Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
You’ve probably imagined that the first day of your retirement life is going to be wonderful. No alarm clock waking you up, no deadlines, nowhere to be. You can enjoy your morning coffee at your leisure, take a sunrise stroll around the neighborhood, create a new morning routine—essentially, you can do anything you want.
The former 40 hours a week you used to give to your employer will soon be yours to do with what you wish. That’s a lot of free time, and travel and hobbies can be expensive on hard to fit into a retirement budget. However, if you plan ahead with your retirement savings, you’ll have plenty of things to fill your spare time and plenty of funds to do it.
Time to fill during retirement
At first, not having to get up for each day for a job can be liberating. You can relax—perhaps complete some small projects around the house or have lunch with friends. It may feel like being on vacation but without a plan and ideas to fill the time your job used to take, even the best of us can get bored during retirement.
If you have adequate savings, retirement can be the chance to explore opportunities you missed while working. Perhaps there is a hobby you once loved but didn’t have time to pursue. You can join a group or club that didn’t fit with your work schedule. There are limitless options from trying a new sport to volunteering in your community.
Take some time to consider what you enjoy, what your interests are and find opportunities that match. Make a list of options so that as you approach retirement, you can get started on your new ventures.
Fund your hobbies and travel
While plans are important, you also need to remember retirement savings and expense planning often only account for regular living expenses. Unless you already belong to clubs, participate in groups or hobbies, or travel regularly, those additional expenses aren’t going to be factored into your retirement income.
It’s time to do a little simple math. Consider how much the things you would like to do in your retirement will cost and for how many years you’d like to be able to afford to do them. For example, a membership to the golf club might cost $100 annually, and you may plan to do that for the next 15 years, so that’s at least additional $1,500 you will need to put aside. It’s probably safe to assume that the dues will go up over the next 10 years, so you’ll want to factor that in as well. On the other hand, a trip might be a one-time expense for which you budget ahead of time.
One couple I advise recently retired. They always wanted to travel to Egypt, but they were worried about the costs. After a quick review, I showed them that they had plenty saved to make their dream happen. I’ll never forget how excited they were before and after the trip. They’re a great example for others working on a retirement planning strategy.
Make your retirement strategy work for you
Whatever your hobbies or interests, you’ll need to build extra savings into your retirement strategy to be able to enjoy them. You can also make a plan to have a part-time job or some type of self-employment in retirement to supplement your income. As a bonus, you’ll have the chance to learn something new, and such a job can fill your time and give you a sense of purpose.
With a little advance planning, you can make retirement the start of an exciting new chapter in your life.
Expert Retirement Advice: Bud Hebeler
Retirement Planning: Most Affordable Places To Retire
Investing Advice For Selling Your Gold
Investing in Company Stock: Pros and Cons
Beginning Financial Building Blocks
Jeff Rose is an Illinois Certified Financial Planner. He blogs at Good Financial Cents and Soldier of Finance. He loves Crossfit workouts, writes about Roth IRA rules and craves In-N-Out burger. You can follow his updates on Twitter.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.