How Do You Envision Retirement? Comments50 Comments


Watch this video for a great story of the beginning of retirement.

How many of you have thought about that day when you’ll suddenly stop working and begin retirement?

Do you have a long bucket list that you’ll start tackling with earnest?

Or are you the type who is always so busy that you just want to have time to relax and take it easy?

For others it may simply be too far away to have a realistic idea of what they will do once they are retired. I know I personally fall into that category.

I’d probably get bored just sitting around relaxing and settling into a routine. Instead I’d need to have something to do to fill my days. Maybe I’d take on some hobbies or maybe I’d dedicate my time to some kind of charity work. Regardless what I wind up doing, I know I’ll want to have a fair amount of freedom and minimal strict commitments.

To achieve that kind of freedom, I realize that I need to start planning now while I am young. I know I can’t just ignore retirement planning and put off saving money. That’s why I’ve been focusing on tightening up my finances, earning more money and putting extra money into investments.

The better I can manage my finances and save a lot of money now, the more flexibility I’ll have when it comes time to retirement. As that time creeps closer I can start to think more seriously about what kind of lifestyle will make me happy during retirement.

Of course the sooner I can make at least a partial plan, the sooner I can adapt my investing strategy to try to make those dreams become a reality. Saving as much as you can might work out, but if you have big retirement goals it might mean being forced to make sacrifices to achieve them.

How much thought have you given to retirement? Do you already have a solid plan on what you would like to be doing during retirement?

If you enjoyed this post, please consider or you are welcome to leave a comment below.
This entry was posted in Financial Advice, Retirement, and tagged , Comments50 Comments
By : Jeremy Biberdorf | 4 Oct 2012
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50 thoughts on “How Do You Envision Retirement?

  1. John S @ Frugal Rules

    Good post and great video. I am the same way in that I’d get pretty bored just sitting around with nothing to fill my days. Of course, like many other, I want to be able to travel the world more. But, more than that I view it as a time that I can do more things that I’ve always wanted to do but never had the time to do. Things like volunteering for charities or at a museum all come to mind.

    You’re right in stating that requires planning now so you’re enabled to do those things when you do choose to retire. I’d much rather limit my choices now and be able to have many choices in the future.

    Reply
    1. Jeremy

      That’s what it comes down to for many people. Unless you are making a substantial income, you might have to sacrifice to be able to save as much as you might need for retirement. The longer you wait the more sacrifices you might have to make.

      Reply
    1. Jeremy

      That’s surprising since you are so young and just finished up school. I’m sure you’ll reach that goal, but I don’t think you need to obsess over it at that stage in your life. I guess that’s partly the influence of the finance blogging community.

      Reply
  2. Savvy Scot

    I have thought about it a fair bit. Sure I want to travel a lot etc. but I wouldn’t say I have a bucket list that is waiting for retirement. I plan on crossing that off on the way to retirement! I don’t think people should hold out doing all the good things until they retire… they might never get there! That said, I work for a great company where I can retire at 55 and have a final salary pension!

    Reply
    1. Jeremy

      Good point about it being best to approach that bucket list well before retirement. There are some things you would just enjoy so much more when you’re younger. Plus we never know when we’re going to kick the bucket. So we don’t want to be left regretting all of the things we never got to do.

      Reply
  3. Stan@ DebtsnTaxes

    At 28 years old, I think about retirement all the time. I also think about doing stuff on my bucket list now because I know 75% of the stuff on it I won’t be able to do when I’m all old and wrinkly haha. I think I would more than likely want to do more traveling and volunteering when I’m retired, or maybe a combination of both.

    Reply
    1. Jeremy

      I’m thinking finance bloggers think about it a lot more than other people our age. 28 is a good age to have already started saving and have somewhat of a plan in mind. I doubt the average person that age has any kind of plan though.

      Reply
  4. Sean @ One Smart Dollar

    I think about it all of the time. I started saving as soon as I got my first job out of college. My wife and I both love to travel so I would like to have no mortgage and spend a lot of time in different areas across the world. We have been lucky enough to explore a lot of countries already but there is so much more that we want to see.

    Reply
    1. Jeremy

      Starting to save right after college is impressive. I know at that age I was more concerned with getting my first car and having a good time. It was a while before I actually started putting money into my retirement savings account.

      Reply
  5. Anne @ Unique Gifter

    Way too far out for me! I hope that my body and finances will let me travel and experience a lot of things when I retire. Some relatives of mine are always doing awesome trips! They saw the start of the ididerad (spelling? the dogsled race), deep sea fishing off the island, caribou hunting in northern quebec, mountain biking in utah, visiting family in the maritimes… so many things!

    Reply
    1. Jeremy

      It sounds like they are doing plenty of cool things while keeping travel costs down by traveling around North America. It would be a shame to have all these plans to travel only to not be able to afford it or having health problems that prevent it. I do wonder how my bad knees will hold up when I get old. It might limit my desire to travel much.

      Reply
    1. Jeremy

      That’s how I feel too. Things could really change so much by then. Your preferred lifestyle might change a lot or things could change in the world that affect our plans too. So it is pretty tough to plan while it is far away.

      Reply
  6. Jordann

    I honestly haven’t thought about retirement yet. My plan is to start a saving and investing strategy at 25. Until then, I’m going to focus on getting out of debt.

    Reply
    1. Jeremy

      Good plan Jordann. You’re still so young that it makes the most sense to focus on your debt for now. With the progress you’re making with that I’m sure you’ll be able to save a lot for retirement.

      Reply
  7. Veronica @ Pelican on Money

    I’m terrible. I’ve been delaying making a plan for far too long. My debt is not a problem, but the fact that I haven’t made any contribution to savings is a growing concern. I’ve started putting away some into a savings account but now that we’re on one income it’s gotten so difficult to do. One of these days… one of these days…

    Reply
    1. Jeremy

      Ouch…yeah being on just one income can make that pretty difficult. Hopefully that situation gets sorted out soon so that you can start putting aside some money in actual retirement investments rather than just a savings account.

      Reply
  8. Jacob @ iheartbudgets

    Man, with all the changes I’ve gone through in my short 26 years, I can’t even imagine it right now! I’m thinking time with kids and grandkids, maybe some extended travel and definitely going to have some sort of side job, even if pro-bono. I feel like having 40+ years experience will allow me to mentor younger generations well. At least, I hope. :)

    Reply
    1. Jeremy

      I know the feeling. For me so much has changed even in the last year. So I just have no idea where I’ll be at come retirement age. I just really don’t want to be one of those people who is not properly prepared and ends up having to live very frugally during retirement.

      Reply
    1. Jeremy

      lol working in a bowling alley would be kinda cool. The only problem is at that age your wrists probably wouldn’t be strong enough to do much bowling…that is unless you settle for 5 pin. Keeping some kind of side gig going would probably be the best plan so that you can still keep getting more income coming in.

      Reply
    1. Jeremy

      That’s so true. If only they taught young people all about the power of compounding interest. It would likely get a lot more of them investing early. I’m thinking the economy depends a lot on their money blowing ways early in their careers.

      Reply
  9. Mo' Money Mo' Houses

    When I first started getting interested in finances the one thing that shocked me was how much money you need for retirement, so that’s definitely been a priority for me. Especially since if you start young it’s easier to save up a good amount for later on. I don’t really know how I picture my retirement though. I definitely want to travel, but I see myself probably taking on painting or writing and maybe going back to school for fun.

    Reply
    1. Jeremy

      Tell me about it! I started freaking out when I was reading the numbers being tossed around. It definitely got me depressed about where my career was going at the time. Despite that overwhelming feeling, it does reinforce why you should be trying to make some kind of plan early. In the end you might not really need as much money as some people predict. It all depends on what kind of lifestyle makes you happy.

      Reply
  10. Liquid

    I think about it often. When I retire I want to sleep in every day and take on some new hobbies like golfing or fishing. I figured I would need a 2 million dollar net worth to retire. Still have a long way to go :D Investing will be my main tool to get there. People can save all they want, but even if they have a million dollars in savings, they might as well be throwing away $20,000 a year because that’s how much they’re losing to inflation, assuming a 2% inflation rate. With ETFs nowadays it’s easier than before to build a well balanced investment portfolio of index funds. For many people the easy part is picking which investments is good for them, but the hard part though is sticking with their long term plan :)

    Reply
    1. Jeremy

      Very good points. $2M is a big savings goal, but with your approach I know you’ll reach it. I assume you want to retire pretty early to need that much net worth. I definitely don’t have those kinds of goals. If I was smarter with investing perhaps I could think like that. I really should make it a goal to become more investment savvy by the end of the year.

      Reply
  11. Kim @Eyesonthedollar

    I think about it all the time. I don’t mind working as long as I work because I want to and find it fulfilling, not because I have to work to pay bills. I wish I’d been better, but do have an OK amount in retirement and hope to build up a rental property empire for continued cash flow. The other key is to pay off all the debts. I think by 50, all will be paid and we’ll see where to go from there.

    Reply
    1. Jeremy

      I like your plan of having a rental property empire. That could provide some nice income during your retirement. Plus you’d always have the option of selling some of those off if you ever need more cash all at once. It does help a lot that you have a career that you enjoy enough to carry on long. It would be a lot tougher when in a career that you’re dying to get out of.

      Reply
  12. Garrett

    I don’t really think about retirement like most people would. I prefer to think of travelling and enjoying myself as something that can be done now thanks to the mobility of my profession, with no need to defer until an older age.

    And then when I get to that older age, why stop working? I love trading and it is a great way to keep an active and sharp mind. So I suspect I will never truly conventionally retire, but will work here and there and do some consulting during the twilight years.

    I’ve never really understood the idea of deferring truly living life until you are almost too old to really enjoy it with a healthy body and mind. Better now than (at least for some of us) possibly never.

    Reply
    1. Jeremy

      Great view on retirement Garrett. When I first started my online business that was basically what I wanted to do. I was going to take my business on the road and work from all over the world. Things didn’t really go as planned though. As my online business builds up I might still make that a reality. Travel became a lot less of a priority for me though. I think I could enjoy myself just as much traveling around North America.

      As for working into retirement, trading is one of those careers that would be quite easy to carry on. My career wouldn’t really work out that way, but by then I could do consulting work or even teach others.

      Reply
  13. Edward Antrobus

    Freedom’s just another word for nothing left to loose? Personally, I don’t want to spend decades worrying about affording retirement and then the rest of my days worrying about how I’m going to keep from going crazy. If I ever retire, I’ll do something like my grandfather did… find another job.

    Reply
    1. Jeremy

      If that’s what will make you happy, I’m sure you’ll make it work. I wouldn’t let that stop you from trying to save up plenty of money for retirement though. You would still need a big chunk of money for any medical problems that arise and you’d probably still want to do some kind of traveling, even if just to see family.

      Reply
  14. DC @ Young Adult Money

    For me retirement is still so far off that I’m sure my goals and priorities will change. Right now, tho, I envision it being a time where I have built up enough wealth where I do not have to work another day (if I don’t want to) and where I can become a professional in relaxing :)

    Reply
    1. Jeremy

      A relaxation professional sounds pretty sweet, but I couldn’t imagine doing that for very long. I’d get all antsy and feel guilty about not being somehow productive. Maybe I could alternate back and forth every week or so though.

      Reply
  15. Catherine

    Retirement stresses me out right now. With our debt I feel like it’s almost not attainable, I know this isn’t really going to happen but we won’t be seriously investing into our retirements until we’re 30-35 which means we’ll really have to kick it in high gear!! We both work for private companies that don’t offer any sort of retirement plans, we don’t even get paid vacation days…so it will be 100% our responsibility. Good post!

    Reply
    1. Jeremy

      Don’t get too stressed about. With your debt paying mentality, it will be easy to carry that over into retirement saving sacrifices. Maybe you could find some other income sources in the meantime.

      Reply
  16. Jason @ WorkSaveLive

    We don’t have solid plans but I know they were certainly include traveling the world. My major goal is to build enough passive income to be able to partially retire by the time I’m 45-50. I don’t want to stop working entirely, but if I could work a few hours a week maintaining a few projects that would be nice while having the flexibility to travel for 3-4 weeks at a time.

    Reply
    1. Jeremy

      It would be awesome to retire by 45-50. I’m not confident that I could save enough money by then. So unless my savings rate increases considerably I think I’ll be aiming for the standard 60-65. I guess it also depends on how much I’m enjoying my work at that point.

      Reply
  17. Justin @ The Family Finances

    As a 28-year old, I really don’t think it’s even possible to know what I want my retirement to be like. It’s another 30 years away. If I look back at when I was a kid and wanted to be when I grew up, my track record with accurately predicting what my future self will want is really bad. But, I do know that whatever I end up wanting to do in retirement will cost money. So I’m consistently contributing toward it.

    Reply
    1. Jeremy

      Yup everything is bound to cost money…even just sitting on your ass and watching tv all day long. I think you can develop a basic plan and estimate the costs and plan to spend a lot more than that.

      Reply
  18. Michelle

    I see us traveling and downsizing our home a bit. I’m not crazy flashy and we don’t need all these bedrooms when it’s just the two of us. I hope I’m being realistic. I want to travel with my husband and keep busy. Of course, we’ll also hopefully have a lot of grandkids, so maybe we won’t downsize so much that we can’t host family get-togethers and such!

    Reply
    1. Jeremy

      I think that very thing prevented my grandma from downsizing until just recently. She probably liked having extra bedrooms for relatives to stay in when they visit. Sometimes downsizing still makes more sense though.

      Reply
  19. Canadianbudgetbinder

    Great video. I’d be lying if I said we never thought about retirement because we do, and often. We want to make sure we are doing everything possible now while we are young to live the type of retirement that we want to live. We don’t know what the future will hold but what we do know is the steps we make today will guide us in the future. Great post mate. Mr.CBB

    Reply
    1. Jeremy

      Good luck with your plan Mr CBB. I’m sure your blog will play a major role in those plans going forward. I have a feeling that it will really take off in the next year or two. Before you know it, that will adding be some substantial income that can go directly towards retirement savings.

      Reply
  20. Shilpan

    Great video. I do think about my retirement fairly regularly. I am confident that I will have enough money to enjoy once I retire. Retirement requires scrupulous planning based on the life style you want to maintain after retiring.

    Reply
    1. Jeremy

      It does sound like you have built up a very solid financial future for yourself Shilpan. It must be satisfying to know that your savings and investment plan has worked out and you’re all set for when you do want to retire.

      Reply

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