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GETTING TO RETIREMENT is lazy work for an indexing aficionado. What could be easier than stuffing money every paycheck into an all-in-one target-date index fund? Even building a two- or three-index-fund portfolio takes minimal effort.
Actually retiring, on the other hand, feels like a fulltime job. Who knew that spending money takes more thought than earning, saving and investing it? At age 61, I’m faced with important decisions that I want to get right, including which withdrawal strategy to use, whether to buy an annuity, converting to a Roth or not, and what age to claim Social Security. Just when I thought I had this personal-finance thing figured out, I’m discovering that I’ve only just begun to work on the problem.
Then there’s the question of what to do with my time. On that score, at least, I think I may be a step ahead of the game.
I discovered at an early age that I’m happiest when I’m busy. In my 20s, work devoured every extra hour I was willing to give. I had no need for other pursuits to quench my thirst for industry.
Later, as I moved into my present career, and then on to marriage and a family, I learned to keep my work hours within reasonable bounds. I’m still happiest, however, when the hours not consumed by my job are dedicated to endeavors I consider productive and useful. I derive even more joy when others benefit from my efforts. To that end, I’ve found no shortage of people with needs that I can fill. I expect I’ll find the same is true once I’m retired.
For example, as a deacon, I help manage the secular needs of my church. Along with the weekly duties that keep Sunday services running smoothly, I share responsibility for budgeting, planning and spending projects. Even after my active days as a deacon are behind me, I suspect my successors won’t refuse an occasional helping hand.
Closer to home, my wife and I tend to the personal and financial affairs of family members. Our elderly mothers need care that grows more complex with time. Meanwhile, my wife’s brother passed away in January, so we’re now focused on settling his estate. Once this season of life ends, I don’t anticipate rushing to replace such responsibilities. Still, pitching in to help friends as we grow old together doesn’t strike me as an onerous use of my time.
I also carve out hours to feed my inner selfishness, hiding in my garden with the hope my absence won’t be noticed. One of my hobby’s great pleasures is sharing my harvest with those who appreciate fresh fruits and vegetables. I love soaking up the praise that’s lavished on me, even if the words are a little exaggerated. Their expressions are part of the ritual that turns my garden time into a satisfying exchange between friends. I plan to participate in this barter until I can no longer lift a hoe.
Perhaps the quickest route to a gratifying retirement is a slow winding down. As a physical therapist, I still find ministering to patients to be deeply rewarding. A part-time schedule that fades into a few pro bono hours at the free clinic or the senior center seems like a good way to ease out of the work world. Even now, I enjoy providing physical therapy advice or simple treatment to family and friends.
Can my vision for retirement work for others? I think it’s possible. Here are three suggestions:
1. Share your work. We all possess knowledge or skills that are valuable to others. Sharing a bit of ourselves with another person may sate the desire to remain useful while also helping an appreciative friend. A struggling small business might profit from the advice of a retired CEO. Many seniors depend on volunteers for tax return preparation. A retired handyman may find an endless supply of broken light switches and leaky faucets to mend.
2. Share your hobby. How? Find a fellow chess player who longs for more company than her computer provides, or introduce a favorite dish to a shut-in who’s tired of TV dinners. My wife’s mother shares her hobby by giving away countless crocheted afghans. Have an interesting financial story? I’m sure the HumbleDollar community would like to read it. For instance, one of the site’s writers found a unique way to combine his hobby with service to a cause he’s passionate about.
3. Share your time. Has your busy life been too crowded for family and old friends? Employ your organizational skills to create a memorable reunion that revives those once-cherished relationships. Early in retirement, my father gathered our clan together for the first reunion in many years. Each family was presented with a genealogy notebook compiled by him.
Looking farther afield, remember that a place of worship often has a place for volunteers. So does a local school or animal shelter. An older friend with a generous heart donates her time to a hospice. Other opportunities abound, and even offer health benefits to volunteers.
At the moment, gazing from this side of retirement, I know I don’t have a perfect perspective and my views may change. But between generous portions of leisurely travel, indulgent reading and afternoon naps, I imagine a full schedule that’ll satisfy my restless nature—and that’ll give my retirement a sense of purpose.
Ed Marsh is a physical therapist who lives and works in a small community near Atlanta. He likes to spend time with his church, with his family and in his garden thinking about retirement. His favorite question to ask a young person is, “Are you saving for retirement?” Check out Ed’s earlier articles.
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Thank you for sharing your wisdom, Ed. I am keeping all those insights from you and other writers here at HD.com, as I am 41 and have another 20+ years to go. 🙂
Matt, I love the whole process of putting a dry seed in the ground and watching it become a part of a meal. Right now, I’m anticipating the spring peas and new potatoes four or five weeks from now. The queen of the summer garden is the tomato, In the fall, I love to grow the various greens and root vegetables in a pest-free environment.
I love this, Ed. What’s your favorite thing to grow in your garden?
Ed, I enjoyed this and don’t believe you’ll have any problem whatsoever filling your retirement days with lots of fulfilling activities.
During my working days I would ask retired friends and acquaintances how they liked their new status. The reply was often along the lines of “Oh, I’m busier than I was when I worked. There just aren’t enough hours in the day.” Etc., etc.
I always imagined they were likely bored and listless and were just saying this so I wouldn’t feel sorry for them. Funny thing, 6 years into retirement, I say the same thing—and it’s actually true! Nature does abhor a vaccuum.
Andrew, I look forward to confirming your prediction!
Sounds like you are well on your way to a meaningful retirement.
As you help with settling the estate of your brother-in-law I would encourage you to seek out a comprehensive estate tax return (706) checklist to help you. If you already have a personal tax preparer they likely have a checklist or two they can send you from the tax research organization they use or a professional group they belong to. Those estate tax checklists tend to be long but I find helpful even when an estate tax return is not required.
I also like to read a blog by attorney Harry Margolis about estate matters at https://askharry.info/ that I find makes me think about unusual issues in estate matters. I have seen my local probate court provide a DIY checklist of court filing requirements for those small and simple estates that do not require an attorney when circumstances and state law permit.
One thing that I had been meaning to do that I finally did was to have my intent to be an organ donor recorded on my driver’s license following the example of a dear friend who died who made anatomical gifts.
I appreciate the tips!
You are a very insightful human being.
I’m not sure I can claim that description, but thank you for your kind words.
It’s good to be thinking ahead. When I retired I didn’t plan ahead what I would do with my time. However, I have received a lot of enjoyment helping people and volunteering with Habit for Humanity. I gave up all my expensive hobbies I enjoyed before retirement, but did learn a new one after retiring…clock repair.
It was quite heartwarming to read how you approached retirement. I’ve only worked all along, most of my friends are from work, and this is the biggest fear I have to overcome before life and circumstance force me into retirement.
Nice article, Ed. It sounds like you have a good sense of yourself, and that you and your wife have a great start on how you will spend your time in retirement. It’s good to see you are already engaged in these activities.
I’m off to do volunteer tax returns in a few hours. I’m happy I found a volunteer activity that combines things I like – finance, math, figuring things out – with helping others. It also provides insight into how many seniors have navigated retirement. The other day a feisty octogenarian offered me a $1 tip for doing her return. It was funny and sweet and made my day.
Rick, I recently heard of some great work by a VITA volunteer. He saved a senior quite a sum in taxes.
Wish I lived near you. The tax person I’ve used for over 20 years has made some major errors on our 2022 return. I wouldn’t have caught the errors if I hadn’t decided to review the return. The return was completed and electronically filed and we have already received a refund, but we actually owe. We are still waiting on a corrected return after two weeks.
Rick, how did you spend (or invest) that dollar? 😉
Hey Rick, watch how you throw around octogenarian. In a few months that be me.
The real question is did her tax return show she could give a bigger tip?🤓
Dick, Octogenarian is a badge of honor! The VITA program has strict rules against accepting any money for the service. Home made cookies, donuts, candy … are always appreciated by the team.
Ed..thank you for a beautiful article. Your caring, sharing attitude can be adapted, not only in retirement, but throughout life. I was especially touched by your feeling towards mothers. If we have obligation to no one else in life I believe we owe our parents everything.
Your retirement will unfold as it should and I believe you’ll receive many blessings.
I agree. I think it’s both a duty and a privilege to help our mothers when they need us most.
Could childhood experiences set the course for successful retirement? As a child, I was never bored, though without siblings and often having to entertain myself. In retirement, I have yet to be bored. My only regret so far is that the days are not long enough!
Good suggestions.
Not sure why, but before I retired I never gave a thought to life after retirement, what I would do or would I be bored. It could have been a big mistake, but the reality is after 13 years I still look forward to a day not having anything to do.
Many of my busy days are quite mundane, but still busy. It’s golf today. I think most retirees will find the days are full if they want them to be and the older you get the less of an issue it becomes.
I was thinking of running for our condo HOA board, but they meet once a week at 7:00 PM. I could hardly go to a meeting in my PJs 😃
Dick..where have you been? PJs are now an acceptable form of outerwear—children in school now have Pajama Days. And since you’re fond of smiley faces, I have seen some with that pattern.
Go for a seat on the HOA board. Guarantee the other members will pay attention.
Good point. I may rethink my position.
In all seriousness I think you would make a fine addition to the HOA and I know you would keep them on their toes.
Not being bored in retirement is truly a blessing. If you are busy because you are contributing and not bored as a result, it’s a nice circular benefit.