How to Test-Run Your Retirement This Summer
Investing Retirement Funding InsightsSummer often brings images of relaxation, beach trips, and lazy days. For those nearing retirement, it can also be the perfect time to test-run what their retirement might look like. It's an opportunity to dip your toes into the waters of post-career life (literally), ensuring you're ready to embrace this new chapter when the time comes.
Testing out retirement during the summer allows you to experience a taste of freedom without work constraints. Here's how to plan your trial retirement for this summer:
Define Your Goals
Before you embark on your trial retirement, take some time to define what you hope to achieve. Do you want to travel more? Spend time with family? Pursue hobbies or interests you don’t have time for when working full-time. Having a clear vision of what you want out of retirement will guide your activities while taking a summer break.
Create a Budget
Retirement often comes with a fixed income from savings, pensions, or investments. According to the Bureau of Labor Statistics, people aged 65 and older spent about $52,141 in 2021.1 But everyone’s expenses are different. Use this trial period to create a budget based on your expected retirement income. Track your expenses during the summer to see if your budget aligns with your lifestyle goals. This exercise can highlight areas where you might need to adjust spending or find ways to save.
Test Your Routine
One of the most significant adjustments in retirement is the change in routine. Use the summer to experiment with different schedules. Sleep in if you want to, but establish a daily routine that includes activities you enjoy. This could be gardening, reading, volunteering, or exploring new hobbies. Testing different routines will help you find a balance that suits your preferences.
Travel and Explore
If travel is on your retirement agenda, use this summer to test the waters. Plan a road trip, visit family or friends in different locations, or simply explore your city as if you were a tourist. Pay attention to how you feel during these trips. Does constant travel bring you joy, or do you prefer the comfort of home? This insight will shape your future travel plans in retirement.
Engage with Your Community
Retirement can sometimes feel isolating, especially if your social interactions are primarily tied to work. Use this trial period to engage with your community in new ways. Attend local events, join clubs or groups that align with your interests, or volunteer for a cause you care about. Building a social network outside of work is crucial for a fulfilling retirement.
Assess Your Health and Wellness
Your health is perhaps the most important aspect of a happy retirement. Use the summer to focus on your well-being. Establish an exercise routine that works for you, try out different healthy recipes, and schedule any necessary check-ups or appointments. Pay attention to how you feel physically and mentally during this trial period.
Reflect and Adjust
Throughout the summer, take time to reflect on your experiences. What aspects of retirement living did you enjoy the most? What challenges did you face? Be open to adjusting your plans based on these reflections. Retirement is a journey, and your trial period is just the beginning.
Financial Review
At the end of your trial retirement this summer, review your finances. Did your budget hold up? Were there unexpected expenses? This review will give you a clearer picture of your financial readiness for retirement. If adjustments are needed, now is the time to make them.
Testing out your retirement during the summer is a valuable exercise in preparing for this significant life transition. It allows you to experience the freedom and flexibility retirement offers while highlighting areas needing fine-tuning. This summer, embrace the opportunity to test-run your retirement and pave the way for a fulfilling and enjoyable next chapter in your life.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.