Now that you’re retired and fortunate enough to have saved up your 401(k) for exactly this moment, how are you going to spend it? Fly to Vegas and put it all on red? I certainly hope not. Consider some of these ideas for a fun and fulfilling retirement.
The first thing you should do is invest your money in assets that are going to continue paying you passive income for life. Buy a house for rental income so you can eventually make back all the money you originally used to buy the house, and then continue making even more from it to use towards other things you want in retirement. Done right and essentially you’ll never spend down your 401(k), rather just use it as collateral to acquire a source of income. You should also invest in the right healthcare options, such as Medicare supplement plans, to ensure you’re completely covered healthwise.
If you spent your life working hard and focusing on your career, you may not have had the opportunity to travel quite as much as you may have wanted to. Well now’s the time to go wild. Plan out trips to all of your must see destinations and don’t hold back. You should look at this as an investment in your happiness, and you deserve it. Make sure you’re carving out time for yourself. You might even consider buying some vacation property for yourself so you can keep visiting your favorite spot each year.
You’ve undoubtedly garnered a passion for a cause or two throughout your lifetime. One very important way to feel fulfilled in life is to give back to the causes you’re passionate about and show your support. You can pick a couple organizations you feel most closely aligned with, or spread your giving across organizations all for the same cause. These days, you can even have part of your online shopping sales go to charity.
You want to keep yourself occupied during retirement, you might as well be having fun while you’re doing it. You might call this category “Toys” for yourself, but let’s disguise it as hobbies instead. If you’re into Golf, spring for some nice new clubs or a tour of courses somewhere away from home. Spend a couple weeks in wine country and learn all there is to know about wine making (and drinking). Or spring for the expensive camera and hone your inner photography skills you never capitalized on. Just be sure to enjoy yourself!