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IF YOU’RE WORRIED YOU’LL BE BORED DURING RETIREMENT, THINK AGAIN

IF YOU’RE WORRIED YOU’LL BE BORED DURING
RETIREMENT,THINK AGAIN

Turn your “golden years” into an opportunity to discover the new you!

You’ve probably been thinking about retirement for years – about the trips you’ll take, the family visits you’ll enjoy, the hobbies you’ll pursue, and the freedom to choose what you want to do with your free time. But a lot of retirees find that the excitement and anticipation of their “permanent vacation” wears off a few months after retirement, and they miss the sense of purpose they had with their job, interacting with their co-workers, and the sense of identity their job gave them. Instead of feeling relaxed and fulfilled, they feel isolated and bored. Fortunately, there’s a cure for that—if you’re willing to open up to new possibilities and test the waters of the options you have.

Find your purpose, and follow your dreams

If you haven’t already created a bucket list of things you want to do in your life, retirement is a great time to do it. Maybe you’d like to go on a safari, learn a new language, or ride in a hot-air balloon. Maybe you’ve always wanted to learn how to play the guitar, saxophone, or piano, but never had time. If you have the time, health, and the financial resources to support your bucket list, now is the time to get started!

In addition to your bucket-list items, a lot of common day-to-day activities can bring purpose, joy and satisfaction to your life. There are too many options to list here, but here are some ideas to consider:

 Volunteer. Giving back and helping others in your community can help you feel happier, learn new skills, increase opportunities for socializing, and promote personal growth and self-esteem. The National Institute on Aging reports that volunteering may also lower your risk of dementia and other health issues. Also, any out-of-pocket expenses (for gas, etc.) are tax-deductible. It can also help you make new friends!

 Stay – or get – active. If you’ve been working out or exercising regularly, keep it up! If you haven’t, check out nearby fitness centers for SilverSneakers® programs or other activities that match your interests and fitness goals. Staying active can help you sleep better, maintain a healthy weight, and reduce the risk of disease. Also, check out local sports, hiking, or dance clubs to see if there are any activities that would be a good fit for you.

 Adopt a new hobby. If you’ve always wanted to learn how to make pottery, paint portraits, photograph wildlife, play a musical instrument, or speak a new language, for example, retirement is a great time to get started. You can learn a lot through online
courses, videos and e-books, but if you want to incorporate socialization into your new hobby, check out your local community college, art workshops, senior centers, and other resources for more information.

 Establish your purpose. Consider what you’d like to prioritize during your retirement, whether it’s spending more time with family members, having a positive impact on your community, re-kindling past relationships, or supporting environmental sustainability.

 Live for the Moment. No one knows for sure how long their retirement will last, so make the most of the opportunities you have to travel, spend time with family, and try new things.

 Stay flexible. All the plans you’ve made for retirement may not pan out for any number of reasons. Keep a positive attitude, and stay open to twists and turns along the way.

After a retirement test-drive, some retirees choose “unretiring”

For some retirees, staying flexible during retirement means going back to work. At the beginning of the COVID-19 pandemic, a wave of older workers opted to retire, creating “The Great Retirement Boom” in the U.S. By early 2022, the trend was reversing. “Unretirements” were on the rise, with an estimated 1.5 million retirees returning to work in the U.S. labor market by March 2022. The job site Indeed.com addressed this, explaining that the reasons retirees decide to go back to work after retiring include:

The desire to be physically and mentally stimulated, or try out a different field of work
The need for extra income or health insurance
The desire to have a phased retirement, working for the same employer but perhaps on a part-time or contract basis

Whatever you decide to do in retirement, it helps to have a plan. It’s never too early—or too
late—to get started.

Thanks for checking out the blog.

Joe Breslin , CFP®

This material is for general information only and is not intended to provide specific advice or recommendations for any
 individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive 
outcomes. Investing involves risks including possible loss of principal.

This material was prepared by LPL Financial. 
 
Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and 
broker-dealer (member FINRA/SIPC). 

Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice 
from a separately registered independent investment advisor that is not an LPL Financial affiliate, please note LPL 
Financial makes no representation with respect to such entity.

Securities and insurance offered through LPL or its affiliates are:

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When you determine how much income you’ll need in retirement, you may base your projection on the type of lifestyle you plan to have and when you want to retire. However, as you grow closer to retirement, you may discover that your income won’t be enough to meet your needs. If you find yourself in this situation, you’ll need to adopt a plan to bridge this projected income gap.

Investing for Major Financial Goals

The first step in investing is defining your dreams for the future. If you are married or in a long-term relationship, spend some time together discussing your joint and individual goals.

You’ll end up with a list of goals. Some of these goals will be long term (you have more than 15 years to plan), some will be short term (5 years or less to plan), and some will be intermediate (between 5 and 15 years to plan). You can then decide how much money you’ll need to accumulate and which investments can best help you meet your goals.

Properly Insuring Your Business

No matter how careful you are in running your business, accidents happen. And no matter how big or small your business, you’ll have to plan for these and other risks if you want your business to thrive. One way to do this is with insurance.

Should You Buy Long-Term Care Insurance?

The longer you live, the greater the chances you’ll need some form of long-term care. If you’re concerned about protecting your assets and maintaining your financial independence in your later years, long-term care insurance (LTCI) may be for you.

Life Insurance and Estate Planning

Life insurance has come a long way since the days when it was known as burial insurance and used mainly to pay for funeral expenses. Today, life insurance is a crucial part of many estate plans. You can use it to leave much-needed income to your survivors, provide for your children’s education, pay off your mortgage, and simplify the transfer of assets. Life insurance can also be used to replace wealth lost due to the expenses and taxes that may follow your death, and to make gifts to charity at relatively little cost to you.

Life Insurance at Various Life Stages

Your need for life insurance changes as your life changes. When you’re young, you typically have less need for life insurance, but that changes as you take on more responsibility and your family grows. Then, as your responsibilities once again begin to diminish, your need for life insurance may decrease. Let’s look at how your life insurance needs change throughout your lifetime.

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IF YOU’RE WORRIED YOU’LL BE BORED DURING RETIREMENT, THINK AGAIN