February 1, 2023

Living Like Everyday is Saturday

When you bid your 9-to-5 adieu, how do you plan to spend your time?

You’ve made a financial plan for retirement, but what about a fun plan? According to an article by The Senior, “Your Retirement | Don’t be a bored Baby Boomer,” two in three people enter retirement with little or no thought about what they want to actually do in retirement. But professionals agree it’s a key component to a satisfying “after-party.”

It’s not too soon to think through how you plan to keep yourself busy with all those extra hours in the day – and recognize the options are endless. Without a purpose, you may find yourself bored and unfulfilled. A little preparation will not only help you avoid this but also contribute to the happy retirement you’ve always envisioned.

These tips will help you explore the possibilities.

Dig deep

Many of us identify with our careers and titles, but how will we feel once those are part of our past? You’re still the same person, after all. It may take some deep thought about your true passions and the legacy you want to leave, but this preparation will lead you on a path to fill your time with things that mean the most to you.

Maybe these will get your juices flowing.

What did you want to do as a child? Were there any missed opportunities in your career journey that you’d like to learn more about? Did you lack the time you wanted to volunteer when you had a career and young family to balance? Or maybe your friends are always telling you you’re so good at [insert skill here], but you never harnessed it? These are all hints that’ll steer you to a satisfactory retirement.

Get inspired

There are some pretty incredible examples of those fully embracing their encore years by doing extraordinary things. People in retirement are learning to surf, completing doctorate degrees and starting charitable organizations. Picture the possibilities. This is the time to think about trying something new and leaving regrets behind.

Case in point: Jimmy Carter. While he never intended to start an annual project, he and his wife helped Habitat for Humanity volunteers build and renovate homes for the less fortunate in 1984 – and have continued their efforts well into retirement.

Want to set a Guinness World Record instead? A Japanese woman who goes by DJ Sumirock earned the title of oldest professional club DJ at 83 years of age. She started DJ school when she was 77, thinking it might be a fun endeavor.

Does a physical pursuit suit you better? There’s no shortage of boomer-aged skateboarders. Both Lena Salmi and Neal Unger have gained notoriety as beginners in their 60s.

Point being: With a structurally sound retirement plan, you now HAVE the ability to take on any opportunity you want.

You won’t know if you don’t try.

While keeping active staves off issues like unhappiness and physical decline, it’s also OK to want to relax. Just do it purposely. According to U.S. News & World Report’s “The Art of Doing Nothing in Retirement,” there are a few steps to take to adjust to this new pace of life. First, let go of any guilt you may feel about making yourself a priority. But don’t let go of a routine altogether – instead, create one that helps you appreciate your slower lifestyle, and enjoy being in the moment.

Grow your bucket list

Creating a so-called bucket list is a good start to having something to always look forward to. But your list should continue to grow, not dwindle. When you check off one thing, add another. It should be an evolution of your wants and wishes. Don’t be afraid to reinvent yourself – then re-reinvent yourself. You may just surprise yourself with a new passion.

Say you decided to take yoga classes – and now you love it so much you want to become an instructor. Let your level of enjoyment guide you to your next endeavor. You may also do so much traveling one year (should circumstances allow) that staying closer to home the next is what you crave. The most important part is being honest with yourself and what’s making you happy.

It’s easy to slide into expectations from your family and retired peers – but it’s your life. You can include your children and spouse in your plans without letting your wishes be overruled. And be sure to bring your financial advisor into retirement planning conversations. They can help you put together the financial pieces of the puzzle as well as ensure your insurance coverage fits your new hobbies and lifestyle.

Remember, this is your retirement. You’ve worked hard to save up a nest egg not to just look at it, but to use it in a meaningful way! It’s a chapter you won’t get to rewrite, so follow your heart and your passion. You won’t regret giving it a try.

Source: Raymond James

Let us show you how to live like Every Day is Saturday

Take Action!

This page is a publication of Fiat Wealth Management, LLC. The firm is registered as an investment adviser and only conducts business in states where it is properly registered/notice filed or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.

The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. You should consult with a professional advisor before implementing any strategies discussed. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation.

Explore Fiat University.

Click the below tabs to access our different financial education content, events, and more:

Every Day is Saturday

Our job begins where most advisors stop—saving money is great, but how do you spend it without risk in retirement? Welcome to Every Day is Saturday with Brad Gotto and Matt Stahl, partners and private wealth managers at Fiat Wealth Management.

In this podcast we help guide you to think about your money in a practical sense and make the boring and complex financial decisions, fun, informative and educational. Join us on this journey where Brad and Matt will explore different strategies on how to spend your money without guilt and have peace of mind knowing you are spending it the optimal way in retirement.

You’ve saved money for a lifetime. Now it’s time to spend it.

In Spending Money and Having Fun, Retirement Income Certified Professional Brad Gotto teaches you how to be smart about spending so you can stop worrying and live the life you want. Old habits are hard to break, but Brad helps you embrace the counterintuitive and build new habits to support your next chapter. You’ll learn how to:

  • Change your mindset around spending

  • Create boundaries that buy you freedom

  • Gain peace of mind with concepts that take the guesswork out of your financial requirements