3 practical ways to decide how you’d really like to spend your retirement

June 6, 2023

When you think of retirement, what do you picture yourself doing?

Perhaps you’re looking forward to travelling the world, taking up new hobbies, or perhaps you simply want to spend some quality time with your loved ones.

The plans you have for your retirement will be the cornerstone of your financial requirements for later life, so it’s important to have a clear picture of what you want your post-work years to look like. But what if you’re not sure what you want to do after you finish working?

Deciding what to do during retirement is often more complicated than it initially seems. With so many fantastic options to choose from, you may feel overwhelmed.

If this is the case for you, it could help to look back over your past experiences to discover what makes you feel happiest. Continue reading to discover three practical ways to decide how to spend your retirement.

1. Take a close look at your proudest achievements

You no doubt have a lengthy list of proud achievements from your life. So, one way to work out your later-life plans is to use your happy memories to give you an idea of some activities that would fulfil you in retirement.

For instance, if raising your family was your most rewarding achievement, you could dedicate your retirement to spending quality time with your loved ones. Or, if you consider your past studies your most significant accomplishment, you could sign up for additional classes and learning opportunities.

Regardless of your proudest achievement, figuring this out long before retirement can help you understand what is likely to keep you satisfied in later life, and help you work out how much you realistically need to save to follow these pursuits.

2. Reflect on the moments you felt the most fulfilled

Retirement is the time to do what you want, so it may be wise to reflect on the moments of your life that left you feeling the most fulfilled.

Your most fulfilling moments don’t have to be a particularly grand event in your life – perhaps you felt the most fulfilled while travelling, or even something assimple as improving your golf handicap.

You could use your most fulfilling moments to figure out your day-to-day priorities after you stop working. For instance, if you believe that wellness is the path to fulfilment, consider some daily wellness goals to pursue.

When you figure out the moments in your life that made you feel satisfied, this can clarify the things that are most important to you, often making it simpler todecide how your time would be best spent once you have more of it.

3. Remember the people who inspired you

As well as thinking about the moments of your life that make you feel content, it may also be worth considering the people who have inspired you. This could help you to visualise the lifestyle that you’d like to aspire to in retirement.

For example, if you’re especially inspired by musicians, retirement could be a fantastic time to take up a new instrument. You could start taking lessons, or even learn from the comfort of your own home with the help of the internet.

Similarly, if you’ve always considered charitable people an inspiration, you could try your hand at volunteer work that aligns with your core values and beliefs.

The choice is truly in your hands when it comes to retirement planning, so when you think about the people who have inspired you, it may be worth thinking of how you can inspire others.

If you’re struggling to think of someone who inspires you, this could be an opportunity to research your family history. By doing so, you could discover new inspirational people from your past, and better yet, your research could be a brilliant gift to the generations that will come after you.

Get in touch

While we can’t decide your retirement plans for you, we can help you build a robust financial plan that will enable you to fulfil all of your aspirations.

Either contact your financial planner directly, email us at hello@ascentawealth.com or fill in our online contact form to organise a meeting and we’ll get in touch.