4 Things You Don’t Think You Can Do in Retirement (But Absolutely Can!)

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We all have preconceived notions about what possibilities are open to us during retirement, and which have passed us by. However, just because you believe something isn’t an option doesn’t mean that ship has really sailed. Here’s a brief list of some opportunities you might be writing off prematurely.

Investing

It’s true that entering the investment world after age 60 requires a new perspective and new set of strategies. Intelligent risks which won’t take decades to mature are the ones you want to pursue. You can consult with your trusted advisor on a new investment strategy, or if you’re savvy, can trek on your own. One good rule of thumb is to subtract your age from 100, and use the resulting difference to determine what percentage of your portfolio to keep in the stock market. For example, if you’re 65, you want 35% of your money to be in stocks. For the rest, consider bonds, short-term CD’s, and insurance annuities. (Don’t forget to keep a healthy cushion in savings!)

Continue to Grow Income

Just because you’ve stepped away from the career that got you here doesn’t necessitate that you must stop earning money by more conventional means. (And no, we don’t mean it’s time to become a Wal-Mart Greeter, though you can if you’d like.) Retirement is the time when we’re supposed to pursue our passions–why not share them as well? Start teaching music or sports lessons, contract as a freelance writer, become a secret shopper, or dust off your shaker and muddler and get back behind the bar. You’ll feel more fulfilled in the long run–and so will your bank account.

Another consideration should be a life settlement. If you have a life insurance policy you no longer want or need, you might be able to sell it for a nice sum. You can use our qualification calculator to see if it’s a good fit for you.

Get Back in Shape

If you’ve spent forty years behind a desk or the wheel of a tractor-trailer and now emerge to find yourself full of creaks and groans, don’t accept that as your new reality. Even individuals with serious medical issues like hypertension or diabetes can reclaim some of their youthful vigor and flexibility through light exercise like yoga or a walk with your friends, pets, or grandkids. Always seek the counsel of your primary care provider before beginning an exercise regimen–but unless you’re in seriously dire straits, we’re betting they’ll be ecstatic to hear you’re ready to become more active.

Learn to Live on a Budget

Maybe you were lucky enough in the heyday of your success to be raking in the dough, but now find your dollars have to stretch a little further. Instead of focusing on the negatives of the habits you’ll have to relearn, approach this as your newest challenge. Simple resolutions like eating all the produce instead of throwing half away when it goes bad, using AirBNB instead of shelling out for a hotel room when you travel, or downsizing to one car will save on expenditures, help you feel more empowered about your lifestyle, and maybe bring more variety into your golden years than you ever expected.

LSA QCal

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