasonal jobs:

Worried about money? If you migrate seasonally, it is likely you can find employment to service the vacationers! You might look into being a camp ground host, ski slope attendant, lifeguard, etc… Try the following services for seasonal employment opportunities and ideas: Coolworks.com or BackDoorJobs.com.

#7 things to do in retirement: Grow a garden

Working outdoors when the weather is nice makes life worth living, at least for some people. And studies suggest that gardening is an activity that can add years to your life.

Gardening comes in many forms. Some people love growing vegetables, and some prefer the beauty of a flower garden. Or you could do both, and there is a lot of variety in either direction. There’s so much to learn about growing plants. If it’s your passion, you might create new plants through grafting, become an expert at composting, or pamper roses and vegetables that you sell at a market.

#8 Write a book

There’s no education requirement for writing a book, and you can write anything that you like. Life experiences might be great inspiration for a how-to book. If you’ve led a most interesting life, you might have plenty of fodder for a compelling memoir. And what about the next great American novel?

You’ve got two basic approaches for writing.

  • If you want to self-publish, Amazon lets you write, upload, create a book cover, and more.
  • If traditional publishing is more your style, the road is a little tougher but you’ll have a team on your side.

#9 Remember that you are actually only as old as you feel

Your age is only a number. It should not define what you do in retirement. Don’t believe me? Look at these amazing accomplishments by 70, 80 and 90 year olds and more amazing accomplishments that prove that growing old is truly optional!

Furthermore, consider that Pablo Picasso was still producing art in his 90s. Thomas Edison invented the telephone at age 84. Laura Ingalls Wilder published her first book when she was 64.

#10 What to do after retirement? Become a teacher

Some brand new teachers enter the arena as a second career. Is this something you’d like to consider? If you want to teach in a traditional setting, whether public or private schools or colleges, you’ll probably need additional education. Learn more about certification, salaries and more here. And, if you really want to make a difference, the U.S. Department of Education publishes a list of which areas of the country have teacher shortages.

But the traditional classroom is not the only way to earn a living as a teacher:

Create an online course:

Create an online video course and earn money by teaching people around the world. On Udemy, You decide what to teach, create the curriculum using their software, and they help students find you. Maybe your family’s cooking is the best on Earth, or maybe you’re an expert-level knitter. In whatever you’re an expert, you can be a teacher.

Become a tutor:

In person and online tutoring is another booming opportunity. Try signing up for a platform like Wyzant that matches tutors to students who need help.
120 Big Ideas for What to Do in Retirement (3)Tutoring can keep you feeling young and vital.

#11 Volunteer for a worthy cause

Volunteering lets you give back to the community in ways that often benefit the volunteer just as much. And because you’re not in it for a paycheck, you can be much choosier about the organizations that you help.

A study by the Center for Social Development, George Warren Brown School of Social Work, Washington University, in St. Louis reports, “Older adults who volunteer and who engage in more hours of volunteering report higher levels of well-being.” This study ways that the benefits of volunteering are the same no matter your gender, race or social status.

Here are 5 Tips for Transitioning to Work with a Nonprofit

#12 Remodel your house

If you intend to retire in your own home or even if you want to sell, retirement is a good time for remodeling. You can alter your home to fit a new lifestyle, or improve it to boost value and get a better market price.

Improvements might include a new master suite on the first floor, a safer bathroom, kitchen upgrades, a new workshop for hobbies or anything else your heart desires. This is also a good time to be sure that your home is in top condition. If you need a new roof or HVAC system, replacing it now means less to worry about later.

#13 Downsize your home: Find the best place for you to retire

Maybe remodeling isn’t for you. Maybe your home isn’t for you either!

Most of us live in homes that we bought with dreams of raising our children. Now, most of our children are grown and gone (hopefully…) and we can think about where we want to live for retirement. Here are some lists of the best places to retire.

Moving when you retire can be great for your lifestyle, it can also be great for your finances. If you can buy a less expensive home, then you can lower your monthly expenses and maybe even use home equity for retirement expenses.

Use the NewRetirement Retirement Planner to model downsizing as part of your retirement plan.

#14 Become a consultant

Just because you’re retired doesn’t mean your skills no longer have any value. Many employers are faced with a conundrum. New, recent grad employees are on the cutting edge in many ways. But seasoned pros with loads of experience will eventually retire. A happy medium for you might be consulting, which lets you work less and call more of your own shots.

A Merrill Lynch study on working in retirement explains that the concept of retiring has fundamentally changed. Before, there was a sharp delineation between work life before retiring and leisure afterward. Now, there are various phases:

  • There’s pre-retirement
  • A 2-year period of “career intermission” (which more than half of retirees take)
  • Then a brand new stage that could take you a number of different directions, including back to full time work, a part time job or consulting work
  • And finally a complete end to work

#15 Maintain your retirement plan

No matter what else you are doing on this list, maintaining your retirement plan is something that all of us must do.

It is important to assess your financial situation every 3-6 months. You need to know if you are going to have enough money to do what you want to do in retirement — for as long as you live (no matter how long that turns out to be).

A good retirement planning tool – not just a simple retirement calculator – can help you with these assessments. The NewRetirement Planner is a detailed and highly personalized tool that saves your information so it is easy to update. Best of all, the planner gives you immediate feedback on the impact of any updates on your overall financial health.

#16 An important thing to do in retirement: Stay vital

Having a place to go. Having people (or animals) that rely on you. Maintaining a schedule. Being social. Having a purpose. Learning new things. These are all activities that are scientifically proven to keep you healthy and happy and vital.

120 Big Ideas for What to Do in Retirement (4)Make new friends and keep the old!

#17 Learn to play an instrument: Learn anything!

Even if you don’t think that you have a musical bone in your body, you might find an instrument that you really love to play. Piano is a common starting point, and so is guitar. Don’t forget that your voice is also an instrument. You could take banjo lessons and voice lessons, too.

Not only does learning to play an instrument help enrich your life, it’s also a pursuit without end. Even the greatest musicians in the world still practice frequently and learn new things.

And learning new things is a great way to keep your brain healthy and functioning.

#18 What to do in retirement? Get in the best shape of your life

As the saying goes, if you’ve got your health you’re already rich. Fitness is another lifelong pursuit, and this one can make retirement life better in almost every way. You’ll have more energy, a healthier body and a happier mindset, too.

Fitness offers so much variety that you never need to grow bored with it. There are classes for yoga, Pilates, spinning and more. The Centers for Disease Control also says that weight training relieves arthritis, improves balance, increases bone density, manages weight and diabetes, strengthens the heart, and makes sleep better and more restful.

#19 Grow your friend base

Too often, retirees stick progressively closer and closer to home as time moves on. What might have been a rich circle of friends could dwindle more and more until only a few remain in your life. While there’s nothing wrong with enjoying being alone, friends help you stay connected to the world and give you a greater sense of purpose.

It’s also a good idea to find some younger friends. Spending time with someone in a different age bracket exposes you to new experiences, and it works the same for them.

#20 Attend your 35th, 40th or any high school reunion

There is nothing like a high school or college reunion to get you thinking about what you have accomplished and where you might be going.

Taking stock of our lives and setting new goals is exactly what we need to do as we consider retirement.

A reunion can be an excellent way to connect with old friends and maybe be reminded of what we are passionate about which can help remind us of how we might want to spend part of retirement.

#21 Become an expert at anything

You’ve probably had a lot of life experiences and dreamed about others that never happened. Did you ever think about becoming a brilliant chef but didn’t have the time to go after it? Or did you once think about developing your mechanic skills but couldn’t follow through?

Retirement is the perfect time to turn an interest into something that you master. You could create the next great thing in pottery, or fine-tune your woodworking skills. Whatever you pursue, plan to become an expert. And then pass that knowledge on.

#22 Think about the future

With longer lifespans, most retirees enjoy a longer retirement than any of their ancestors did. But living to 100 doesn’t mean you’ll feel the same at 98 as you did at 70. In time, everyone loses at least a bit of drive to go-go-go.

Re-evaluate your retirement periodically and make adjustments as you see fit. The more you plan ahead, the less likely you’ll find yourself in a situation where you need care but can’t pay for it, want to be near family but can’t move, or any other of the number of surprises that might creep up over the years.

Here are 7 Tips for Imagining Your Future.

#23 Become your own financial guru

While you’re in the active saving and investing stage before retirement, you might look to an expert to help guide you in the right direction. But the time will come when you glide into maintenance mode. From there, you can probably manage it on your own as long as you keep learning and stay in touch with what’s happening in the financial world.

It’s entirely possible to become a self-made financial expert. Read everything that you can, including good blogs. And start watching TV shows about finance. Soon you’ll know what disintermediation, econometrics and other terms mean without calling a financial planning expert, because you’ll be the expert.

Using the NewRetirement Planner will help you!

#24 Keep up with technology

The millennial generation is the first to grow up in a world where the internet has always been around to some degree. Older generations had a lot of life experience without it, or any of the usual gadgets. And sometimes technology is quite confusing.

Keeping up with technology throughout retirement gives you a lot of freedom, and it also helps you enjoy more of the benefits of living in a rapidly advancing era. So be afraid of it. Embrace technology, and keep on learning.

#25 Spend time with your grandkids

A Welsh proverb says: “Perfect love does not come until you have your first grandchild.”

If you are looking for things to do in retirement, you might want to think about things you can do with your grandchildren. There is something unbelievably special about being a grandparent. You get all the magic of the child and not as much of the burden.

Retirement can be a wonderful time to spend time with your grandchildren. You can share experiences that are important to you and learn about things that are important to them. They can keep you young and you can help them grow up.

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#26 – 120 What to do in retirement? Find a hobby!

You are nearing the end of this list… Are you still looking for what to do after retirement?

Here is a long list of 94 possible hobbies.

ABCs of Hobbies:

Activism. Amateur Radio. Antiquing. Aquariums. Archery. Art. Astronomy. ATVs. Badmitton. Baking. Baton twirling. Baseball. Basketball. Beekeeping. Beach clean up. Biking. Birding. Board games. Book club. Boomerangs. Brewing Beer. Bridge. Calligraphy. Camping. Cartooning. Casinos. Chess. Collage. Collecting. Composing Music. Cooking. Crafting. Crochet. Crossfit. Crossword puzzles.

DEFGHIJKL of Hobbies:

Dancing. Darts. Daydreaming. DJ. Drones. Electronics. Entertaining. Fashion design. Fencing. Fishing. Flower arranging. Football. Flying. Four wheeling. Genealogy. Geochaching. Geology. Golf. Graffiti. Hot air balloons. Hiking. Horses. Hunting. Inventing. Jewelry making. Joining a Band. Journaling. Juggling. Kayaking. Kites. Knitting. Lawn bowling. Letter writing.

MNOP of Hobbies:

Mah jong. Make movies. Marathons. Martial Arts. Metal Detecting. Mixology. Museums. Models. Motorcycles. Mycology (mushrooms). Orienteering. Origami. Paintball. Painting. Paragliding. Playing an Instrument. Photography. Ping pong. Poker. Pottery. Printing in 3d. Puppetry.

RSTUVWXYZ of Hobbies:

Reading. Remote control cars. Road trips. Rock climbing. Robotics. Roller skating. Rowing. Running. Sailing. Sandcastles. Scuba. Sculpting. Senior olympics. Sewing. Singing in a choir. Skiing. Snorkeling. Snowboarding. Soccer. Socializing. Storm chasing. Swimming. Surfing. Tai Chi. Tennis. Theater — try out for a local theater production. Trampolines. Topiary. Upcycling. Volleyball. Water colors. Wine making. Wine tasting. Woodshop. Wood carving. Writing. Yoga. Yo yos. Ziplining. Zoology. Zumba.

Maybe you make it a goal to try all the above! Or, just choose one or two and get really into it.

How to choose what to do in retirement?

Almost nobody thinks of retirement as winding down anymore. Some people plan to never stop working at all. And some want to experience as much of the world as possible, with finally enough time to do it.

This list shows that there are so many different options.

For most of us, the trouble is how to choose what to do in retirement. Here are a few questions to to help you with that decision:

  1. When you were a child, what did you love most? What did you want to be when you grew up?
  2. On your deathbed, will you have any regrets? Anything you wished you would have done? Not done?
  3. Look over this list of quotations about retirement, does anything resonate with you?
  4. What is your favorite movie or book? What does that tell you about what is important to you?
  5. Who matters to you?
  6. If money were not a problem, what would you be doing now ?
  7. Describe your ideal day? Would you want to do this every day? Could you?

There simply is no shortage of pursuits for people who are out of the classic workforce. You might want a peaceful life where everything moves at your own pace. Or you might want the exciting environment of a city with a strong pulse. Or maybe your retirement will include a little bit of everything. You don’t have a pick a course right now.

But it’s never too soon to dream.

Of course, we do need to remind you that no matter what you choose to do in retirement, it is important that you have a great financial plan. Get a quick start with the simple retirement calculator.

Or, to feel truly confident about your financial future, create a much more detailed and reliable plan with the NewRetirement Planner. Forbes Magazine calls this system a “new approach to financial planning.” It is a proven method for getting on track to a secure future.

120 Big Ideas for What to Do in Retirement (6)

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120 Big Ideas for What to Do in Retirement (2024)


120 Big Ideas for What to Do in Retirement? ›

Retirement Savings When You're in Your 50s & Beyond

Suggested savings: The general guidelines recommend having eight times your annual salary saved by 60. The median income for a 55-year-old is about $63,000, which means having $506,600 saved for retirement. The average savings for those 55-65 is $256,244.

What to do when you retire at 65? ›

What to Do in Retirement
  1. Travel the World. One of the most popular things to do when retired and bored is to travel the world. ...
  2. Get a Rewarding Part-Time Job. ...
  3. Exercise More. ...
  4. Be a Minor. ...
  5. Take Classes. ...
  6. Read. ...
  7. Learn a Second Language. ...
  8. Volunteer.

What can I do to retire successfully? ›

20 tips for a happy retirement
  1. Get your finances in order. Organise your money so you can work out what you'll have to live on. ...
  2. Wind down gently. Ensure a smoother transition by retiring in stages. ...
  3. Prepare for ups and downs. ...
  4. Eat well. ...
  5. Develop a routine. ...
  6. Exercise your mind. ...
  7. Keep physically active. ...
  8. Make a list.

What do you put on a retirement bucket list? ›

Create retirement bucketlist
  • Travel everywhere. If you're a new retiree, celebrate your retirement with a fun trip. ...
  • Stay in shape. Keeping physically active will enable you to better enjoy your retirement. ...
  • Explore your hobbies. ...
  • Build and connect with friends. ...
  • Eat healthy. ...
  • Volunteer in your community. ...
  • Create a plan.
Feb 1, 2023

What is the average retirement balance at 65? ›

Retirement Savings When You're in Your 50s & Beyond

Suggested savings: The general guidelines recommend having eight times your annual salary saved by 60. The median income for a 55-year-old is about $63,000, which means having $506,600 saved for retirement. The average savings for those 55-65 is $256,244.

How do you get the $16728 Social Security bonus? ›

To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.

What is the 3 rule in retirement? ›

Follow the 3% Rule for an Average Retirement

If you are fairly confident you won't run out of money, begin by withdrawing 3% of your portfolio annually. Adjust based on inflation but keep an eye on the market, as well.

What is a good monthly retirement income? ›

According to data from the BLS, average incomes in 2021 after taxes were as follows for older households: 65-74 years: $59,872 per year or $4,989 per month. 75 and older: $43,217 per year or $3,601 per month.

What is the best thing to do with your money when you retire? ›

Saving Matters!
  • Start saving, keep saving, and stick to.
  • Know your retirement needs. ...
  • Contribute to your employer's retirement.
  • Learn about your employer's pension plan. ...
  • Consider basic investment principles. ...
  • Don't touch your retirement savings. ...
  • Ask your employer to start a plan. ...
  • Put money into an Individual Retirement.

What brings happiness in retirement? ›

Older people, in particular, may enjoy a greater sense of well-being because of the availability of Social Security and private pension benefits that provide them with income after they retire. For many retirees, pensions provide a significant percentage of income in retirement.

What are the three retirement spending surprises? ›

Our research uncovered three surprising patterns: a lifetime spending curve, a retirement spending surge and a high degree of retirement spending volatility.

What do most retirees have saved? ›

The Federal Reserve's most recent data reveals that the average American has $65,000 in retirement savings. By their retirement age, the average is estimated to be $255,200.

What to do when you are bored and retired? ›

When retired and bored, the best way to revitalize is by trying new things and engaging with others. These can include physical activities, social events, learning new skills and giving back to others. The ultimate guide on things to do when retired and bored takes a unique approach to breaking the cycle of monotony.

What to do when you are lonely and retired? ›

How to Avoid Loneliness and Isolation as a Senior in Retirement
  1. Volunteer. Is there a charitable cause you deeply believe in? ...
  2. Enroll in a Class. At Road Scholar, we believe that learning is a lifelong journey. ...
  3. Enjoy Virtual Learning. ...
  4. Join a Club. ...
  5. Try a New Hobby. ...
  6. Get Active! ...
  7. Become a Mentor. ...
  8. Find a Part-Time Job.

What is a good 401k balance at age 65? ›

By age 50, you should have six times your salary in an account. By age 60, you should have eight times your salary working for you. By age 67, your total savings total goal is 10 times the amount of your current annual salary. So, for example, if you're earning $75,000 per year, you should have $750,000 saved.

What is the average Social Security check? ›

According to the Social Security Administration (SSA), the average monthly retirement benefit for Security Security recipients is $1,781.63 as of February. Several factors can drag that average up or down, but you have the most control over the biggest variable of all — the age that you decide to cash in.

Is $300,000 enough to retire at 65? ›

In most cases, you will have to wait until age 66 and four months to collect enough Social Security for a stable retirement. If you want to retire early, you will have to find a way to replace your income during that six-year period. In most cases $300,000 is simply not enough money on which to retire early.

What is the secret bonus for Social Security? ›

Let's get one thing out of the way right away: there is no such thing as a "bonus" for Social Security. However, you are certain to be able to increase the amount of your retirement benefits by taking certain actions.

What is the 5 year rule for Social Security? ›

You must have worked and paid Social Security taxes in five of the last 10 years. If you also get a pension from a job where you didn't pay Social Security taxes (e.g., a civil service or teacher's pension), your Social Security benefit might be reduced.

At what age is Social Security no longer taxed? ›

Social Security benefits may or may not be taxed after 62, depending in large part on other income earned. Those only receiving Social Security benefits do not have to pay federal income taxes.

What is rule 100 in retirement? ›

According to this principle, individuals should hold a percentage of stocks equal to 100 minus their age. So, for a typical 60-year-old, 40% of the portfolio should be equities. The rest would comprise high-grade bonds, government debt, and other relatively safe assets.

What is one of the golden rules of retirement? ›

The thumb rule is not to withdraw more than 5% of the corpus in the first five years of retirement. This can be progressively increased to 10% by the time the retiree is 70. At 80, even a 20% annual drawdown rate would be considered safe.

Why the 4% rule no longer works for retirees? ›

The traditional 4% rule has served retirees well for decades but may no longer be relevant due to rising costs and increased market volatility. Retirees should consider using a rate closer to 3.3% withdrawal rate instead, as well as looking into other sources of income.

Is $1,500 a month enough to retire on? ›

That means that many will need to rely on Social Security payments—which, in 2021, averages $1,544 a month. That's not a lot, but don't worry. There are plenty of places in the United States—and abroad—where you can live comfortably on $1,500 a month or less.

How much does the average retired person live on per month? ›

Typical Spending in Retirement

Average annual expenses for people ages 65 and older totaled $52,141 in 2021. 48% of retirees surveyed reported spending less than $2,000 a month in 2022. 1 in 3 retirees reported spending between $2,000 and $3,999 per month. 18% reported spending more than $3,999 per month.

Is $4000 a month enough to retire on? ›

First, let's look at some statistics to establish a baseline for what a solid retirement looks like: Average monthly retirement income in 2021 for retirees 65 and older was about $4,000 a month, or $48,000 a year; this is a slight decrease from 2020, when it was about $49,000.

What to do 3 months before retirement? ›

3-4 Months Before Retiring

Submit your completed retirement application and the required documents to us. Your application can be submitted in person at one of our Regional Offices, by mail, or online by logging in to myCalPERS. Be sure to keep a copy of all the documents submitted for your own record.

How much cash should I keep when retired? ›

Despite the ability to access retirement accounts, many experts recommend that retirees keep enough cash on hand to cover between six and twelve months of daily living expenses. Some even suggest keeping up to three years' worth of living expenses in cash. Your emergency fund must be easy for you to access at any time.

What is the #1 retirement challenge? ›

As participants entered mid- and late-life, the Harvard Study often asked about retirement. Based on their responses, the No. 1 challenge people faced in retirement was not being able to replace the social connections that had sustained them for so long at work.

What is the biggest problem for retirees? ›

“The main issues for retirees are replacing income in an inflationary environment, preparing for unknown future healthcare costs and long-term care costs, and feeling confident to spend money when they have been good savers,” says Emily C.

What is the biggest challenge of retirement? ›

Having steady finances to last you throughout retirement plays a significant role in the quality of life, but what's more important is your life planning. That might explain why the results found that the biggest retirement challenge that no one talks about is, “Finding Purpose.”

What are 5 biggest expenses retirees face? ›

This category includes vehicles, gas, insurance, maintenance and repairs, car rental, leases, payments and public transportation. The average retiree household spends $6,819 a year ($568 a month) versus $9,761 ($813 a month) for the average U.S. household when it comes to transportation costs.

What are the 4 D's of retirement? ›

In fact, there are generally four distinct phases around retirement: pre-retirement, early retirement, mid-retirement, and late retirement. Although not universal to every individual, these phases may help you envision your financial planning and lifestyle needs more thoroughly.

What are 5 common mistakes people do when they retire? ›

Take inventory of your assets and your strategy, or you could regret it later
  • Expecting to work past retirement age. ...
  • Taking too much risk — or too little. ...
  • Ignoring the 50-plus catch-up provisions. ...
  • Carrying credit card debt. ...
  • Taking on college debt. ...
  • Overlooking health maintenance. ...
  • Leaving out insurance.
Mar 14, 2023

What does the average 70 year old have in savings? ›

The Federal Reserve also measures median and mean (average) savings across other types of financial assets. According to the data, the average 70-year-old has approximately: $60,000 in transaction accounts (including checking and savings) $127,000 in certificate of deposit (CD) accounts.

How much money does the average person have in their bank account? ›

The average savings account balance in the United States was $41,600 in 2019, while the median account balance across the country was only $5,300. The average and median balances vary depending on age, with older generations having more savings.

What percentage of retirees have no mortgage? ›

Nearly Three-Quarters of Retired Americans Have Non-Mortgage Debt. Because so many retirees have little to no savings, it's not too surprising that the majority are carrying debt. The most common types of debt held by retirees are credit card debt (49%), mortgages (24%), car payments (20%) and medical bills (18%).

What are 5 hobbies you need ideas? ›

20 Hobbies You Can Start at Home—Today
  • Learn calligraphy. ...
  • Work out online. ...
  • Learn how to cook. ...
  • Practice meditation. ...
  • Pick up needlework. ...
  • Learn an instrument. ...
  • Paint. ...
  • Make your own soap, candles, you name it…
Jan 22, 2023

What are the 5 hobbies you should have? ›

Let's look at some of these hobbies to support a healthy lifestyle:
  • Have a hobby that makes you money! ...
  • Get a hobby that keeps you in shape. ...
  • Get a creative hobby. ...
  • Get a hobby to build knowledge. ...
  • Get a hobby to evolve your mindset.

What are the 4 main hobbies? ›

If those answers are "anxious" and "no," respectively, there's good news: Lucht says there are four types of hobbies to explore: physical, cerebral, creative, and community or service-oriented.

What do retirees enjoy most? ›

12 Ways Retirees Spend Their Newfound Free Time
  • Sleep.
  • Watching TV.
  • Home maintenance.
  • Working.
  • Meals.
  • Shopping.
  • Volunteering.
  • Reading.

How do I find joy in retirement? ›

20 tips for a happy retirement
  1. Get your finances in order. Organise your money so you can work out what you'll have to live on. ...
  2. Wind down gently. Ensure a smoother transition by retiring in stages. ...
  3. Prepare for ups and downs. ...
  4. Eat well. ...
  5. Develop a routine. ...
  6. Exercise your mind. ...
  7. Keep physically active. ...
  8. Make a list.

What do people do in retirement to keep busy? ›

Retirement is the perfect time to pick up an old hobby or discover a new one. Plus, some studies have shown that those who dedicated daily time to hobbies generally live longer than those who don't. Travel is another great way to spend your time during retirement.

Is 70 too old to live alone? ›

Living alone at 70 and beyond can be difficult. Daily tasks become harder, and oftentimes, elders are afraid to ask for help. While some seniors might have friends and family nearby, others living alone don't have people they are comfortable asking to help them with: Meals.

How do I make friends when retired? ›

6 Ways to Make Friends in Retirement
  1. Make the Effort. ...
  2. Go Where People Gather. ...
  3. Reconnect With Old Friends. ...
  4. Ask for a Blind Date. ...
  5. Join a Community That Meets Regularly. ...
  6. Express Yourself.
Nov 7, 2022

Do I need to notify Social Security when I turn 65? ›

If I want Medicare at age 65, when should I contact Social Security? If you want your Medicare coverage to begin when you turn age 65, you should contact Social Security during the 3 months before your 65th birthday. If you wait until your 65th birthday or later, your Part B coverage will be delayed.

Can I work full time at 65 and collect Social Security? ›

When you reach your full retirement age, you can work and earn as much as you want and still get your full Social Security benefit. If you're younger than full retirement age, and if your earnings exceed certain dollar amounts, some of your benefit payments within the one year period will be withheld.

Why retiring at 65 is a good idea? ›

Medicare benefits begin at 65 for most people. This makes it simpler to retire at 65 than at age 60 or 62. To make up for these gaps, many retirees buy a Medicare Supplement (also called a Medigap policy) or a Medicare Advantage plan.

What happens if I retire at 65 and keep working? ›

C. You can continue working and not receive your retirement benefits. If you decide to continue working and not start your benefits until after full retirement age, your benefits will increase for each month you do not receive them until you reach age 70.

What is the Social Security 5 year rule? ›

You must have worked and paid Social Security taxes in five of the last 10 years. • If you also get a pension from a job where you didn't pay Social Security taxes (e.g., a civil service or teacher's pension), your Social Security benefit might be reduced.

What to do 6 months before turning 65? ›

Turning 65 Soon? Here's a Quick Retirement Checklist
  1. Prepare for Medicare. ...
  2. Consider Additional Health Insurance. ...
  3. Review Your Social Security Benefits Plan. ...
  4. Plan Ahead for Long-Term Care Costs. ...
  5. Review Your Retirement Accounts and Investments. ...
  6. Update Your Estate Planning Documents.
Nov 22, 2021

Where can I retire on $800 a month? ›

Ecuador. If you're looking for a country where you can retire outside the US comfortably with $800 per month and experience one of the most ecologically diverse places in the world, then Ecuador might be for you. The go-to city for US retirees in Ecuador is Cuenca, which also happens to be a UNESCO World Heritage site.

What is the first year rule for Social Security benefits? ›

That's why there is a special rule that applies to earnings for 1 year, usually the first year of retirement. Under this rule, you can get a full Social Security check for any whole month you're retired, regardless of your yearly earnings.

Do you pay federal taxes on Social Security? ›

Some of you have to pay federal income taxes on your Social Security benefits. This usually happens only if you have other substantial income in addition to your benefits (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return).

What is the magic number to retire? ›

When it comes to how much they will need to comfortably retire, Americans have a “magic number” in mind — $1.27 million, according to new research from Northwestern Mutual.

What is the best day to retire? ›

Retiring on the last day of the month is typically the best option. This enables you to collect all your paychecks during this period. You can also benefit from collecting any holiday pay that might be offered by your employer for that month.

What is most important to retirees? ›

The majority of retirees say that good health is the most important ingredient for a happy retirement, according to a Merrill Lynch/Age Wave report.

How much Social Security will I get if I make $25 000 a year? ›

What is the Social Security payment for a salary over 25,000 dollars? For people who are earning 25,000 dollars across the year rather than the previously mentioned amount, 1,880 dollars of the benefits would have to be withheld, so the monthly benefit amount is 1,886 dollars.


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