What Not to Do in Retirement - 5 Things to Avoid in Later Life - Rest Less (2024)

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Mahalia Connor March 14, 2023

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With significantly more free time for you to decide how to spend it, it’s important that you keep your wellbeing in mind when deciding what commitments to make and how to fill that time.

This includes keeping in mind the physical activities that you participate in, as well as dedicating your mental or emotional capacity to others.

We reached out to our Rest Less Events community for some top tips on how youshouldn’tspend your retirement, and came up with 5 things to avoid during your retirement (and what to do with it instead).

The most popular answer by far was:

1. “Do not sit inside all day doing nothing”

What Not to Do in Retirement - 5 Things to Avoid in Later Life - Rest Less (1)

Some suggestions of other ways to spend your newfound spare time included:

  • Get Outside– many retired people spend time inallotment gardens. You can apply for an allotment via your local council, however there are also many public or shared plots run by local groups or charities, such as one owned byAge UK Herefordshire & Worcestershire.
  • Join Local Clubs or Special Interest Groups– read our beginner’s guidehere
  • Travel– whether it be solo travel,cruising, or asafari adventure, there are plenty of tour companies specialising in travel for retirees. Many retirees choose to take aGolden Gap Year
  • Adopt a Pet– you may find you desire a new type of companionship in your retirement. This often comes in the form of a pet. Older pets often don’t get adopted by families, and also may not need as much physical exercise. Speak to your local animal rehoming centre for advice on how you can give a pet a new home.
  • Volunteer– Giving back to the community and making a difference in the lives of others can be so fulfilling. There’s a lot to consider when deciding whether to commit yourself to volunteering, and how much time you want to dedicate to the cause, so read our guide onVolunteering in Retirementto see if you think it could work for you.

“Volunteering has been proven to promote a positive mental attitude – essential in retirement.” – Pat

However, it is important to find the right balance for you, which could be a very different pace to other retired people you know. Patricia made a very important point, “One of the best things about being retired is the freedom to do what you want when you want. Make sure your volunteering doesn’t stop you doing that”.

2. “Don't run around like a headless chicken. Don't lose your identity.”

Many people who are at the stage in their life when they are thinking of retirement, or have recently retired are anxious of losing a large part of their indentity which developed through their careers – their work identity. There are plenty of resouces online which discuss this idea, for example, this Forbes article titled ‘Grieving The Loss Of A Work Identity‘ and this podcast from Harvard Business Review, titled‘How Retirement Changes Your Identity’.

It is important to look after yourwellbeing in retirement, both physically and emotionally. That includes setting clear boundaries with anything you have signed up to help with or participate in, as Micheline said, “Don’t over commit – or life will be one mad rush again, governed by the clock”. This includes setting boundaries and learning to say no, even to family. Pat warns, “Don’t let your children rely on you being available when they want you, soon you will have no time for yourself.”

3. “Never think you are too old to take up a new challenge!”

  • “Don’t stop trying new things.”– Patricia
  • Learn a new skill– There are plenty of free courses for over 60s, read our essential guidehere.
  • Re-enter education– this could be studying for an A-Level course, a university degree, or the many other different types of qualifications out there, learning has no age limit! Don’t want to become a student again, what aboutbecoming a teacher later in life?

Priscilla shared that she is now studying for a Level 3 in Art and Design. “After supporting others in Education for years I’m now the one doing the learning and loving it.”

Jenefer also directed us towards a free online course by the University of Tasmania calledUnderstanding Dementia (MOOC). “I found it so informative when befriending a 90 year old lady. And who knows, it may even help me to understand what’s happening to me in the future.”

4. “Don’t procrastinate…do it now!”

A lot of people urged others to do everything they wanted while they could. As Eila wrote, “Don’t put it off. Do it whilst you can. You never know what’s round the corner”, and pointed to the Covid-19 pandemic as a good example of why you should grab life with both hands while nothing is stopping you!

Some tips to avoid procrastinating in retirement include:

  • Filling your diary with plans – if you physically write it down, you are more likely to commit to something rather than just saying it or thinking it.
  • Be open-minded and flexible – you may think that this would counter the point above, however if an amazing opportunity comes your way and you can be flexible with your plans, take that opportunity while you can! It might not be available again.
  • Set yourself small goals – is there something you always wanted to learn? A new skill you wanted to try? Now that you are retired you can set your own goals!

5. “Don't forget the reason you saved for retirement”

If you are fortunate enough to have retired financially comfortably, make the most of it! Jane told us, “I had saved all my life for retirement but still had to give myself permission to spend it”.

This short article from Forbestalks about how many people are torn between leaving a legacy for their children or grandchildren, and spending the money for themselves. By creating a plan, you can fulfill your wish to leave a legacy, but also enjoy your retirement by giving yourself permission to spend your money.

Final thoughts to remember

“I’ve been retired 20 years and they have been wonderful years.”– Sue

Most importantly

“Find your own rhythm!”– Linda

Mahalia Connor

Mahalia is Head of Community Engagement at Rest Less Events so you will often find her chatting away to community members! She loves collaborating with members of Rest Less Events to come up with new ways to engage the community that create truly authentic and special moments of connection. When she's not busy dreaming up new ideas for Rest Less, you can find Mahalia getting creative at home with all sorts of whimsical art projects!

* Links with an * by them are affiliate links which help Rest Less stay free to use as they can result in a payment or benefit to us. You can read more on how we make money here.

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What Not to Do in Retirement - 5 Things to Avoid in Later Life - Rest Less (2024)

FAQs

What should you never do when you retire? ›

Overspending. Many people find themselves on a reduced or fixed income in retirement. So, it's really important to make sure you're not overspending. Creating a clear budget can help you track where your money is being spent each month, ensure you're not living above your means, and help you stay out of debt.

What is the number one mistake in retirement? ›

Most Common Retirement Mistakes

According to professionals, the most common retirement planning mistakes are time-related, like outliving savings or not understanding how inflation can affect a portfolio over time.

What is the 3 rule in retirement? ›

A 3 percent withdrawal rate works better with larger portfolios. For instance, using the above numbers, a 3 percent rule would mean withdrawing just $22,500 per year. In this case, you may need additional income, such as Social Security, to supplement your retirement.

What is the 4 rule for retirees? ›

The 4% rule says people should withdraw 4% of their retirement funds in the first year after retiring and take that dollar amount, adjusted for inflation, every year after. The rule seeks to establish a steady and safe income stream that will meet a retiree's current and future financial needs.

What is the #1 regret of retirees? ›

1. Not saving more. The biggest regret by far for older Americans was not saving more. Over half (52%) of Hurwitz's and Mitchell's survey respondents expressed this regret.

What was the worst year to retire? ›

As Pfau notes, the period in the late 1960s and early 1970s was a tough time to retire. Inflation ran rampant, and the S&P 500 scored several significantly negative years in that period. Returns were particularly poor in 1966, 1969, 1973 and 1974.

What is the $1000 a month rule for retirement? ›

According to the $1,000 per month rule, retirees can receive $1,000 per month if they withdraw 5% annually for every $240,000 they have set aside. For example, if you aim to take out $2,000 per month, you'll need to set aside $480,000. For $3,000 per month, you would need to save $720,000, and so on.

What is a good monthly retirement income? ›

Average Monthly Retirement Income

According to data from the BLS, average 2022 incomes after taxes were as follows for older households: 65-74 years: $63,187 per year or $5,266 per month. 75 and older: $47,928 per year or $3,994 per month.

How long will $500,000 last in retirement? ›

Summary. If you withdraw $20,000 from the age of 60, $500k will last for over 30 years. Retirement plans, annuities and Social Security benefits should all be considered when planning your future finances. You can retire at 50 with $500k, but it will take a lot of planning and some savvy decision-making.

What is the number one concern in retirement? ›

1. Saving Enough Money: Perhaps the top retirement concern is the idea that without steady employment, it might be difficult to have enough resources to maintain your preferred lifestyle. The cost of living can be high, and Social Security benefits may not be enough to cover all your living expenses.

What is the golden rule of retirement planning? ›

Embrace the 30X thumb rule: Save 30X your annual expenses for retirement. For example, with annual expenses of ₹25,00,000 and a retirement in 20 years, aiming for a ₹7.5 Cr portfolio is recommended.

What is the 10 retirement rule? ›

The 10% rule of investing states that you must save 10% of your income in order to maintain a comfortable lifestyle during retirement. This strategy, of course, isn't meant for everyone as it doesn't account for age, needs, lifestyle, and location.

What is the 25 rule for retirement? ›

If you want to be sure you're saving enough for retirement, the 25x rule can help. This rule of thumb says investors should have saved 25 times their planned annual expenses by the time they retire, according to brokerage Charles Schwab.

Is it okay to do nothing when you retire? ›

Retirees are often advised to stay busy and do something meaningful. For the most part this is good advice. No one wants to feel bored and useless in retirement. But sometimes it's nice to just relax and do absolutely nothing.

What should you not do with your retirement money? ›

Don't touch your retirement savings

If you withdraw your retirement savings now, you'll lose principal and interest and you may lose tax benefits or have to pay withdrawal penalties. If you change jobs, leave your savings invested in your current retirement plan, or roll them over to an IRA or your new employer's plan.

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