Everyone knows that financial security is a key component of a happy retirement. How you choose to spend your time in retirement is critical as well. If you don’t have any idea what you’d like to do in retirement, you might start by thinking about how you will replace your usual work schedule. For most people, the goal is to get the most out of a precious resource — time.

New Choices
Now is the time to focus on what you want to do — what are the activities you want to build your retirement days around? Here are a few ideas:

• Education. Maybe retirement is or will be the time to study something for the sheer joy of learning. After retiring, you may choose to pursue a degree in an area you’ve always been interested in, or take classes at the local community college on a topic you want to know more about. Or go to the library and develop a list of books you’ve always wanted to read.
• Handwork. Woodworking, needlework and painting are examples of hands-on hobbies. Perhaps you’ll finally have the time to put together the workspace you’ve always wanted.
• Speak out. If an interest in politics and government has always taken a back seat to your career, your retirement years may give you the chance to run for office, work on someone else’s campaign, or monitor legislation that affects you.
• Pet pleasure. With more time on your hands, you could provide a good home for a dog, cat, bird, or other pet. If you have the space and the desire, caring for a pet can be a rewarding experience. Pets can be loyal companions and can have positive effects on your well-being.
• Volunteer Work. Volunteer work can be a wonderful way to spend retirement. Volunteering allows you to use your life experience and skills and talents to help others. The Service Corps of Retired Executives (SCORE), the National Coalition for Literacy, American Red Cross, United Way, Peace Corps, and Volunteers in Service to America (VISTA) are some of the organizations that depend on volunteers for their success. Other possibilities include local hospitals, schools, scout troops, and religious organizations.

Time for Travel

Travel is the most popular leisure activity among retirees. Many airlines, hotels, restaurants, car rental companies, and tourist attractions offer senior discounts.

One very popular travel/study program is Elderhostel, which offers short-term residential learning programs to people over 55 throughout the United States and in more than 50 foreign countries. For a catalog, call Elderhostel toll-free at 1-800-454-5768, or visit their website at www.elderhostel.org.

To Work or Not to Work

You may find that there’s still a place in your life for work —either because you want to continue working or because you need the income. You may even be able to continue working for your previous employer, perhaps as a consultant or a part-time employee with valuable knowledge gained over the years.

Your retirement may offer you the opportunity to turn your hobby into a business. For example, you might open a small photography studio or a surfboard rental service at the beach. Whatever your plans, if you decide to work after you retire, you will be joined by more and more retirees who are working in a variety of ways from second careers to part time retail jobs.

Additional income you earn during retirement can supplement your savings and the retirement benefits you are entitled to — Social Security and/or any pension income from your employer.