All talk of money aside, have you figured out what you’ll do with your time in retirement? With retirement rates increasing during the COVID-19 pandemic, many retirees have had to figure that out earlier than planned. Before the pandemic, the retired population grew by about 1 million retirees per year. But during 2020 and 2021, 3.5 million more people retired.
Thinking about what you want to do in retirement is an important step, and that can differ between men and women, even husbands and wives. A recent study that surveyed retirees in both the U.S. and Europe found consistencies in how men and women approach retirement.
Men may suddenly develop more significant relationships with family members and friends. Women, who typically have already developed these relationships and sustain them during retirement, tend to spend more time involved in the lives of their grandchildren. Interestingly, wealthier men tend to gift more money to their children after they are retired than beforehand.
As you decide what you want your retirement to look like — bigger and better than when you were working, about the same or downsizing of your expenses — we can help you figure out a strategy.