- Posted October 25, 2013 by
Where should your retirement money go?
When we retire during the early times it is like closing a door and not opening a window anymore. Lest we forget that we can actually do a bunch of things to make our retirement meaningful. We don’t have to fret and feel totally useless, and more importantly we can showcase how wise we have become through the years by displaying how and where to spend our retirement money.
That traditional concept of retirement is pretty much dead. The new retirement comes in many forms. It might include playing golf, traveling and even doing volunteer work, but it’s also likely to involve part-time work for those who still feel like doing such. Or for a more realistic and specific application of our retirement money why not consider placing customized home additions like awnings or verandas. Who wouldn’t want to retire in a beautiful home right?
On top of everything, the objective of retirement is mainly attaining financial independence. It is that point in life where our career and life choices are no longer motivated by financial need. More and more, our retirement income depends on how much we save and how we manage our own money.
According to Investopedia, the first official baby Boomer began amassing social security disbursements in late 2007, commencing a long and powerful wave of boomers reaching retirement age. As a population considered having more concerted spending power than any other in the world, how these entities spend will have a deep bearing on the investment landscape.
How to smartly spend your retirement money
Generally, a retirement income is an established one nonetheless without much flexibility for abrupt flow in spending. Let’s enumerate some of the smartest things you can do to make sure your dollars are not flowing out wastefully.
1. See the world. See it now.
Now that you finally have the time to travel the world and see all those places you've dreamed about, make sure to be wise and put your traveling money into something you will never regret. Travel is a great way to use your money as you gain new experiences and create memories, both of which will last you much longer than buying stuff that you will outlive you eventually.
Mix traveling with a hobby that you never had the chance to make time for when you were still so busy at work. Try to cook, taste the best wines, visit famous places, meet new people and make friends. Live and breathe without having to worry about work stress the following day.
2. Do not stop learning new things.
Venture in the world of lifelong learning. Those books that you’ve been dying to read and abilities you wish to develop; your retirement is an opportunity for you to make time for them. A new book is definitely worth the money. An advanced class on the skill you’ve wanted to hone may just be what you need. The joy and challenge of learning new things add fullness and depth to your life.
3. Do something you haven’t done before.
Picture an old couple sitting on the veranda. Those are your grand folks. It's a refreshing time for seniors, and it can still be fun. Perhaps go back to your bucket list and see what you have there. Have you crossed out most of them? If not then check out the most sought for adventure you’ve been living and dying to experience.
4. Build a collection.
Anyone of us has a particular fetish for something. Although some may have common items that they collect, some also have expensive and unique ones. If you have extra money from your retirement fund perhaps you may want to consider collecting stuff. It’s a good way of making sure your money is placed somewhere or onto something that you can physically vouch the existence and value of.
5. Put your money into something you can gain profit from.
Investing in the stock market or in real estate can be a profitable and exciting hobby as a retiree. Then again it depends on the spare funds you have available. You can also find other ways to invest that fits your interests better. Be a venture capitalist, provide loans and help people who are just starting. That way you can also extend your knowledge and experience to them.
Investing your retirement fund in your own interests and passions, guarantees better rewards and even makes your retirement a happier one. Whichever way you spend it though just makes sure that you are satisfied.