I’ve been talking a lot about the third pillar in the Edward Jones 2020 study, the Pillar of Purpose, as well as how to find your particular purpose over the last few weeks. If you haven’t read the two blogs linked above, I recommend setting aside 10 minutes to get caught up.
Let’s dive in with both feet. When you retire, you suddenly have a lot of time to fill. And the surprising part is that it is generally more time than you anticipated.
I hope you are in the mood for a little brain challenge today because here’s the math on your pre-retired week:
40+ hours of work in one week
x amount of hours you spent commuting to work in one day x 2 commutes x 5 days per week
y amount of hours per day preparing for work (getting ready, deciding on clothes, packing a bag, packing a lunch, reviewing your calendar, filling your car with gas) x 5 days
the amount of time you spend mentally preparing for work
EQUALS your number goes here
DIVIDE by 5 and you have the number of hours you will need to fill every day that were previously consumed with work and work-related activities.
I am easily at 12-14 hours per day to fill. If you are still parenting, that number can be even higher. (In fact, I’m questioning when I sleep!) Therefore, the following statistics should come as little surprise to you.
31% of newly retired folks (less than 5 years) report they are struggling with how to fill their days.
The average person age 65+ has at least 7 hours of leisure time to fill each day.
41% of retirees say they miss the stimulation of work and the interaction with co-workers.
I cannot stress enough how important it is in creating your retirement plan to sit down with pencil and paper and map out how you will spend your time. Considering these factors now is an important part of creating a smooth transition plan to your dream retirement.
Stay tuned as next week, I’ll explore some thoughts on ways you can fill your time that will provide purpose, meaning, and a reason to get out of bed.