Retirement will give you plenty of time to explore your interests and pursue the dreams you have always had, whether those dreams be the opportunity to travel the world or babysit your grandkids every day. It is important to determine the type of retirement you want in order to create your retirement financial plan. 

Once you can narrow down what type of retiree you aspire to be, it will help you determine what most of your funds will be spent on. 

Those Who Continue To Work

Many retirees love having a routine that gives them purpose, such as working a 9-5. While they may consider leaving a job full-time, many retirees continue to work part-time. Working not only gives supplemental income, but it also is a great way to make friends and keep some form of routine going.

Those Who Seek Adventures

Adventurous retirees may seek travel and new experiences. Now they have time and fewer priorities making this the perfect time to seek new adventures. You may find this retiree ziplining during the week and traveling on the weekends.

Those Who Take It Easy

Most retirees choose this route. They choose to take it easy. They have worked their whole lives and use their time growing old to spend time doing the things they love, including spending time at home. Whether they choose to have Sunday brunch with the grandkids each week or join the local book club, they’re all about the slow life.

Those Who Discover

This type of retiree often spends their retirement looking for what they truly love to do. Perhaps most of their life they were too busy to have hobbies and now is their time to do that. Whether it is taking painting classes, volunteering at church, or hiking- these retirees are discovering what makes them happy.

Those Who Give Back

Some may find that they have more than enough time and resources to give back to their community during retirement. Oftentimes, retirees who had affluent careers and have plenty in pensions will choose to volunteer during the days of their retirement. This will give them something to do during the day. They will also spend their money on the groups they volunteer for.

Discovering what type of retiree you will be will help you when making a budget for retirement. Do you need money for transportation? Money for plane tickets? Include those costs in your budget. For more help creating your retirement budget, contact a financial planner at West Financial Group.