What to do when you retire: now you have the time

You’ve worked all your life for this but now you’re retired, what to do with your time? Here’s a few tips to help you get started in your retired life.

Knowing what to do with your time when you retire can be a challenge if you’ve been used to a busy work life. You may suddenly find yourself with lots of time on your hands and none of the work pressure and responsibility to occupy your mind.

It can take time to adopt new routines and meet new friends now you no longer have the daily company of work colleagues. But this time could also allow you to explore new hobbies or to do things you’ve been putting off because you have been too busy.  And once you start doing new things, you’ll probably wonder how you managed to find the time for work.

Here are some ideas that could get you thinking about what to do after you retire:

Repair and renovate your home

It was easy to put off doing those repair jobs around the home when you were working. In retirement, “I’m too busy” stops being an excuse.

Perhaps you could first look for those jobs that need urgent attention. If you’re handy with the tools and can do the job yourself then, this means that not only will you likely save money, but this will give you something to fill in your time. If DIY has never before been your thing, now could be a good time to learn some new skills.

If you decide to hire a professional, being retired means that you could have the time to source a few quotes. Check to see if they offer discounts for seniors, as it can’t hurt to ask. Remember, some tasks should only be tackled by a qualified professional.

After the repairs are done, there’s time to investigate renovations to your home. Canstar has some handy guides on what kinds of renovations you can consider including some that cost less than $1,000.

The good part of all this is that you’re likely adding value to your home, and that could be useful if you later consider selling. And remember, the value of your home is not part of any asset test for the Age Pension.

→Read More: Financing a renovation – loan, refinance, redraw or out of pocket?

Join a Shed

One place you may be able to learn a few new skills is at your local Men’s Shed or Women’s Shed, if there’s one in your neighbourhood. People of all ages can join a Shed and it’s a great place to meet others and learn from their skills and knowledge, which could include help on those repairs and renovations.

You might find you have developed skills over your working life that are of use to others.

“Members of Men’s Sheds come from all walks of life – the bond that unites them is that they are men with time on their hands and would like something meaningful to do with that time,” says the Australian Men’s Shed Association.

The association’s website has a search tool where you can look for a Shed in your location (or call 1300 550 009).

There is no single website for Women’s Sheds so you might have to do your own web searching. If there isn’t one in your location, the Coolum Women’s Shed has advice on how to start your own Shed.

Join other clubs

Remember those hobbies you used to have before work got in the way? Was it walking, fishing, photography, painting, making your own clothes, pottery?

Retirement offers you the time to rekindle your interest in those forgotten hobbies, or perhaps develop a few new interests such as learning to play a musical instrument.

See if there’s a club for those special interests in your neighbourhood and consider joining. There are also seniors clubs that may offer a range of activities at a reasonable cost. Again, it’s another great way to meet other people who share a common interest.

Check out your local library, community notice boards or do a bit of web searching.

Get social online and share your story

Plenty of retirees use social media such as Facebook and Twitter to stay in touch with family and friends, and to make new connections. Facebook is another great place to search for clubs or special interest groups in your area.

If you think you’re not web savvy, then you’re not alone. An Australian Bureau of Statistics study published in 2020 found 38.4% (or 1.4 million) people aged 65 and over had not used the internet.

The good news is there are clubs that can help you with that. The Australian Seniors Computer Clubs Association (ph 0434 857 222) can help you locate a computer club in your area. They can even help with training on how to use a smartphone.

Some libraries will also offer you free internet access and training so you can search the web from there.

Once you’ve got the basics sorted there is a wealth of information available online that could help you find new adventures in retirement. Check out the Hobart grandmother Judy Watkins who became a hit on Instagram in her 80s.

Why not use your web skills to share your story online? There are plenty of free options available online to start a blog, a podcast, share video on YouTube, Vimeo and TikTok, or share images on Flickr, Instagram and Pinterest.

Who knows, you could become the next big thing on the internet.

→Read More: Broadband Internet Plans & Providers

Get fit, active and healthy

Maybe you were one of those who had a job that kept you fit and active. Or maybe you had one of those deskbound jobs that kept you glued to a computer screen.

Either way, now is the time to get fit, active and healthy. Anything from walking to jogging, running and cycling can help lift the heart rate, build stronger muscles and bones.

The Australian Heart Foundation says people aged 65 and older should do at least 30 minutes of moderate-intensity physical activity most if not all days. If mobility is an issue, the Foundation says you should still try to do what your ability will allow. It can put you in contact with any local walking groups.

Your local council may have lists of free fitness activities in your area such as yoga, pilates, meditation, zumba and other exercise sessions. It will also have details on any local sporting facilities, such as swimming pools, sports centres, golf courses, you can use and what fees or discounts for access may apply to you.

Check out any local gyms to see if they offer free or discounted membership for seniors.

The Federal Government has some useful advice on what counts as physical activity for older Australians, and why it’s important. Put simply: it makes you look and feel better, it’s good for your mind and it’s good for your body

Just to be safe, consider asking your doctor before starting any new physical activity if you have a pre-existing medical condition.

→Read more: Getting life insurance with a pre-existing medical condition

The older you get, the more injury-prone you may become, which makes having a good health insurance policy worth considering.

Walkies with a four-legged friend

One way to do exercises is to take a dog for a walk. It could be your own dog, or one that belongs to a friend or neighbour. Maybe they’re still working and don’t have enough time to keep up with the walking demands of their furry friend.

Dog walking is another great way to meet new people. It could also be a good earner if you charge a fee for walking other people’s dogs. You can still earn money while retired, as we’ll explore later.

You may decide that it’s time to own your own dog, which research has found to be good for your heart health. Other studies have found pet ownership in general can help increase your lifespan.

As well as helping you stay active, the regular care and feeding of your pet may help you re-establish a sense of routine. That’s so long as you find the right pet. The Victorian Government has a useful guide that may help you to choose a pet that suits your needs and your budget.

You might want to consider taking out some pet insurance too.

Plan to take that holiday, when you can

Suddenly you’ve gone from only being able to take just a few weeks holiday a year, to having as much holiday time as you like. What’s more, you can avoid the busy (expensive) seasons that coincide with school holidays and public holidays so you may be able to snap up a cheaper deal.

But COVID-19 restrictions make international travel a challenge, and some interstate travel too may be out of the question. You may be able to travel within your own state or territory, subject to any restrictions, so now might be a good time to explore your backyard.

You may be able to get a good deal on a local holiday booking as operators try to attract what custom they can. Shop around and use your web skills to compare prices. It can pay to pick up the phone and speak directly with any tour or accommodation provider and see what price you can negotiate.

Be careful to check any terms and conditions about any cancellations as you may suddenly find you are no longer able to travel due to any new COVID restrictions. Some operators offer free refunds or rebookings if you want to swap to a later date, but some may want to charge you a cancellation or rebooking fee.

The Australian Competition & Consumer Commission (ACCC) is on the lookout for any “unfair or unconscionable conduct” by businesses with regards to any cancellations or other dealings due to the pandemic.

It might be wise to consider taking out travel insurance for your domestic travels, and if it’s a roadtrip you’re planning in your own car, see if your car insurance provides sufficient cover. If you’re a member of a motoring organisation, check to see what you have available for any roadside recovery.

Compare Travel Insurance

Time to volunteer: it’s good for you

Now might be a good time to consider getting involved as a volunteer with a club, group or cause.

Volunteering Australia said 25% of people aged 55-69 volunteer through an organisation (formal volunteering) and 29% volunteer informally in their community. Older people volunteer in lots of different roles and organisations but are more likely to volunteer in community and health settings, than other volunteering areas (such as sport).

Unfortunately, research the organisation commissioned in 2020 showed a drop in the number of people aged 65 and over volunteering during the pandemic months. Why not reach out to see what you can do to help? It could be good for you as well.

Mark Pearce is CEO of Volunteering Australia and he told Canstar that evidence shows volunteering in older age can help keep you going as it can reduce the symptoms of depression and lead to better self-reported health, with fewer functional limitations.

“The research demonstrated that those who managed to continue volunteering had higher levels of life satisfaction, lower psychological distress and less loneliness than those who had stopped volunteering or who were non-volunteers,” he said.

Check out the Volunteering Australia website for details on what options may be available in your neighbourhood, or again tap into those web searching skills.

Keep working, just a little bit

Just because you’ve retired doesn’t mean you can’t still work and earn money. But you need to be aware of the rules if you rely on the government’s Age Pension to fund your retirement.

To be eligible for the full Age Pension you must meet an income test which as of 2021 means as a single person you can earn up to $180 a fortnight without affecting your payment. Couples can earn a combined $320 a fortnight.

Earn any more than that and your Aged Pension may be reduced, although as a pensioner you may also be eligible for a Work Bonus allowance that could reduce your assessable income by up to $300 a fortnight.

You need to consider what the government regards as income, which can include any monies from overseas including any other pension funds.

Make sure you check to see what applies in your circumstances so you don’t lose out on any payments.

→Read more: Can I access my super at 60 and still work?

If you don’t need to rely on the Age Pension and have made enough savings and investments during your working life to fund your retirement, then you can still do a bit of paid work to keep you actively involved in something.

Time to try something new perhaps, put your skills to the test on something different. You may even be eligible for some government funding support, such as the Pensioner Education Supplement, if you want to retrain and learn new skills.

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Cover image source: Robert Kneschke/Shutterstock.com