A Guide to Picking a Post-Career Hobby New and Rediscovered Passions in Later Life
A side from financial concerns, the No. 1 question that most impending and recent retirees struggle to answer is how they will fill up all their time. While spending time with family and relaxing are priorities for most folks entering the post-career chapter of their lives, these aren’t enough to fill up the bulk of your newly acquired free time. Cultivating a hobby is a great use of your time at any age, but especially during retirement. As Dick Van Dyke once said, “To me, retirement means doing what you have fun doing.” Here are three questions to help you discover a hobby that’s right for you. Do you have a dormant passion? Work has a tendency to put our other interests on the back burner. Maybe you painted for pleasure during college but put the canvas away to focus on your career. Perhaps you were once a chess fanatic, and today you find your board gathering dust from lack of use. Now is the perfect time to rediscover those once-beloved activities.
What have you always wanted to do? Discovering new hobbies is just as rewarding as rekindling old ones. Have you ever heard about a pastime and thought, “I’d love to do that, if only I had the time”? Former NFL quarterback Drew Bledsoe opened a winery after retiring from football. While you probably don’t have the financial resources of a professional athlete, there’s nothing stopping you from pursuing a newfound passion at the same velocity as the footballs Bledsoe threw. especially when you have the time and energy to devote to it. Many older adults find that giving back to the community adds meaning and purpose to their lives. The best way to figure out how to donate your time is to think about a cause dear to your heart. From there, find a reputable organization that supports said cause, and see what you can do to help. Is there a cause you want to support? Volunteer work can be incredibly fulfilling, the wealth. They have to make crucial decisions, and they need to know just how prepared their adult children or other heirs will be to handle this inherited wealth. The older generation is genuinely concerned. The numbers tell a story. About 70 percent of family money will vanish by the end of the second generation. Then, by the end of the third generation, about 90 percent of that money will be completely gone. A lot of it comes down to poor planning and irresponsibility. That is to say, the heirs were not good stewards of this money. This is why it’s so important to consider if your intended heirs maintain the same values you do when it comes to caring for and preserving your legacy for generations to come. You need to know where your heirs stand before including them in your will or a trust.
Retirement is the perfect opportunity to throw yourself head-first into something you’re passionate about. So what are you waiting for?
Questions to Ask the Next Generation Are You and Your Heirs Ready for the Transfer ofWealth?
Over the next 30 years, about $30 trillion will be passed down from the baby boomer generation to their children and grandchildren — Generation X and the millennials. As this transfer of wealth begins, a lot of families have questions, particularly members of the family who accumulated
Do they possess the financial education and knowledge to handle this transfer of wealth and legacy? How well do they handle their own finances? What are their attitudes toward saving, spending, and investing? Multigenerational education and wealth planning is an area that your wealth advisor is well-equipped to address. They can provide you with valuable advice and guidance moving forward. Many advisors will meet with heirs on a one-on-one basis and as a family unit. They may even provide more formal training to your heirs to help them prepare to be more prudent stewards of your family’s wealth. The more prepared you and your family are for the transfer of wealth, the more likely it is to be properly managed for generations to come. Ask questions and know where your family stands.
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