Retirement is often referred to as “the golden years,” and with good reason. After a long, dedicated career, now’s the time to finally catch up on all your lifelong goals. So just what are American workers planning on doing when they get there? To help you with planning retirement, we’ve taken a look at the top five retirement goals.
1. Spend Time with Family and Friends
Seeing friends and family was the top retirement goal for workers, according to a survey from HSBC. You’ll have plenty of spare time, so why not spend it with the people you cherish most? It’s the perfect opportunity to catch up on all the memories that you didn’t have time for when you were busy working.
Travel is ranked as another top goal for retirement. Most people have limited vacation days, and the workplace is always busy, so it can be tough to use what time off we’re given during our working years. A long trip abroad really isn’t possible for many.
When people retire, they finally have the time to take the dream trips they always wanted, not to mention the flexibility to book trips during the off-season, when they can get a better deal.
3. Work Part-Time
It might be a sign of the times and our new economy, but half of American workers plan on working during retirement, according to the TransAmerica Center for Retirement Studies. Some see it as a necessity. They believe they will need the extra part-time income to supplement their savings, so they don’t outlive their money (If this possibility is a concern, check out how a life annuity can help.)
But not everyone works after retirement because they have to. Some retirees want to continue working part-time simply because they enjoy working and want to keep busy. Others see it as a chance to try a new direction they’d always been intrigued by, like starting their own business. In any event, many workers do not plan on completely leaving the workforce at retirement.
4. Education and Self-Improvement
American workers also see retirement as a great chance to learn and better themselves. Many would like to take courses at the local university or community college, which often provide special discounted classes for retirees. Others see retirement as a good chance to work on a hobby that they didn’t have time for during work years. Finally, exercise is a top priority. It’s important to stay healthy and retirees want to use their spare time to be more active.
Finally, American workers want to give back after they retire by volunteering in their local communities. Charities always need more help, so this is a great way to fill up your week while doing a good deed
What are your top retirement goals? Schedule a consultation with Nicholas Wealth Management today to see how we can help you achieve them.
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