What I Look Forward to Most in Retirement

Getty ImagesSavor the freedom of retirement by managing your own days.

As someone on the cusp of retirement, I occasionally pause to picture life ahead when I will take my first steps toward senior citizen status. After surviving the working world and being fortunate enough to set aside what I hope is a sufficient nest egg to fund retirement, I have big hopes for the next 20 years. There are so many things I enjoy doing, and retirement is by definition the perfect opportunity to pursue my interests and feed my passions.

A reader of my retirement blog has an e! xcellent perspective: "I'm retired (and, yes, past the honeymoon period) and I'm loving it! Each day opens up new possibilities. I find myself becoming more able to insist on things I want, rather than satisfying other's expectations. I don't necessarily need excitement, just newness. Don't do the same old stuff you always did! Try something new each day."

Where should I start? I feel like a kid in a candy shop with so many options that it is almost overwhelming -- but in a good way. Since I am in control of my days, I plan to revel in the freedom to try a little of this and taste some of that, ever sampling and experimenting with new things. As I think about what excites me most about beginning this next chapter, I am looking forward to the following:

No longer on the clock. After a career spent with every minute of every day tightly scheduled and carefully planned, I appreciate the virtues of a blank calendar. I dreamily imagine starting my da! y with nothing that I must do. It is invigorating to realize I! need not worry about being late to the next engagement, but rather I am free to savor the moment. The only clock I have to adhere to is the one I manage.

Picture this: You start a project that keeps you entertained for a while. Then, even though not yet finished, you change course and start something entirely different. In retirement, you can do just that. No more deadlines, no rules or regulations from on high, no more last-minute fire drills. You control how you spend the hours in your day. You are off the clock and how sweet it is.

Freedom to choose. How I spend my retired day will be entirely up to me. It is hard to fathom this incredible freedom of choice. There may be days when I am high-energy and want to get out there and rock the world. On the other hand, there may be days when I am happy sipping my java seated in the backyard with a good book in hand. What I choose to do is solely up to me and not dictated by others. I am free to chan! ge my mind as often as I like. I am the decider, and that freedom of choice is something I plan to savor.

Time to nurture the creative me. Although I do not consider myself a particularly artistic person, I do have interests that allow for creative expression. I love writing.

Blogging and books are excellent vehicles to put into words my feelings and thoughts. And the fact that some people might enjoy and even benefit from my efforts is pretty cool. When I was a youngster, I took a good many years of piano lessons. As is often the case, I did little to sustain my skills through teen years and raising a family. But now that I have the time, I love to sidle up to the piano and jingle the old keys. Many retirees have a creative side that may have been smothered during a demanding career. The good news is retirement can be the perfect time to rejuvenate your artistic side and express yourself through whatever means you find most rewarding.

Refocus on good health. While we are stuck on the job, perhaps traveling too frequently and typically maintaining a hectic pace, it can be difficult to sustain healthy habits. When it comes to diet and exercise, too often the lifestyle we are forced to live doesn't remotely resemble how we shoul! d be living. Since this state of affairs is largely due to lack of time, retirement can be just what the doctor ordered -- literally. Instead of being forced to squeeze in a quick workout in a limited time slot, you can exercise when you feel like it. With the luxury to take all the time you want, your options become more interesting. You also have time to prepare better, more nutritious meals rather than succumb to fast food.

Revisit my relationship with my wife. We have been together for years, and during that time have become best friends. The demands of family and job have sometimes come between us, but only for a moment. We find strength and love and fun in the time we spend together. Once we both retire, we will have more quality time to share. I look forward to traveling and exploring and sharing time focused exclusively on us. My wife deserves to be spoiled, and I look forward to putting to good use my free time as a retiree doing just that.

Is there anything in particular that you are looking forw! ard to when you retire?

Dave Bernard is the author of "I Want To Retire! Essential Considerations for the Retiree to Be." Although not yet retired, he focuses on identifying and understanding the essential components of a fulfilling and meaningful retirement. He shares his discoveries and insights on his blog Retirement-Only The Beginning.

• Eliminating your mortgage is one of the best ways to make retirement more affordable because it removes a sizable monthly bill. While you'll still have to pay taxes and maintenance costs for your home, those expenses are likely to be a fraction of your mortgage payments.
  Pay off your mortgage.
• Once your children are independent, you will likely no longer need a several-bedroom house in a good school district with a large yard that can be expensive to maintain. Consider downsizing to a smaller home in a less-expensive neighborhood, and add the proceeds of the sale to your nest egg.
  Downsize your home.
• Where you live plays a big role in how much you pay for food, taxes and a variety of other services. Moving to an area where the cost of living is significantly less could allow you to spend down your retirement savings more slowly.
  Move to an area with a lower cost of living.
• If you and your spouse commuted to separate places each day, it is likely that you each needed a car. In retirement, you might be able to get by with one car, thus eliminating the insurance, gas and maintenance costs of the second vehicle. In walkable communities with good public transportation, you may even be able to get by without a car in retirement.
  Sell a vehicle or go carless.
• In retirement, income tax will be due on withdrawals from traditional 401(k) and individual retirement accounts, but you can space out your withdrawals to avoid a hefty tax bill in a single year. Prepaying income tax on some of your retirement savings using a Roth IRA or Roth 401(k) allows you to avoid a big tax bill in retirement.
  Reduce your tax bill.
• Investing in high-cost funds reduces your return. Minimizing investment costs is especially important for retirees who are living off income from their portfolio. In this case, selecting the lowest-cost funds that meet your investment needs translates to more money in your pocket.
  Reduce investment fees.
• There are significant penalties if you withdraw money from your retirement account too soon or too late. There is also a reduction in benefits if you sign up for Social Security early, and a late enrollment penalty if you delay signing up for Medicare Parts B and D. Pay attention to important retirement deadlines to avoid paying more than you need to.
  Avoid retirement penalties.
• Health care is likely to be one of the biggest and least predictable costs you will face in retirement. But there are some things you can do to control your health costs. Consider purchasing a supplemental policy to Medicare to fill in some of the gaps and cost-sharing requirements traditional Medicare doesn't cover. Also, shop for a new Medicare Part D plan every year to make sure you are getting coverage for your medications at the best price.
  Minimize health care costs.
• Retirees have the luxury of being able to travel whenever they want. Traveling is often less expensive if you avoid major holidays and school breaks, and most tourist destinations will also be less crowded.
  Travel at off-peak times.
• One of the major perks of growing older is getting discounts at movies, museums and restaurants. While some senior discounts are well-publicized and open to everyone old enough to have an AARP card, others are available only to those who ask. A little research can add up to big savings if you're willing to admit your age.
  Get senior discounts.
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Source : http://www.dailyfinance.com/2014/08/16/how-to-better-plan-retirement/