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As financial advisors, we answer these age-old questions every day. Here are a few answers!

It’s an age-old question: When will I be ready to retire? It makes sense that it’s so commonly asked, as traditionally, retirement is part of most people’s life goals. In theory, you work the earlier portion of your adult life with the goal of saving and investing so that you can one day call it a career and begin spending your time how you want to, not how you have to. The answer to the question of “when”, however, is more complex than it appears on the surface. Let’s go over how you might know if you’re ready to retire before we discuss a few ways you might spend your extra free time.

When will I be able to retire?

As with most aspects of financial planning, the right time to retire will be different for everyone. It all depends on how prepared you are, how much you’ve saved, whether you have a proper financial plan, how many income streams you’ve prepared, how much money you’ll need to support your desired lifestyle, and more. The truth is, the best way to know if you’re ready to retire is by calculating how much you expect to spend on an annual basis in retirement. Then, you can weigh that number against your expected lifespan.

Unfortunately, it’s not always as simple as calculating two numbers. For example, your lifestyle expenditures may change throughout retirement, oftentimes looking like an upside-down bell curve. At the beginning of your retirement, you may spend a lot of money checking off different items of your bucket list, traveling, giving gifts and pursuing passions. Then, you may slow down, as you might not be as physically able as you previously were. Eventually, your cost of living may rise with your need for health care or long-term care. We always advise speaking with a financial professional who can help you prepare for the many variables of retirement.

When I do retire, how will I spend my time?

In retirement, you’ll likely free up somewhere between 40 and 50 hours. That’s a lot of time to fill, and it’s a lot of extra time to spend money. You may want to enter retirement with a few ideas of how to spend that time and how to preserve and pace your funds to last your lifetime.

Find New Hobbies or Pursue Your Old Ones

In retirement, you may simply want to use your free time to do more of what you were already doing. For example, maybe you’ve always enjoyed playing an instrument, singing, cooking, playing games, making films or creating art. Once you call it a career, you’ll have more time for your hobbies, potentially meaning more opportunities to perfect your craft. You can also try a new hobby, opening new doors socially or helping you become more well-rounded.

Travel to New or Favorite Destinations

Exploring this beautiful world of ours is one of the best and most popular ways to spend retirement. As you’ve gone through different stages of your life, you’ve likely compiled a list of places you’d like to visit. You may also have a list of your favorite places. You might have more time, and potentially money, to support vacations to those places.

Spend Time with Family

At Prime Capital Investment Advisors, we believe family comes first. In retirement, you’ll have so much more time to spend with yours, giving you the opportunity to build on your most important relationships. What we’ve found is that these are the memories that tend to last the longest, and they’re the ones that can’t be substituted for or recovered later.


Retirement is the perfect time to lend your time and efforts to a cause you truly believe in and care about. If you don’t already have a favorite organization, you may be able to assess your values and determine how you’d like to direct your time. So many organizations are in need of a helping hand, especially if you acquired a skill during your career that may be hard to come by.

Take Classes or Join Clubs

It’s never too late to expand your horizons or learn a new skill. Taking a class and joining clubs in retirement are great options that can keep your mind sharp and your body fresh. You might also feel a sense of accomplishment or discover new social outlets that help you fulfill your need for interaction, friendship and advancement.

Start a Small Business or Get a Part-Time Job

If you’ve always dreamed of starting a small business, pursuing a passion project or getting that great idea of the ground, retirement might give you the perfect opportunity to do that. You might even have the ability to self-fund your startup. Additionally, as the owner of your own company, you can determine your hours, removing most of the pressure that comes with holding a full-time job.

Hike and Stay Active

Staying active and continuing to push your body is one of the best ways to stay young in retirement. You can hike, join a gym, sign up for an exercise class, do yoga, meditate, go for walks and runs, or take part in any other physical activity. This is the best way to enhance your quality of life and give yourself a better chance to continue moving comfortably throughout retirement.

Write or Read

Another way to express yourself in retirement is through writing. If you don’t know what to write, write what you know! You can start with personal narratives, or you can journal. Writing short stories and novellas can also be a great way to show your creative side, and sharing those stories can be even more fun. Reading is also a great way to learn more about a subject or transport yourself to a different world. The best part is that you can read about anything, making it accessible to anyone with an interest in any subject.

Explore Your Town and Attend Local Events

In both the early stages and the later stages of retirement, exploring your town and attending local shows, festivals and events can be an extremely fun way to spend time. If you’re a foodie, you might also be able to find new restaurants to enjoy and share with friends and family.

Retirement isn’t solely about the financial aspect. It’s also about finding activities and indulging in your passions. Without a plan for how you’ll spend your time, you could easily lose purpose, which can be dangerous to your health and spirit. Remember, retirement isn’t about the cease of action. It’s about the opportunity to do something different and the chance to reapportion your time to suit your desires and your passions.

If you have any questions about preparing for retirement, or to schedule an appointment with Terri Lewis at PCIA – Prime Capital Investment Advisors, please contact us at 913-491-6226.

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Terri Lewis, CLU®, ChFC®

Partner, Financial Advisor
Prime Capital Investment Advisors
6201 College Boulevard, Suite #150
Overland Park, KS 66211
Call MK: (913) 491-6226