How to avoid growing bored in retirement
From the moment young men and women first walk into the office for their first day as a working professional until the day they officially retire, the notion of planning for retirement is never far from their minds. But when the day to hang up the briefcase and donate all those business suits arrives, some retirees wonder what to do next. Some retirees know exactly how they will spend their days when they no longer have to work, while others who decide to play it by ear may find themselves battling boredom.
For those among the latter group, it’s important to understand that many retirees find themselves bored once they no longer have to focus on a career. Jobs keep men and women busy and provide a sense of purpose in their lives, so it’s understandable that retirees feel bored once those jobs are no longer a part of their lives. But just because
Many couples look to downsize once they retire. Empty nest retirees may no longer need their large family homes, which can be expensive and difficult for seniors to maintain. While some retirees choose to move into senior living communities or condominiums, some opt to be a bit more adventurous and venture further from home.
A number of retirees choose to spend their golden years abroad. Doing so can equate to a more adventurous retirement, a lower cost of living and the ability to stretch you no longer have an office to go to every day does not mean life cannot be as fulfilling or even more fulfilling than it was when you were still working. You just need to find something to avoid succumbing to retirement boredom.
• Work part-time. Though it might seem odd to start working right after you retire, a part-time job can provide the type of structure you have grown accustomed to without all of the responsibility that comes with a full-time career. Part-time jobs can range from consultancy work that makes use of your professional experience to something entirely different like landscape maintenance at a nearby golf course that gets you out of the house and enjoying the warmer seasons. Whichever you choose, make sure it’s something you find fun and interesting.
• Embrace a new hobby. Working professionals often retirement savings much further than if you decided to stay closer to home. Many of the more popular international retirement locations offer beautiful climates, culture and health care systems that are hospitable to retirees.
Affordability is a key consideration for men and women mulling whether or not to retire internationally. According to U.S. News and World Report, retiring overseas may run the average person anywhere from $700 to $1500 USD per month. Those who can offer higher budgets may be able to retire say they wish they had time to pursue a hobby. Now that you are retired, you have all the time in the world to do just that. Whether it’s perfecting your golf game, writing that novel, learning to cook like a gourmet chef or whatever else you might have always wanted to do, retirement is a great time to do it.
• Get in shape. If retirement boredom has started to negatively affect your mood, one great way to conquer your boredom and improve your mood at the same time is to start exercising. Exercise is a natural mood enhancer. When the body exercises, it releases chemicals known as endorphins, which trigger positive feelings in the body. In addition, regular exercise has been shown to reduce stress, boost self-esteem and improve sleep. Working out at a gym also is a great way to meet fellow retirees in your community, to any location of their choosing.
Before you make any drastic changes, first calculate your retirement budget. Add up retirement savings, Social Security income (if applicable), pensions, and any other investments or savings you may have. Have an estimate of the market value of your current home and any other property you may own. These figures will be your working numbers. Subtract your age from your estimated life expectancy and divide the retirement funds sum by that many years to see how much per month you will have to spend.
Once you have established your budget, begin investigating where you would like to live. Argentina, Ecuador, Belize, Costa Rica, and France are some of the more popular retirement locations among North Americans. Once you’ve selected a potential location, take a vacation there and explore. In addition to the climate, check out the infrastructure, shopping, medical services, amenities, and crime rates. Try the place on for size and figure out if this is an area where you can comfortably spend your retirement.
Once you have narrowed down your prospects, contact your native country’s embassy to determine what will be needed to legally live in a foreign country and obtain a visa. Some places are more accommodating than others with regard to residency visas.
It also pays to contact an accountant or tax professional to see what, if any, taxes you will still be required to pay even if you move abroad. Your obligation may be less than if you chose to stay closer to home.
Another consideration is health insurance. Government-sponsored plans may not cover services overseas, requiring you and the energy you have after exercising may give you the boost you need to pursue other hobbies.
• Volunteer. If a parttime job is not up your alley, then consider volunteering in your community. Volunteers are always in demand, and volunteering with a local charity can provide a sense of purpose and provide opportunities to meet like-minded fellow retirees, all while helping to quell your boredom. Retirees who love to travel can combine their passion for volunteering with their love of travel by signing up to work with an international relief organization that travels abroad to help the less fortunate.
Upon retiring, many retirees initially find themselves coping with boredom. But there are many ways to avoid the restlessness of retirement. to find an alternative insurance source. The good news is that many international plans may be more affordable than ones found in the United States.
Retiring abroad does not mean you have to cut all ties to home. Some couples choose to keep dual residency and fly back and forth when necessary. But the slower pace, affordability and other draws of international retirement spots could be challenging to leave behind.
AARP, Forbes and International Living routinely rank the best international retirement destinations. Check with these sources for more information about retiring abroad.