By Bill Barks
Director, Retirement Plan Services
Email Bill
Time flies, and retirement can sneak up on you. This summer, you can prepare for it by using your vacation time as a retirement trial run.
Here are some things to think about while you’re having fun in the sun …
The cost of travel: Flying somewhere this summer? Keep track of ticket costs and hotel stays. This will give you a realistic, practical sense of how traveling will fit into your retirement budget in the future. It could also change your approach to traveling, opening your eyes to more affordable alternatives and persuading you to stick to road trips.
Post-retirement activities: Rather than blindly committing to a new hobby, take this time to try some out. For example, instead of joining a country club and buying a fancy five-wood, practice your swing with a complimentary club at a venue like Topgolf. Or visit someplace like Pottery by You, where you can walk in and make a piece of art right there on the spot with no prior experience.
Lucrative leisure: Don’t like the idea of not working at all? Try your hand at making your hobby pay! Let’s say you find a knack for crafting clay cups at Pottery by You. Open an Etsy shop to sell them online! Or start baking for friends and neighbors to see how quickly you could fulfill local orders if you started a food business out of your home.
Local blindspots: Use your time off this summer to check out local places you’ve put off visiting because of work. Take in a summer blockbuster at the Indiana State Museum IMAX. Or take your grandkids to The Children’s Museum. Try out The Escape Room with friends or family. You may become a regular at these places, thus giving you something to do come retirement time.
Tracking your likes and dislikes: As you enjoy PTO this summer, keep track of the kinds of places and activities you like — as well as the ones you want to avoid in the future. Keep a journal, make lists, compile links to websites of places you’ve visited, subscribe to newsletters for your favorite places’ upcoming events, etc.
Some people avoid retirement because they don’t like the idea of a post-work life lacking in structure. But as you plan summertime fun this year, think of it as a chance to pregame for retirement. Then, when retirement rolls around, your mind won’t draw a blank. You’ll have a vision for your future!
If we can assist you further with preparing for your retirement, please contact Bill Barks at (317) 613-7867 or email him.