Updated: May 19
It doesn't matter how old you are, and it is never too early or too late to start dreaming about retirement. So, if you haven't already, maybe it's time to create your "Retirement Bucket List"! Here are some ideas to get you started.
Travel tends to top many retirement bucket lists. Maybe it's visiting the National Parks or going to watch baseball in every MLB stadium. Perhaps feeling like a "kid" again and going to Disney is more your cup of tea. Then there will be all the amazing sites in NYC, Chicago, or Los Angeles. How about international travel. There are excellent sites to be found throughout Europe. Australia and New Zealand would be breathtaking at any time of the year. Don't forget other destinations like Iceland, Brazil, or Morocco.
Create A New Experience
Retirement offers the time you never had to try new activities like taking a dance class, taking up yoga, or bike touring. How about learning a new skill. How does studying a new language, learning how to play the guitar, or writing your first novel sound?
There are some great activities that will challenge you and broaden your horizons. According to a [report] from the Transamerica Center for Retirement Studies, 44 percent of retirees said they are spending their time pursuing hobbies in retirement. Gardening, joining a book club, or photography would be your thing. Of course, you can add a new member to your family by fostering a pet from your local shelter.
The wonderful thing about volunteering is that there are so many options you can choose the one that you have the most passion for. Maybe animals aren't your thing, but you still want to help in your community. Volunteering can give you purpose and fills the soul with good. There are some great national nonprofits like the Make-A-Wish Foundation, USO, the United Way, and the Salvation Army. Your local food pantry or even your church might be looking for someone like you to help out.
Enjoy Time with Grandchildren
Spending time with grandchildren and watching them grow up is a special gift. They will cherish their memories with you for the rest of their lives. Plan time with them based on their school vacations so you can visit them, or they can take a trip to see you. Maybe even schedule an incredible vacation for the whole family or just take the grandkids. Plan ahead to help ensure that you have made all the necessary preparations for making happy memories.
Start a Business
Over half of all Americans plan to continue to work after retirement. Being your own boss can be an illuminating experience and a perfect item to add to your bucket list. To get started, you need to decide what you want to do, and there are some fantastic opportunities that you can start with little or no capital. Now that you are retired, you can choose a business opportunity that you would love to do.
Don't be intimidated that you are getting off to a late start. There have been a lot of successful founders who started their businesses later in life. Ray Kroc founded McDonald's at 52, while Laura Ingalls Wilder didn't publish her first "Little House" book until she was 65, to name a couple of examples.
If you have a passion for helping others, your business could be a nonprofit. Making a difference in your community can offer a rewarding experience and create a long-lasting legacy during your retirement.
Advice to make your retirement bucket list come true:
Determine the lifestyle you seek for your retirement: Setting a goal for the lifestyle you want for your retirement can help you figure out what your budget should look like while accounting for the things that matter most to you in retirement.
Create your budget for your retirement: Now that you know what your lifestyle goals are, you can start creating your budget. Factoring in your bucket list can help protect those plans and ensure that you are not overspending and not stressing about finances in retirement.
Financial planning and saving: With your budget completed, you can financially plan and save to meet those goals. Living expenses and health care costs will be important to determine what discretionary funds you have for your bucket list. Look for retirement income options that protect your nest egg.
Stick to the Plan and Save
Start saving as early as you can. This is key to achieving your retirement goals. However, it's never too late to start saving. Talk to your ValuTeachers financial specialist to start planning your bucket list today.