Skip to main content

9 Ways to Maximize Your Retirement

When you retire, a wide array of new possibilities become available to you. You have the opportunity to create a life that’s determined by your interests, desires and priorities, unencumbered by the constraint of having to earn a living. Yet many people don’t take advantage of the possibilities that retirement offers. They just continue with their daily routine, minus the job.

Here are nine suggestions for how to get the most out of your retirement years. Most of them cost little or no money, but they may require some effort, new habits and a positive attitude adjustment.

[See: 10 Ways to Celebrate Your Retirement.]

Be open to adventure. Most of us are creatures of habit and routine. If you don’t add some new things to your life when you stop working, then everything that’s part of your current routine will just expand to fill the time vacated by work, probably supplemented by more time spent watching TV.

After you leave work, try some new things. Be open to new adventures. Don’t say yes to things you don’t want to do, but don’t say no due to fear of leaving your comfort zone.

Create a new identity. When you are working you have a job identity, such as doctor, engineer, teacher, accountant or manager. When you meet someone new and they ask what you do, you have a ready answer.

After you retire, what will you say? Saying you are a retired doctor or a former teacher lets the other person know what you did, but not what you’re doing now. Simply saying you are retired doesn’t tell your new acquaintance much about you either. Being retired shouldn’t mean there’s nothing interesting about you.

So create a new identity for yourself. If you are working on your memoir or writing the great American novel, you’re an author. If you plan to travel a lot, you’re an explorer. If you have dusted off your trumpet and you’re playing in a community band, you’re a musician. Create a role for yourself that is descriptive, inspiring and opens the door for further conversation. You may have several roles.

Set some goals, and then create a schedule and a plan. You probably have some ideas about what you want to do after you retire, such as places you want to travel, hobbies or interests you want to spend time on or new things you want to learn. You may have compiled some of these goals into a bucket list. If you haven’t written them down yet, you may find doing that to be very helpful.

But simply creating a list is only part of the process. Unless you create specific plans for accomplishing things on your list, then all of these goals are likely to remain things you’ll do someday — and that illusive someday may never arrive.

So look at your list and select the first few things you want to accomplish. Set a date for each of them. Write down what you’ll need to do to make each of them a reality and get started. For example, if one of your goals is to visit France, decide that you’re going to go in May of next year. Create a list of steps such as making airplane reservations, making hotel reservations, renewing your passport and gathering information on what you want to see once you get there. Do this for each of the first few items on your list, and then update your list and your plans periodically.

[See: The Top Travel Destinations for Retirees.]

Make plans for upcoming birthdays, holidays and special events. While major trips and events come along only occasionally, smaller special occasions occur far more frequently. Taking advantage of them just requires a little advance planning, but that effort will result in memorable, quality time spent with those you love and a life filled with purposeful enjoyment. As an added benefit, you’ll always have something coming up to look forward to.

All you need is a wall calendar or scheduling software for your computer or phone, such as Outlook or Google Calendar. Enter each significant birthday, anniversary, holiday or other event in the tool, and then set them to recur annually and set the advance notification feature to remind you at least two weeks in advance. If you use a wall calendar, make sure you allow yourself time at the end of each year to transfer all of your important dates to next year’s calendar. You may want to use sticky notes on the prior month’s page to remind you of events coming up.

Create and nurture a network of people you enjoy. Friends come and go throughout your life. When you leave your job or move, you’ll leave many of those friends behind. It’s up to you to keep the flow of new friends coming into your life to replenish those who naturally drift away for one reason or another.

Just as the curator of an art museum seeks out the best artwork to display at his or her museum, you can think of yourself as a curator of quality friends for your life. Choose people who are positive and supportive and have qualities you value. Steer clear of people who constantly complain and gossip about others. Of course, you should be civil and polite with everyone, but you are not obligated to be friends with people just because you are related to them, you work with them, they go to your church or you’ve known them for years.

Continue to learn and grow. After you leave work, you may be grateful to be relieved of the stress of making difficult decisions and the pressure to keep up with industry trends and new information. That doesn’t mean you should shut off your brain and coast for your remaining years.

One of the best ways to keep your days enjoyable and purposeful is to indulge your curiosity. Learning can be fun during retirement because you can choose to learn about the topics that are most interesting to you. You don’t have to worry about studying for exams or being graded. You can read books, visit museums, take classes, seek information on the internet, engage people in discussions — the possibilities are limitless. Staying mentally stimulated is one of the best ways to keep your retirement interesting.

Spend your money — wisely, of course. You would be surprised how many people live through their whole retirement and leave most of their money unspent. Throughout your working years, you have been conditioned to save money for retirement. Often, it’s difficult to adjust your mindset so that you can allow yourself to spend some of that money you have saved.

While everyone’s situation is unique, a widely accepted guideline is that you can spend 4 percent of your portfolio each year and not run out of money. Check with a financial advisor to determine how much money you can safely spend each year. You may find that you can take that vacation or buy that convertible you have wanted. Live a little.

Get rid of possessions you no longer need. Just as it’s important to adjust your mindset from saving money to spending it, it’s also helpful to adjust your mindset from accumulating possessions to getting rid of them. Maybe you have amassed a large collection of books, movies or music that is just sitting on your shelves collecting dust. Your closets may be overflowing with clothes that you haven’t worn in years. Perhaps your guest bedroom has turned into a walk-in storage facility and your garage is so full you can’t park your car in it.

Regardless of whether you sell, donate, recycle or throw away all those things you’ll probably never use again, you’ll feel better once they are gone. You will have fewer things to clean and keep organized. If you move, you will have fewer things to pack.

Most people who declutter and tidy their home are glad they did it. People rarely miss those old possessions after they get rid of them.

[See: 10 Tips for Finding a Great Place to Retire.]

Enjoy each day. Despite your best intentions and plans, you may not get to do everything you hope to do during your retirement. You may experience a physical setback that eliminates some things from your bucket list. You may realize that there are a few things you won’t be able to afford. Or, sadly, you may pass away before you get to everything.

While it’s wonderful to have goals and plans for the future, the most important determinant of whether you will have a happy retirement is whether you enjoy each day as it comes along.

As you are getting ready for bed each night, think back on your day. Did you enjoy it? If not, why not? Figure out what you can add or eliminate from your life so that you will enjoy each day a little more.

Sometimes an average day can turn into a great day with a little spontaneity. If it’s a nice afternoon, find something to do outside. On a whim, call a friend and ask if they would like to have lunch or dinner with you. If the day seems too routine, do something out of the ordinary.

When you’re retired, you have more freedom to do what you want with each day. Avail yourself of that freedom. Time spent doing something you enjoy is time very well spent.

Dave Hughes is the founder of Retire Fabulously.

More from U.S. News

10 Classic (and Unique) Retirement Gift Ideas

10 Ways to Get Ready for Retirement After Age 50

5 Challenges of Early Retirement

9 Ways to Maximize Your Retirement originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story