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How to Test-Run Your Retirement This Summer

Retirement Funding Lifestyle

Summer: The Perfect Time for a Trial Run of Your Retirement

At MJB Financial Planning, we specialize in creating retirement readiness plans and helping our clients implement them through our ongoing service. Our clients, primarily Nebraska professionals aged 55-65 in healthcare, academia, and law, enjoy family, community, and travel. Testing out retirement during the summer is a great idea for anyone considering retirement, as it provides a chance to see how they might balance these interests without work constraints.

Define Your Goals

Before you embark on your trial retirement, take some time to define what you hope to achieve. Do you want to travel more? Spend time with family and friends across the country? Pursue hobbies or interests you don’t have time for when working full-time? Having a clear vision of what you want out of retirement will guide your activities while taking a summer break. At MJB Financial Planning, we start by understanding your personal goals and dreams to tailor your retirement readiness plan accordingly.

Create a Budget

Retirement often comes with a fixed income from savings, pensions, or investments. According to the Bureau of Labor Statistics1, people aged 65 and older spent about $52,141 in 2021, but everyone’s expenses are different. Track your expenses during the summer to see if your budget aligns with your lifestyle goals. This exercise can highlight areas where you might need to adjust spending or find ways to save.

We are fortunate to work with clients who generally have more financial freedom than this average. At MJB Financial Planning, we help create an understanding of what your resources can support in retirement. We compare this to your current lifestyle, so you know how much you have to work with when you retire. Additionally, we create an annual retirement income plan to outline where your money will come from, whether it’s Social Security, IRAs, 401(k), bank savings, or pensions.

Test Your Routine

One of the most significant adjustments in retirement is the change in routine. Use the summer to experiment with different schedules. Sleep in if you want to, but establish a daily routine that includes activities you enjoy. This could be gardening, reading, volunteering, or exploring new hobbies. Testing different routines will help you find a balance that suits your preferences. For inspiration and guidance, consider reading:

  • "The New Retirementality: Planning Your Life and Living Your Dreams...at Any Age You Want" by Mitch Anthony
  • "How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor" by Ernie J. Zelinski
  • "The Joy of Not Working: A Book for the Retired, Unemployed, and Overworked" by Ernie J. Zelinski
  • "Chicken Soup for the Soul: Retire Your Worries: 101 Stories of Replacing Retirement Worries with Happiness, Health, and a New Purpose"

These books offer valuable insights into creating a fulfilling and engaging retirement lifestyle.

Travel and Explore

If travel is on your retirement agenda, use this summer to test the waters. Plan a road trip, visit family or friends in different locations, or simply explore your city as if you were a tourist. Pay attention to how you feel during these trips. Does constant travel bring you joy, or do you prefer the comfort of home? This insight will shape your future travel plans in retirement.

At MJB Financial Planning, one of the most common things we do for our clients is help them understand how travel fits into their retirement lifestyle. It's not uncommon for our clients to feel like they don't have enough to travel, and we often encourage them that they do. We work with you to ensure your travel dreams are a feasible and enjoyable part of your retirement readiness plan.

Engage with Your Community

Retirement can sometimes feel isolating, especially if your social interactions are primarily tied to work. Use this trial period to engage with your community in new ways. Attend local events, join clubs or groups that align with your interests, or volunteer for a cause you care about. Building a social network outside of work is crucial for a fulfilling retirement.

Assess Your Health and Wellness

Your health is perhaps the most important aspect of a happy retirement. Use the summer to focus on your well-being. Establish an exercise routine that works for you, try out different healthy recipes, and schedule any necessary check-ups or appointments. Pay attention to how you feel physically and mentally during this trial period. Our retirement readiness plans include a budget for healthcare costs, covering health insurance and out-of-pocket expenses.

Reflect and Adjust

Throughout the summer, take time to reflect on your experiences. What aspects of retirement living did you enjoy the most? What challenges did you face? Be open to adjusting your plans based on these reflections. Retirement is a journey, and your trial period is just the beginning.

We would love to hear about what you learned during this trial period. Ready to discuss your retirement vision and how MJB Financial Planning can help you achieve it? Schedule a Get Acquainted call today by clicking the button below. During the call, we'll explore your retirement goals and explain how our tailored services can make your retirement dreams a reality.


This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.