You Have Enough Money to Retire. Now What?

We spend decades preparing financially for retirement, but we often give little thought to what we'll do with all that free time. Yet it's important to have a sense of purpose to our lives, even after we quit the workforce. Indeed, to have a fulfilling retirement, we'll likely want to engage in activities that we think are important, we find challenging and we're passionate about. But how can we figure out what a fulfilling retirement looks like? Try these five steps:

1. Recall your happiest times. What was it about these times that made them special? If you can answer that question, you may have a better sense for what will make for a happy retirement.


2. Consider the careers you didn't pursue. Perhaps, at one time, you thought about being a musician, an actor, a teacher or a carpenter. During retirement, you might revisit those forgotten aspirations.


3. Talk to your spouse or partner. You might already have a strong idea for what you want to do. But have you discussed it with your spouse or partner? If your plan is to travel the globe, it could be awfully lonely if your partner is firmly committed to spending his or her retirement volunteering in the local community.


4. Test-drive your dream. Got a hankering to spend your retirement getting a PhD? Before you quit the workforce and focus your new life on going back to college, you might take a few courses online or at the local college, to make sure your desire to learn is as strong as you imagine.


5. Rethink the traditional retirement. Once we get into our 60s, we're supposed to quit our jobs and go off and do something else. But is that really what you want? You may find that continuing to work, or at least work part-time, is a more satisfying way to spend your later years, plus the money you earn could help ease any financial concerns you have.

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