By Daniel Korleski, MBA
Retirement may feel like it’s something you may do at the very end of your life, but if you retire at 65 and have good health prospects, you could have 20-30 more years left. After working hard for 40-plus years, doing nothing sounds like a dream come true, but having free time could easily turn into boredom and possibly depression. To make matters worse, many people lose their spouse during old age, which could leave you feeling lonely as well. Making the most of your golden years does not mean you have to travel the world or play golf all day. Your happy retirement will look different from your peers, but here are 4 fundamental things you should do to ward off boredom during retirement.
Find Purpose
One of the most commonly suggested things to do in retirement is to find purpose in your new phase of life. As you transition out of the workforce, you may find yourself feeling like you don’t have a reason to get up in the morning. Studies have shown that you can prevent this feeling by living a purpose-driven life and that individuals who feel fulfilled are happier and healthier on average than those who don’t. (1) Not only that, they also live longer! (2) You can find purpose in retirement by:
- Volunteering for a local nonprofit or church
- Spending time with your grandchildren
- Pursuing a newfound hobby
- Working on home-improvement or DIY projects
- Taking a class or learning a new skill
- Traveling locally or abroad
Whatever you choose to do in retirement, doing it with a sense of purpose helps to make the most out of your time as opposed to just filling it.
Stay Healthy
Declining health and how to pay for the associated medical expenses is one of the biggest concerns for many retirees. In fact, 70% of Americans cite healthcare costs as the most pressing issue on their minds when planning for retirement. (3) Now that you’re in retirement, what better way to spend your time than prioritizing your mental and physical health?
Sure, genetics will play a role in how healthy you will be as you age, but there are also things you can do to mitigate your risk. Exercise and diet are key to maintaining health and they can also be fulfilling ways to fill your time. Try participating in group workouts like kickboxing, yoga, or pilates, or join a gym if you prefer to exercise alone. Any form of exercise is better than nothing, and it can help decrease your risk of premature death by up to 30%. (4) Learning how to cook a new style of food can also be a fun way to pass the time while also improving your diet.
Phase Retirement
Adjusting to retirement is a huge transition! Going from working 40-plus hours a week for 30-plus years to suddenly having all the time in the world is a shock to the system, to say the least. It takes time to adjust, so don’t feel pressure to rush into retirement all at once. Instead, try working part time or using a phased approach to retirement.
It’s becoming increasingly popular for people to approach retirement in phases, slowly adjusting to reduced hours, part-time work, then eventually full retirement. Studies have shown that gradual retirement and a sense of control over your timeline can actually lead to increased levels of happiness among retirees. (5)
Prioritize Friendships
Researchers at Harvard have found that retirees who are able to consistently spend time with friends report increased levels of happiness as opposed to those who spend their time alone. (6) Spend time connecting with your friends, family, and loved ones throughout retirement. It can help prevent loneliness and provide a sense of purpose and fulfillment. Knowing that you have a strong support system can make a significant difference in your overall level of happiness, and it can be a great way to fill your time, especially if you experience the loss of a spouse, fall on hard times, or suffer from declining health.
How We Can Help
Are you nearing retirement and wondering how to spend your newfound free time? At Cobalt Private Wealth, we can help you navigate the next chapter of your life with confidence and find a fulfilling path to retirement. To learn more about how we can help, reach out to me at danielkorleski@cobaltprivatewealth.com or 719-332-3863 to schedule a meeting.
About Dan
Daniel Korleski is the President & CEO for Cobalt Private Wealth, where he helps his clients grow, manage, and protect their wealth so they can work toward a stronger financial future. With over 30 years of experience in the financial services industry, Dan has served as the managing director for Investment Trust Company, chief investment officer for the Wealth Management Group at American National Bank in Denver, and regional investment manager for the Greater Colorado Region of the Private Bank at Wells Fargo, where he oversaw the management of over $2 billion. In 2008, he was appointed by the mayor of Colorado Springs to the City’s Investment Advisory Committee. Dan holds an MBA in investment management from Midwestern State University in Wichita Falls, Texas, a Bachelor of Science in Finance from Florida State University, and is a member of both the CFA Society Colorado and The Financial Planning Association.
Dan loves to give of his time to his community and has served as Chair of the Board of Trustees of Pikes Peak Hospice Foundation, the Board of Directors of Catholic Charities of Central Colorado, President of the Broadmoor Rotary Club and Vice President of the Board for the Pikes Peak Chapter of Trout Unlimited. Dan was born and raised in Spain and is fluent in Spanish. When he’s not working, you can find him traveling around the world with his wife of 23 years, Montse, fly fishing, golfing, and hiking with his golden retriever, Curro. To learn more about Dan, connect with him on LinkedIn.
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(2) https://hrs.isr.umich.edu/publications/biblio/11635
(4) https://www.sciencedaily.com/releases/2015/01/150114143118.htm
(6) https://www.health.harvard.edu/mental-health/can-relationships-boost-longevity-and-well-being
