3691: What Will You Do When You're Retired? by Darrow Kirkpatrick of Can I Retire Yet on Retirement Planning

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[00:01:00] This is Optimal Finance Daily. What will you do when you're retired? By Darryl Kirkpatrick of caniretireyet.com. And I'm Justin Malek. I read to you every day with permission from the authors, all to give us both a little push in the right direction. So with that, let's keep pushing as we optimize your life.

[00:01:22] What will you do when you're retired? By Darryl Kirkpatrick of caniretireyet.com. Quote, If all the year were playing holidays, to sport would be as tedious as to work. Shakespeare. Mention retirement at the office.

[00:01:47] Most people will be conjuring visions of sun-drenched beaches, lush golf courses, soaring mountains, or shimmering poolsides. Everybody knows that retirement has to be awesome because vacations are awesome, and retirement will be just like a vacation, only longer, right?

[00:02:05] Not exactly, in my experience. A satisfying retirement, I've found, is ultimately a new mixture, or a repurposing, of the same ingredients that were in your working life. What will be the right mixture for you? It's worth thinking this through a bit before you actually pulled a plug on your job. Leaving a career behind is a serious decision, so it's only sensible to plan ahead. But be realistic. Expect the unexpected.

[00:02:35] This is a big life change. Did graduation, marriage, kids, work, ever go exactly as you planned? For some people, retirement might just mean bigger helpings of the usual leisure activities. And perhaps for some, as an antidote to years of stressful work life, that will be good enough.

[00:02:55] After decades of getting up to an alarm clock, commuting, dealing with schedules, agendas, priorities, goals, and objectives, all set by somebody else, you might need a good long break with nothing much to think about. But in my experience, that period of unadulterated leisure eventually ends. In truth, most people will need more out of retirement than pure leisure.

[00:03:22] Here, then, are the elements I believe make for a truly happy and satisfying retirement. Number one, fun. Without question, retirement is a reward of sorts for having worked long and hard and been a wise steward of your money. You ought to get to do something now that is genuinely luxurious and fun by your own standards. Otherwise, you're likely to feel cheated.

[00:03:48] The older generation in my own family did things like move to the beach or build a homestead in a rural setting. For myself, I bought a small RV, relocated to our dream retirement town, upgraded all my outdoor gear, and spent even more time hiking, biking, and climbing. Number two, staying busy. In a satisfying job, most of us require a minimum of useful assignments to perform.

[00:04:16] Reasonable tasks that interest us and match our skills. Retirement should be no different. The difference is that you are now 100% in charge of your assignments. And it makes no sense to be bored when you finally have the time and freedom to do whatever you want. Most people, given the opportunity, find meaningful activities. They travel, join, connect, learn, study to get a fresh perspective on life.

[00:04:46] If that doesn't work for you, you can always go back to work on your own terms. Above all, don't let yourself lose interest in life. What a waste. Number three, creativity. Whether it be taking photographs, painting watercolors, blogging, writing that novel, or starting a small business, it is hard to envision a satisfying retirement that doesn't involve an element of creativity.

[00:05:14] At last, you are free to invest your time as you see best, beyond the strict rules of the workplace. Retirement is the perfect occasion to try your hand at expressing your individuality in something new in the world. Maybe you do it for the sheer joy of self-expression. Or perhaps you have an eye on leaving a legacy that informs others. Either way, you are older and wiser,

[00:05:39] and can care less about measuring up to any standards other than your own now. Number four, productivity. Just because you are no longer tied to a job doesn't mean you can no longer be, or won't want to be, productive. What do we mean by that word? One dictionary definition reads, yielding results, benefits, or profits. In the traditional work world, that usually means getting paid.

[00:06:07] But that may or may not be true in retirement. Making money is surely one useful measure of productivity. You create something of value for others, and they trade you money for it. But that's not the only measure of productivity. Volunteer work or community activity can yield genuine results and benefits for others that does not involve a profit. The main point may be to have goals and make progress towards them.

[00:06:35] The psychology classic, Flow, the psychology of optimal experience, reports on research showing that people are actually happier at work, stronger and more satisfied, less dull and apathetic, than in leisure. At work, we are usually challenged to use our skills in achieving certain specific goals. And in retirement, we don't have to give up that satisfaction, but we do get to choose our own goals.

[00:07:03] Number five, service. The satisfying retirement lifestyles that I've observed include some element of service. It just makes sense. We all know deep down that helping others is one of the most satisfying ways to spend our time. But in the hectic career and family years, we may not have as many opportunities for service outside the home. In retirement, at last, you have the time and freedom

[00:07:31] to find your own best route to improving the world. Ideally, that will be a path that truly leverages your own talents and passions. For some, that might mean volunteering in the community. For others, it might be signing on to political causes. For others, it might be creating something of value and beauty. In my own case, I've been able to combine my long-term interests in personal finance and writing into a retirement avocation through my blog.

[00:08:01] Yes, this is a business, and it makes a small profit on the side. But once you figure in the time I spend maintaining software, researching and writing posts, replying to comments and emails, I'm making a little above minimum wage. So it's a labor of love that helps people and the world, and that's what really matters to me. And number six, freedom. Lastly, retirement should have an element of freedom, right?

[00:08:29] You are retiring from a workplace that somebody else created and structured so that you can spend the rest of your life following your own passions on your own timetable. Sounds good, but if you wind up locked into a web of social, service, or family obligations, you may not feel that retirement has accomplished much. You could just wind up trading one overscheduled, overcommitted life for another.

[00:08:57] Alas, I think this might be the greatest danger in most retirements, missing the sense of space that this stage of life deserves and requires. Some people like being overscheduled, but for me, it squeezes out the taste of true personal freedom that ought to accompany financial freedom. So what's my biggest challenge in retirement to date? Boredom is nowhere in sight for me. I'm constantly busy with creative, productive activities

[00:09:26] that are often of some service to others. And I'm generally having great fun doing it. I'll be honest, my biggest challenge now is stress. Not that dismal grinding stress of an unwanted job or work environment that drones on day after day. Now, I'm talking about the stress of being pulled in a dozen different directions by people, activities, places that you all love. Once there are no longer obstacles to pursuing your dreams,

[00:09:56] you take on new interests and deepen old ones. The activities, projects, and goals that were impossible when you were working now become possible, even necessary. So I often feel like there isn't enough time in the day to capitalize on every opportunity for fun, creativity, learning, service, experience, or connection. Thus, I've had to cultivate a finely tuned ability to say no,

[00:10:25] even when it's uncomfortable or unprofitable, just to keep my sanity. Apologies if you've been the recipient of one of those no's, but now you understand why. And I'm still too busy in retirement. This is one of those problems that most people would love to have, so I'm not going to complain about it further. But, if you're nearing retirement, you've been warned. You just listened to the post titled,

[00:10:56] What Will You Do When You're Retired? by Darryl Kirkpatrick of CanIRetireYet.com. I'll be right back with my commentary. You know what's funny? We'll hit the gym, eat clean, track our sleep, then slam coffee all day to function. My stomach's sensitive to caffeine, so I've had to stop drinking coffee. But that's why Ultra Pouches caught my eye. Completely nicotine-free and caffeine-free.

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[00:13:15] Please support the show and tell them we sent you. Thank you to Darrow. This is a fun one to think about. And we've touched a little on this before, but always nice to hear a fresh perspective. I like that he pushes back on the fantasy that retirement is just one long vacation. He makes the point that a couple weeks of pure beach time is great, but eventually most of us need more than that. Some mix of fun, staying busy, creativity, being productive,

[00:13:45] service to others, and a real sense of freedom. And those are basically the same ingredients that were in your working life, just remixed on your own terms. The productivity one surprised me a little. He mentions research showing people are often happier at work than at leisure, because work gives us goals and a chance to use our skills. The difference in retirement is that you finally get to pick your own goals.

[00:14:13] And the twist at the end was interesting. His biggest challenge isn't boredom. It's being so busy with things he loves that he's had to learn to say no. That's a great problem to have. So even if retirement is a long way off for you, it might be worth asking now, not just can I afford to stop working, but what would I actually move toward? The money is really only half the puzzle.

[00:14:42] And with that, thank you for being here every day and optimizing your life along with me. It means a lot. Have a great rest of your day, and I'll see you tomorrow as usual, where your optimal life awaits.