Retirement is a phase of life you've never experienced before. How you plan to spend your post-work life can give valuable insight before you make major decisions.
Christine Benz, who writes about retirement for Morningstar, says that doing some experimenting before you retire can help you answer fundamental questions like "Do I want to stay or relocate?" and "How do I want to spend my time?"1
To answer these questions for herself, Benz took a six week sabbatical from work and tried to live like she was retired. Here are a few things she learned on her trial run:
Unscheduled time is wonderful. Having hours to spend at a museum or antique mall feels like a luxury.
Structure is important. If retirement is just an extended vacation, you lose that sense of anticipation that makes leisure enjoyable.
Schedule leisure activities. It's easy to fall back into the habit of letting even purposeful activity always take priority over fun.
As you pursue meaningful "work," use the skills you've gained from your working life. For example, if you're an educator, using that skill to help others may be a better use of your abilities than stacking cans at a food bank.
While Benz didn't mention it in relation to her sabbatical, others suggest structuring a hypothetical retirement budget to find out what it's like to live on it for a couple of months.
With retirement being one of the biggest steps you'll take, testing out your life plan beforehand is a good idea. Our advisors are happy to discuss the wisdom and feasibility of your various options.
